In 5 years of banking with Wachovia, I have rarely if ever had an NSF. However, it happened this past week when several things occurred:
1) My deposits were held and transactions were posted first
2) The largest transactions were subtracted from the account ahead of all others
3) Wachovia charges "unavailable funds" fees AND NSF fees. These then seem to multiply the following day with additional fees.
NSFs are fairly new to me, and certainly if Wachovia wants to count the transactions first, THEN post my deposits fine. I can deal with paying $35 for each transaction. BUT the additional unavailable funds fees? And the following day - I'm not even sure WHAT those fees are, but now I have been charged nearly $300. This seems like Wachovia has setup the fees such that consumers cannot get out of the hole.
It would be interesting to see the legality of these practices. I know that several years ago, Bank of America settled out of court when it was brought up on litigation for similar practices, although I hear they still maintain the same policies.
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