Wachovia bank takes advantage of human error and extorts hundreds of dollars from their customers.
These are fabricated numbers just to give an example of my complaint:
On Thurs 14th of Sept. 11:00pm I did a credit withdrawal of $20
On Fri 14th of Sept. 12:00pm I did a debit withdrawal of $6.95
On Fri 14th of Sept. 4:00pm I did a debit withdrawal of $16.95
On Sat 15th of Sept. 1:30pm I did a debit withdrawal of $30.95
On Sat 15th of Sept. 8:30pm I did a debit withdrawal of $20.00
On Sun 11th of Sept. 10:00pm I made a car payment online $412.00
Un be known to me my account balance on Friday 15th was $402.
All of these transactions were processed on Monday Sept 18th with a balance of $402 The Car payment was processed first.
The order in which Wachovia choices to process these items isn't based on the time or date the transaction took place or was received by them. They clearly admit to purposely taking the largest item first.
By doing so that gave me a negative balance of -$10 to which an insufficient fund fee of 30 was charged.
Now that I had a Negative amount in my account each of the other items were processed, each accessing the same 30 dollar insufficient fund fee. That was a total of $150.00 in insufficient fund fees
In reality I didn't have enough money for the car payment and should have only received only one $30 fee.
Wachovia makes millions of dollars from simple check balancing errors of its customers.
Wachovia claims that the customer want them to take the highest amount first because it is usually a more important bill and the customer would prefer that that one be paid first.
First of all they paid all of the items so there reasoning doesn't make sense.
Secondly to make a late payment of a house or car is no more than $50 dollars v/s $150 in over the limit fees.
Thirdly I was never asked as a customer if I wanted them to take the largest amount first.
Typically, if you complain to them about the fee's they will usually give you some of the money back. That is a way of hushing you up.
My actual fees were 300 dollars. They offered me 150 back, which mean they still make 150 dollars of extorted money and they keep me quite.
This practice to me is unconstitutional and unethical.
Another company prayed on the errors of it customers and we fought back. I see no difference in what Wachovia and other banks are doing.
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