Wachovia Bank - Chatham Mall
"Transaction Sorting" Causes Undeserved Overdrafts - The Banks Are Making Millions "Manipulating My Money"

I am being victimized by sophisticated computer software that is grouping and sorting my weekend ATM and electronic transactions to their advantage. These transactions are posted to my account Monday evenings in the order of AMOUNT (highest to lowest) instead of CHRONLOGICALLY. Anyone reading this knows what I am referring to... Its called "Transaction Sorting". It is costing me thousands of dollars and it has to stop.

The following is an excerpt from ABC Nightline:

Bounced! Critics Call Overdraft Fees 'the Mother Lode' of Bank Penalties
Consumers Enraged With Fat Fees and Tactics Tied to Overdrawing

By chris bury and talesha reynolds abc nightline
july 8

... A new national survey of 2,000 U.S. Banks, conducted by Moebs Services — an economic research firm that gathers data for the banking industry and U.S. Government — shows overdraft fees climbing. And the biggest banks are packing some of the fattest fees.

According to Moebs, overdraft fees are "the mother lode." And it's no accident. A growing cottage industry of consultants promises to help banks dramatically boost their incomes by making it easier for customers to overdraft their accounts.
Not long ago, bouncing a check — or overdrafting a debit card — was, at the very least, humiliating. Those days are over.
Jake Drew, a former Bank of America executive thinks that banks want people to overdraft. If not, "then they wouldn't generate as much money, " he said.
As a former vice president at Bank of America in Dallas, he says he implemented sophisticated computer programs to maximize bank revenue.
"Well, the last one that I worked on, the cost of the project was in the hundreds of millions of dollars and represented over a million hours of just programming alone, " Drew said. "They do know what they're doing. They're very sophisticated at it. And they have the resources and the manpower to get it done."
Bank of America said it had "no comment" regarding Drew's allegations.

Wachovia Bank is guilty of the same practice as Bank of America. Wachovia is profiting at my expense. These banks are making millions off of taxpayers that bailed them out in 2009 now we are bailing them out again and nothing is stopping them. I want my overdraft fees removed and this practice stopped NOW. Please help get my overdraft fees removed. I need to find another bank. Do you know of a bank in Maryland that does not do "transaction sorting"? I need to find another bank.

Company: Wachovia Bank - Chatham Mall
Country: USA
State: Maryland
City: Ellicott City
Address: Chatham Mall - 9200 Baltimore National Pike
Phone: 4104611437

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