Recently I attempted to get clarification on over draft fees charged to my account by Wachovia Bank. I got the same explaination from every person I spoke to. Apparently, if you have transactions already deducted from your available balance and due to post the next business day Wachovia can/will kick the transactions back to take money out for a HOLD transaction. This of course results in lining their pockets with all the insufficient funds fee for each transaction made before the HOLDing transaction was placed.
When I asked for full refund on the 4 NSF charges I was told that they did nothing wrong, but offered a refund on 20% (that's only $28 of $140). I just don't get it. I even wrote to Wachovia's correspondence department fighting these charges and the answer from them was that they did nothing wrong.
I asked the numerous customer service representatives why and how a transaction that is HOLDING can override the transactions already made and deducted from my account and due to post on the same day the HOLD was placed can cause all of these charges. I was never able to get a straight answer, on their system it showed that the charges were correct, but when I told them over and over again why then does THEIR online service show my transactions clearing then AFTER they've cleared the over draft fees totaling $140 show up. HMMMM, no one can explain this.
So after all of this I get stuck paying them $175 in over draft fees and causes a snowball effect on my end because money I was counting on is being stolen by Wachiovia's bad business tactics to make money.
My latest and greatest problem I'm having with them is that they are honoring transactions made on an EXPIRED debit card. A card that was no longer valid on 06/30/08. Yet they posted a transaction made with this very card on 07/25/08, almost a month after the card expired. Oh, yes... It generates more overdraft fees for them.
I called the customer service line to ask if it is normal business practices to honor transactions made with EXPIRED cards and was not able to get a straight answer. I got a legal answer claiming if i authorized the transaction then it's possible to a transaction to be posted. I'm sorry, if the card is expired why would I authorize a transaction to made on it??
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