I have been with Wachovia for over 10 years (actually, I was banks that each got bought out, eventually ending up with Wachovia). I've never had a problem with them in the past.
When I checked our online account a few days ago, on Jan. 10, it showed us as -$20.98 in the red. Apparently, our renters' insurance had deducted early (they were supposed to take out 1/17, but instead took money 1/9). I had about $19.50 in the account, and my insurance was $20.86. On 1/7, knowing that we were low, I had transferred $30 from my online savings account to keep the funds from dipping too low. On 1/9, not realizing that the insurance had been deducted (it wasn't showing up), my husband charged about $6 at the drugstore on our debit card.
All of this resulted in the $6 and $20.86 being subtracted from the $19.50 in the account. The $30 was nowhere to be seen, although it had shown as completed/processed on my savings account (with another bank). It usually takes only about 24 hours to show up (not 3 days). Wachovia charged $44 to our account in overdraft fees, and then after that was deducted, our $30 showed up (flushed down the drain, it didn't even cover the overdraft charge). Outraged, we called Wachovia's customer "service" and were only reimbursed $11, even after we explained the problem.
We weren't happy but we realize that these things can happen and we just have to live with it and pay the $30 fee (which is still outrageous, considering I had moved money over already, etc.).
Here is my major problem: Today, when checking my online statement, on 1/14, I notice I am now -$90!! The drugstore charge was moved up (after already having been credited/processed) to AFTER the overdraft fee, showing as to have been overdrawn after the bank charge. Now Wachovia is charging an ADDITIONAL $77 overdraft charge!!! What?! For the same thing they already charged $44 for! That is $121 they are trying to charge over just a few dollars, which would not have been an overdraw had our insurance not screwed up and the money from savings processed.
I am so furious I can hardly see straight. I understand that banks charge fees, yes. I understand they need to have policies in place to protect themselves. But I also say that sometimes these things happen to good people, who are really trying (I have not previously overdrawn my account) to stick to a tight budget, and through no fault of their own find their account in the red...
How can a bank charge $121 for something like this? How can they get away with it? Whatever the big bank says goes, I suppose. Well, I will be taking my business elsewhere and closing this account. I still can't believe they can get away with this, though.
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