Over the past few months, I have become aware of a manipulation of my checking account with Wachovia, wherein it appears that larger amounts are pushed through my account, regardless of chronology of the transactions, to allow for several smaller amounts to hit the account after it has been overdrawn.
Prior to the beginning of this year, if I overdrafted on a charge that charge would just occur according to when it happened, in order of when it happened. One overdraft fee would be incurred and I would correct the account as quickly as I could. Using the overdraft as a tool for managing finances is not unheard of - if a $35 fee is less than a $200 late fee, then it made sense.
However, I was beginning to get a bit paranoid about the possibility of manipulation to maximize fees; in February I discovered proof. I made a charge to my account and then, 10 minutes later received a refund on that charge. A few days later, the transactions appeared - IN REVERSE. The credit was posted to my account, and then the next day the charge was posted - after my account had gone into an overdraft situation. If there was no manipulation, the charge would have posted, then the credit and there would have been NO OVERDRAFT. I called to complain and the customer service representative offered me a reduced credit on that charge, as a courtesy.
Gee, thanks.
I gave up trying to keep up with their manipulation of the account and have allowed the account to go into an overdraft of almost $2000 now. Eventually, I will have to pay it off but, for now, I'm just leaving the account dormant and ignoring their calls.
I take some part of the responsibility for the current situation, and blame myself for not closing the account when I realized what was happening. I guess their new owners need to make back the money they paid for the company any way they can.
Anyone I speak to about this bank says they have the same experience. If you have an account there, get out while you still can. How is this legal?
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