Ok So I signed up with Wachovia as I need a bank with good nat'l coverage, as my job has me traveling around the country quite a bit, and they had branches in near all locations I travel to with work. I started up an account, and the first three months were fine, no problems, my direct deposit went in, no overdrafts.
Suddenly after that time, I had one overdraft, that was the fault of a business' credit card processor failing to remove a authorization when processing the payment to the bank with my debit card. No big deal, it got taken care of... Now the real fun began...
I was getting 6 or 7 overdrafts every two weeks, conveniently right before my direct deposit goes in. I called many times, but they keep stating that since they refunded me the one from back in october, they cannot do anything to help with the others. Well here is the funny thing... I have more money going into my accounts then I spend a month, and this is reflected on my monthly statements... By a difference of over $300 a month, once you take away all the BS overdraft fees, but even then it still shows more deposits than withdrawals and other fees... I called many times to report this odd quantum banking system they seem to be using, however they respond the same everytime.
After some research of my account I found where the problem is. Everytime I use my debit card (I keep a transaction register and round UP all my purchases, and also leave a $100 buffer) and it goes to a charge hold status, and the bank is "holding the funds, " when that hold posts to the account, it seems like the bank is not releasing the debit card holds until AFTER they post the payment.
I called and reported my findings, to which they dismissed. To this day over $900 in OD fees have been levied against me, even though I had always had more money going in than I was withdrawing/using. Say I had $200 in the account, and made a debit card purchase for $150, the $150 goes on "hold" for a few days why the merchant's processor/bank processes the payment, and submits it to wachovia.
When the $150 is posted, the same $150 is still on hold, thus their system charges me a NSF/OD fee of $35. Then I would somehow comeout with $15 remaining.
I found this extremely odd and fascinating, and their customer service kept saying it was my fault, that I need to keep better track of my expenses, when yet, even with what they use to tell me I am messing up, it provides more than adequate proof that their system is either errant, and they are neglecting my complaint, and thus through direct neglect, which is documented even, i am still being charged NSF/OD fees errantly / fraudulently, or it is just outright criminal activity. A bank puts those fund on hold to ensure it clears when processed for final payment. Each purchase is given a unique number to identify it (actually its the card# auth# to be exact) and wachovia seems to ignore this. I have even contacted VISA and complained about how wachovia is handling the payments, to which they came to the exact same conclusion as I did, as the money in hold that was still held when the payment was posted, had the same purchase/auth#'s, and thus Wachovia was obligated to remove them, and since it happened with everything from my auto insurance, to phone bill, to even groceries, and gasoline, that it was not a payment processors fault, but my banks fault. Now I have since stopped depositing any money in my wachovia account as the last time it happened, there was over $350 in fees, yet somehow my account is only $229 overdrawn... Very odd.
My average monthly deposits were well over $3500 a month, not counting a big tax return, and debits/withdrawals, etc. Averaged $3250 a month. What makes it ever more mystifying is how its like all my debits come out in the same two days, no matter when or where they were made. I bought gas one monday, then on that same thursday (same week no holidays) and they posted on the next tuesday once my debits had exceeded half my account.
It is as though their system is set to extract maximum fees. I have since obviously switched banks, average the same in/out ratio, and nary one OD fee since, and I have not changed anything on my end.
So if anyone has a good CA lawsuit going against wachovia, I would most def. Like to throw my name on it. I have also filed complaints with the Treasury, comptroller of currency, my state Atty General's office, and several other gov't agencies regarding this, and I am trying to have this case pursued as a federal crime as I have tried working with wachovia to resolve the issue and return what money is rightfully mine, and they deny there is a problem.
Old skratch
Johnstown, Pennsylvania
U.S.A.
0 comments