Started banking with Wachovia 4 months ago and since then I had 2 miss calculated deposits. I made a deposit of $1200 and later learned that the entry was keyed at $120 causing a few NSF fees and added fees associated with companies I did business with. Wachovia corrected their overdraft fees of $30 each plus credited my account back the original $1200 however this cause my reputation with companes for my new business to look horrible considering this pertains to my business checking account.
A month later the same thing happened in which a teller called me to report the problem and assured me that it would be taking care of. Again they only cover their NSF charged not added fees that I got from creditors check bouncing.
I also learned that Wachovia has a weird not so clear policy on how monies are posted. If you walk into the bank on a Friday around 2pm; make a deposit with cash if $1200 for example; You take of for the weekend out of twon assuming you have $1200 available as your credit debt card will approve all charges up to the $1200; however on the following Monday you are hit with overdraft fees.
Went to the Bank and asked to explain this and the teller tells me that when I make a deposit on Friday whether cash of check only half of the money is available. When asked how was I allowed to use my debit card for the entire amount; teller explan as a courtesy Wachovia allows you to charge over considering the monies over the weekend is all on hold until the next business day. And by the way the Friday deposit wont post until Monday after 4p; so good luck if you have checks clear or debt clears prior to 4pm.
I think its ridiculous and a growing concern for banks to cash in on concumers. Essentially a starbucks coffer has cost me $30 overdraft fee becasue of their stupid way of logging my cash. Of course I cahnged banks but what an expensive lesson.
I have never heard of your cash not being avail until the end of the next business day; checks maybe but not cash and then they let you use all the cash under false pretense cause essesntially your other have of your money is being held captive and Wachovia is being nice to loan you ur money through the weekend only to get salp with a bizzilion overdraft fees.
Good old fashion money orders at the post office is doing just fine for me. Banks are hungry for ways to get money and its horrible. Wachovia did have a survey call to my home a few weeks ago asking for survey feedback as caller stated my complaint has been a common one. They keep saying when they merge with Wells Fargo next month things will be better.
Never addressed why the youngsters in their bank keeps keying in wrong dollar amounts when there is a deposit. Can you imagine a big time investor millionare? How scary who can you trust these days.
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