The week I opened my account in May I went into a Wachovia branch on a Friday afternoon. I hadn't yet started using my account and there was only $50.00 from the initial deposit. I asked about buying a $50.00 graduation gift certificate. She said they were $1.50 and could only be deducted from my account (they couldn't be purchsed with cash which was what I had intended) so I'd need to deposit a couple of dollars. I deposited $10.00. She sold me the card.
Since it was Friday after 4:00 the purchase drove my account negative since the deposit didn't post till Monday morning. They charged me $35.00. I asked for my overdraft fees to be refunded the service rep did it but her attitude was an omen of what was coming.
On July 2nd 2007 my balance was $400.00. An electronic transaction of $500.00 which made my balance approximately $900.00 was wired to my account at 3:00 pm on July 2nd 2007. The same day (presumably at midnight) Wachovia posted the amount and also posted the same days transactions. The highest of which was $492.00. Five smaller transactions also posted that day.
Since Wachovia Bank's policy is to post the highest transaction first, not the order these were issued in, the $492.00 drove my account negative. I was charged $210.00 in overdraft fees.
I called in on the night of July 3rd when I saw all the OD fees. The service rep said that as a courtesy he would refund $105.00. He said that it was his call and this was it. I asked to speak to his supervisor who said that it was also her call, and that she had no intention of reversing the previous offer as it was a very gracious offer. This left my balance at $127.50.
The morning of July 5th I saw another posting of $2.50 for July 2nd and I was charged another $35.00.
I am leaving Wachovia while I still have $65.00.
The issue is that they choose what to pay first and it is what allows them to assess the most fees. If they posted what came in first (l;ike most other banks that I've researched) the fees would have totalled $35.00 even if they didn't choose to recognize my deposit until midnight.
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