Wachovia manipulates banking transactions in order to obtain excessive overdraft fees. They arrange the debits from the largest to the smallest, regardless of the type of debit. An ATM debit should post immediately, however, it is put into a "processing" status, in order to rearrange the transaction.
Wachovia representatives have stated that they do this in an effort to assist the consumer, stating that the largest debits are, often times, the most important, i.E. Mortgage, rent, car, etc. Their rationale does not hold up because while they are collecting excessive amounts of money in fees, they are frequently causing more financial burden to the consumer.
I find it difficult to understand how banks have been permitted to have such control over the order in which I spend my money. Wachovia's process process appears to be methodical and deliberate. I did not ask them to do me any favors by rearranging me debits. I should at least be given a choice whether to allow my mortgage to bounce or my debit from McDonalds!
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