For background purposes, I have been using Wachovia's online banking service, simply because I'm not dealing with large amounts of money, and thus a multitude of transactions.
Well, as of yesterday, I overdrew my account, and there is no question of that. I knew that I had. This transaction was for $12.33 and was listed with other holds. However, this transaction appeared BELOW an earlier transaction, so when the holds were subtracted in sequence from the posted balance, the $12.33 would send me into insufficient funds EARLY. Let me stress that this chronological error has since been fixed, and each hold is in proper sequence regarding date and time on the website, but the fee has already been applied, and that is the reason for my complaint. To better explain this, here is some information from my account's current state:
The last transaction before the $70 overdraft fee was for $2.13 and left me with $6.93, also leaving three transactions as holds. These transactions, as stated before, are NOW in the proper order, and they are $1.32, $4.10, and $12.33, leaving me with $5.61, $1.51, and ($10.82), respectively.
If the holds were NOW subtracted in this CORRECT order, only the last transaction would send me over. However, due to the fact that the $4.10 purchase appeared AFTER (or ABOVE) the $12.33 purchase (despite being nearly 13 hours apart), I was charged a $70 fee as a result?
If anyone can explain how this is acceptable, I welcome your response. However, I find it wholly impossible as well as unacceptable. If I actually cared enough to complain directly to my bank, I would, but it's probably useless. I just don't see how they can arrange transactions in whatever order they desire and make me pay EXTRA for it (not to mention fix the ordering error afterward).
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