With an account balance of nearly $500 on Friday, I made several transactions over the weekend. When I check my account balance on Monday, I find that I have only $60 left in my account. To my surprise on Tuesday, my account is negative due to the assessment of $140 in NSF Fees.
When I call to get an explanation, I was told that the NSF Fees were applied because the Items still on hold pending from the weekend had depleted my account leaving no money left to cover the purchases made on Monday, when there was $60 in the account listed as 'Available Funds'.
Furthermore, when I examine the balance of my account on Wednesday, I find that another accumulation of $140 NSF Fees have been applied because the same items that were on hold had been posted. The same items that Wachovia said they were holding for specific transactions and therefore could not be spent elsewhere to prevent the NSF Fees from the previous day.
When I call for an explanation this time as to why there was an additional $140 in NSF Fees, I was told that it was because the money in my account that on hold and designated for specific transactions was applied to the negative balance, the same negative balance that was created because the money was on hold and therefore not able to be spent. Since that money was applied to Wachovia's NSF Fees (and not to my transactions that posted before the hold amounts), when those items that were supposed to be on Hold did post, that money was no longer there to clear those items that had been on hold. The result being the assessment of $140 in NSF Fees for two days in row for the same four transactions.
The infuriating part is that Wachovia cannot give a straight and consistant answer for the logic of transaction posting. Money cannot be managed properly with a system like Wachovia's that is not consistant. Due to this Wachovia will no longer be the tool that I use to manage my finances.
It is my intent to join in any existing Class Action Law Suit against them. If there is not one, it is my intent to open one. If this case seems viable, I would love to speak with any interested parties.
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