I've been reading a lot about Wachovia's practices resulting in excessive fees charged to its clients. I too have negative experiences along with coleagues who also have banked with Wachovia. Although Wachovia's practices are likely within the law and within their contractual agreements (of course you remember the fine print you signed when you openned your account) their practices border on poor ethics and professional integrity.
I had depositted a bank check for $10K. It was drawn against a bank within the same strip mall of my Wachovia branch. Wachovia had placed a 13 day freeze on the check to ensure it cleared. I had never heard of a 13-day hold on a bank check nor was I anticipating one. Meanwhile I had written other checks to pay bills, had automated payments, etc... All of which were rejected by Wachovia for Insufficient Funds due to the freeze on my deposit.
I had accumulated over $400 in overdraft and NSF charges. Wachovia was not willing to work with me at all for these charges. It was gravy money handed over to them for essentially doing nothing. Admittedly... Wachovia operated within their policies, but I was dissapointed of their unwillingness to consider the unique situation after depositting $10K. Shame on me for writing checks prior to the knowledge of the hold... Shame on me for not suspending automated payments...
There should be no reason for a bank to place a 13 day hold on any deposit considerring today's technology. I have mailed personal checks via US mail from South Carolina to Arizona which have cleared my account within three days due to the electronic systems available. There is an ATM in the lobby of every bank that had information of balances for every account in the United States. Why does Wachovia need 13 business days to release a deposit??? I am beginning to believe it is for the charges and interest they collect as a result!!!
This is just one example... Wachovia's systems in general are antiquated with delays of postings, cronology of postings, etc... Which result in fees. I have heard of people receiving double charges as well when they have not been attentive to their balances. I have returned to a former bank who holds all outstanding checks until deposits are cleared rather than issuing nonpayment for NSF.
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