I used to believe that I was the only one that felt cheated until I read on this website about the other Wachovia victims. I have stopped writing checks. Wachovia could never get them posted in time for me to avoid fees. I am about to stop using my checkcard because Wachovia seems to diliberatley hold the posting of charges until they see that the account will be overdrawn and they can charge a fee. I went to the bank and asked them this question: If your ATM says I have an available balance of $100.00 and I withdraw $30.00, can I still be overdrawn?
The service rep said: " It doesn't matter what your available balance says. There may still be items on hold that haven't been posted." Perhaps, this is standard procedure, but I have seen this bank hold postings for more than five days in order to charge a fee.
Here is an example: Let's say you have $200.00 in the bank on Friday. On Saturday, you make two local purchases at fifty dollars each. Your available balance is now $100.00. On Sunday, you make 1 local purchase for $50.00. Your available balance is now $50.00. (By the way, don't trust the ATM, use your own math, because the ATM does not deduct on the weekend) On Monday, You use your checkcard to purchase $25.00 worth of gas at Exxon. Your
available balance is now $25.00. Even though it is now Monday, the bank will still not post your weekend charges. They are waiting! On Tuesday, You make a $15.00 purchase at the supermarket. Your available balance is now $10.00.
The next day, You will find that the bank has charged you a $31.00 unavailable funds charge. How can they do that? Because they post the unavailable funds charge FIRST, so that they can take whatever you may have left in your account and then charge you an insufficient funds charge. They could actually post your charges as they come in. But how would they earn their money? I have had
deposits and checks come in on the same day and get charged for unavailable funds. What's their argument?" Oh that money was on hold, so it wasn't really there." What kind of fuzzy bookkeeping is that? In all of my years of dealing with banks, I have never
seen such financial hornswaggle.
This practice of theirs is especially popular toward the end of the year. The reason behind that is the fees collected at the end of the year are counted into the employees Christmas bonuses. You may go all
year without a fee. Watch your account closely come late October early November. That's when they get desperate. They fee you for walking in the door. There have been ocassions when I have proven to them that their fee was incorrect. Yet, it doesn't stop them from trying. Something needs to be done about this bank. They know who to go after, too. I am going to another bank. I've been fighting these people for two years. I'm afraid to put my money in and even more afraid to take it out. I won't write checks anymore and I'm trading in my checkcard for a regular ATM card.
While I am still banking with them, I will deal with a human teller only and cash only. I'm definitely taking my business elsewhere. I would appreciate any further comments on this bank.
Maybe we can get together and get them to get honest and stop these crooked practices. This can not be legal. I'm willing to go all the way to my Senator with this complaint.
Concerned customer
New Jersey
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