I noticed a recent post is similar to two experiences I had with Wachovia prior to Ripoff report, but apparently they haven;t changed their ways! I went into the United States Army in summer 1995. I opened a Wachovia account while at Basic training at Ft. Jackson, S.C. At least one of the other soldiers in my platoon that then went to follow on training with me also opened a Wachovia account.
Our salaries were directly desposited every month up to four days prior to actual due date, dependent on if the pay date fell on a weekend/holiday/etc. Our paychecks while in N.C. Were shown as deposited on our bank statements the day before payday.
We left the S.C. Area after basic training. The next payday was to fall on a weekend. The direct deposit arrived at Wachovia the Thursday before. I went and bought groceries that Saturday and one or two dishes at a thrift store for less than what I still had in my account from the previous month's deposit. At least I had enough before overdraft charges. So, the amounts I wrote checks for totaled less than what I'd had in my account, the overdraft charges put it into overdraft. The amount of overdraft charges, jstu as the recent post mentioned, were about 150.
I called the bank when they opened the following Monday. I found out not only about the overdrafts, but that though it was already 3-4 days past payday and they had received the electronic deposit prior to pay day, they were not going to post it to my account until Thursday (reminder, this is a direct deposit from the government) according to the customer service person I spoke with and whose name I still have written down on old files.
True to what she stated I called everyday after and it posted on Thursday. BUT, when I got a paper statement it showed that it had posted on the Friday prior to the grocery charges which would make it so that even WITH the overdraft charges I would still have sufficient funds. I called back and discussed this again, to no avail, they charged me more fees. The other soldier had the exact same problem.in the end we lost a little over $300 each, an awful lot for a new soldier.
I went to the legal assistance office and the finance office on post and stated that I wanted to change banks as quickly as possible. I told each what had happened without telling them which bank. They guessed which bank! The finance specialist had my direct deposit bank account switched before my next paycheck (anyone who has been in military service knows that this is highly unusual, but, I guess he was getting tired of soldiers getting stiffed by Wachovia).
A few years later I buying a car and could only get a military credit union sponsored loan, or a loan from my own bank if I bought a completely new car and I don't buy new cars. Back then they based the loan on your rank and how many years you had left in the military, regardless of a college degree or any other factors (so I could have gotten a better loan from those if I had been an infantry SGT with a GED and NO years left in the military). The only way to get the financing done in time to be able to see my family during the holidays was to sign with the dealership's bank, you guessed it, Wachovia! I dreaded it! But, wanting to do it on my own rather than through my parent's bank I signed. Also, I was now at Ft. Bragg, N.C. And friends that had signed with Wachovia in Atlanta, GA had not had any problems.
Wachovia in Fayetteville (the town around Ft. Bragg) would NOT let me have the payment sent automatically every month from the government (I was told this in person and on the phone). As a soldier that goes to the field, travels for work and schools etc. These are extremely important things to consider because the government will withdraw those bill deposits prior to any other withdrawls or you even seeing your paycheck. On one trip I had to travel for work and was not reimbursed, but rather charged, twice giving me a no pay due! The correction was not made for three months. I had to borrow from a friend to make up the difference, but had Wachovia allowed the direct deposit this never would have been an issue. Later I went overseas and switched the loan over to commerce bank so my parents could execute power of attorney more easily.
Wachovia sent a letter to my parents stating that I had not made the payment due just before leaving, so my parents paid them again (I had paid them). Commerce made Wachovia send a payment history and charges printout. Their audit showed that we had paid Wachovia more than two payments above what Wachovia was showing. Also, the statement shows where I paid ahead of due dates (I rounded the payment amount up and paid that rounded off amount every month. The loan did NOT have an early payoff penalty). Their statements show that I was charged late payments on some, and undisclosed charges on others. Always adding up to at least the amount I overpaid each month.
Wachovia's answer when confronted not just by me but by my father and Commerce Bank?"Take us to court." Knowing that would cost more than most could possibly afford and they would just have their lawyers drag it out. I still have the car payment schedule statement from them all these years later:) Wachovia should not be allowed to continue in the banking business in general, let alone near any military installation and certainly not allowed to court new customers during basic training administration.
Cindy
Alexandria, Virginia
U.S.A.
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