Initially started off with me using the Online BillPay option to send a $1295 check for the sake of a security deposit on an apartment I never ended up renting. This was my mistake, BillPay comes out of your account on the day it is delivered regardless if the funds are there or not, and regardless if the check is cashed or not. There is a 3 business day wait to get the funds back if the check is not cashed. My fault, I got an overdraft fee.
To clear things up I called to get an explanation and learned that BillPay doesn't work like sending a normal check and that it would continue to withdraw and I would continue getting overdraft fees if the funds were not available. I requested a stop payment.
I then rushed to the bank to withdraw my funds that I needed for a security deposit on an apartment that I ended up moving into. But first spoke with the branch manager who called to confirm my stop payment was processed and promised me the funds would not be withdrawn and there would be no additional fees. She was even kind enough to credit me half of the original overdraft fee.
Two more business days I see my account is debited again for the $1295 and my account is now negative. I called the bank, explained I live an hour away and it would take me all weekend to move and then I could meet with her on Monday to get this clarified. She contacts the BillPay portion of Wachovia and they did nothing but process my stop payment at that time and tell me another 2-3 business days would be needed before my funds were to be returned unless I could produce the original check (which I had the potential landlord shred so I didn't need to inconvenience them by mailing it back to me).
That's it! They still have my money and will for a total of 9 days after I requested a stop payment, and after 3 additional days of them holding my money from the original mistake on my part. Now I will have to walk to work, and eat ramen noodles for the next few days because it's another 3 business days before I get money and all of my food is in my refrigerator at the old apartment 30 miles away and it's another 4 days until my next paycheck when I can put gas in my truck.
I was counting on that $1295 for several expenses, in fact an automatic payment to the michigan department of treasure was scheduled and defaulted so I may look at wage garnishment, I can't pay my move in fee at the condo so I have to park 1/4mile down the street because without paying the fee I can't get a parking decal. These are all things I had budgeted for, Wachovia holding my money hostage was not.
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