Complaint Review: Wachovia Bank And Other Banks

WELCOME TO AMERICA- ONE MASSIVE LIE

The reason why people most people who over draft have a 590 score or below is because those are the people who are not responsible with money, or have more bills then they make which is why they are in the mess they are in. No one held a gun to their head annd made them get a house or a car they could not afford. And no one held a gun to their head and made them overdraft

- Sorry but the "poorest" argument was debunked several months ago in a far reaching report that showed it was not just the "poorest" but a range of incomes.  There are several news organizations that used this report.  Directly from the CNN report titled "Bank overdraft fees to total $38.5 billion"

"Most people paying these fees have a credit

And why do you suppose that most people have a credit score below 590, would it be that the banks got way out of hand to give people who couldnt afford a mortgage on their house, and now we have such an abundance of foreclosed homes, and a foreclosure on your credit, brings down your credit score? Your argument with this report sounds like you either own a bank, are a bank employee or maybe you were one of those very lucky executives that received millions of dollars of the bail out money that we hard working consumers bailed out. Whatever the case may be, you lose, he is correct. All banks including Wachovia AKA Wells Fargo are ripoffs, all Americans should put their hard earned money in a NOT FOR PROFIT Credit Union. Someone to look out for the consumers, and not their own pocket book. 

For years now, Wachovia Bank have encouraged customers to use Debit Cards with Visa(tm) logos or (MCtm) logos for the purpose of and in the stead of cash or check.

- So being encouraged NOT FORCED to do something is now worthy of a Class Action Lawsuit?

The Bank' will call the 'fees' "Loan fees' due to the so called "lending" of monies to cover the transaction. Without, ever having Notified or signed any Notice of Lendors Disclosure to the Cusomer, or advising of the collective cost of such 'fees'.

- I may be wrong but I have NEVER seen any Overdraft Fees referred to as a "loan".

Many accounts would never had reached an "overdraft" status had such outrageous and abusive fees never been applied. Many charges are caused by deducting a purchase when its made, instead of when it clears (erego disallowing banking customer time to settle account).

- Yes that is right you can no longer rely on the "float" when spending money.  If the money is not available in your account when you swipe your card or write a check there is a good possibility you will overdraft.  But the bank didn't cause it, the account holder caused it by wanting to spend money they didn't have.

Instead of Declining an overdrawn account, The Bank' proceeds with the transaction with no notification to the consumer at the point of sale.

- If you are saying you want the merchant to tell them that if they continue they will overdraft.  Unless you want to somehow try and merge the hundreds of banking and merchant processing systems a "point of sale" notification that you will be in overdraft if you continue is going to be impossible.  Now, some banks will allow you to opt-out where if you are currently in overdraft it will decline it.

The policy of indifference exhibited by the Bank wherein customers complain or act in their own interests is dismissed as poor accounting on customers part.

- And with very few exceptions the bank is correct.  A majority of the people who overdraft do so by a combination of the account holder not keeping a register, spending money in the hopes that they can beat the money back to the bank, or intentionally spending money thinking that it is okay to occasionally "overdraft".

Fees and charges can literally 'wipe out' an individuals entire balance in less than a months time and leave the customer penniless in spite of good budgeting.
- Incorrect logic.  If they had "good budgeting" they would NOT have spent more than they had.

Clearly targeted are the monthly pensioners and poorest of the Nations Citizens who rely on this cashless means of conveyance of funds for safety and security.

- Sorry but the "poorest" argument was debunked several months ago in a far reaching report that showed it was not just the "poorest" but a range of incomes.  There are several news organizations that used this report.  Directly from the CNN report titled "Bank overdraft fees to total $38.5 billion"

"Most people paying these fees have a credit score below 590 or so," Moebs said. "Beyond that, they're a whole gamut of people: rich and poor, men and women."

http://money.cnn.com/2009/08/10/news/companies/bank_overdraft_fees_Moebs/