Below is the letter i'm sending to Robert K. Steel, CEO and President of Wachovia Bank. I'm VERY interested in taking part in, or spearheading a class action lawsuit against wachovia. They've taken THOUSANDS from my accounts over the past 3 years.
My letter to the CEO...
20 November
Mr. Robert K. Steel, President and CEO
Wachovia Corporation
301 South College Street
Charlotte, North Carolina 28288
Dear Mr. Steel:
I am writing to address a serious issue concerning Wachovia's business practices, specifically relating to frivolous and overzealous charging of fees to your account holders.
I have held a business checking account with your company for 3 years. I run a small company, and like many small and growing companies I do not have excess capital sitting in my account. I have come to believe wholeheartedly that it is Wachovia's policy to take advantage of people and companies in my position through imposition of greatly excessive and frivolous overdraft fees.
Through the following practices Wachovia has time and time again charged my accounts massive fees for issues that were triggered by Wachovia's practices:
-Approving check card purchases when there may not be funds to cover them, and then charging a $35 fee for doing so despite the fact that I have not asked for and do not want this to happen.
-Holding check card purchases for random periods of time only to release them when conditions are conducive to generation of fees.
-Processing items largest to smallest without regard to actual transaction date so as to generate more fees.
- Processing charges (checks/debits) before processing deposits on a given day so as to generate more fees.
I have contacted customer service countless times, by phone and by secure message online only to hear the same things over and over. I am WELL aware of your policies, but that does not make them acceptable or necessarily even legal. The legality of these practices remains to be seen.
I have not only been seriously disappointed with the responses I have received from your customer service representatives, but on occasion I have been seriously offended. To site an example; In a recent phone conversation with one of your representatives, the representative asked if she could send me a check register so I could keep better track of my finances.
I assure you as a small business owner with my eye on the future and the growth of my company, I am VERY in tune with the status of my account and my account balances at all times. I in no way can count on my records when randomly and frivolously your institution is charging me fees, throwing my accounting out the window.
As previously stated in numerous communications I expect the following and I will settle for no less;
A) FULL refund of ALL overdraft fees charged to my account since opening the account, in the form of a bank check.
B) Closing of my account
c) Letter from Wachovia stating that my account is in fact closed and that I owe Wachovia nothing.
If the above conditions are not met, I WILL pursue further action. I am communicating with the State Attorney General's Office and several consumer groups. I currently have a list of over 300 Wachovia customers with identical complaints. The average complaint involves thousands of dollars of excessive/frivolous fees. I have documented their stories, and the list is growing daily.
Please do not misunderstand my sincerity in this matter.
There was a day when banks were respected institutionswhen we brought our children to them to teach them fiscal responsibility. Where have those days gone?
I expect a prompt and satisfactory response to this communication.
Sincerely,
If anyone has any helpful information or is similiarly interested in taking part in a class action lawsuit against wachovia, please contact me.
Thank You
Tom
Alexandria, Virginia
U.S.A.
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