Wachovia Bank, N.A
Largest-First Posting Created $210 in Overdraft Fees

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 purchased 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 (like 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.

Company: Wachovia Bank, N.A
Country: USA
State: Texas
City: Saginaw
Address: 1329 North Saginaw Blvd
Phone: 8178476370

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