Wachovia Bank Excessive overdraft fees for no reason BEWARE Snellville Georgia
Well, wachovia has done it to me now. take a look at this which i ripped off my online banking page
Date Type Description Withdrawals Deposits Balance
03/18/2008 Deposit NSF/OD REFUND $105.00 ($260.29)
03/17/2008 Other OVERDRAFT/UNAVAILABLE FUNDS FEE $245.00 ($365.29)
03/17/2008 Purchase PURCHASE SKIPS CHICAGO DOGS 03/14 $7.47 ($120.29)
03/17/2008 Purchase PURCHASE CITGO FOOD MART 03/14 $9.81 ($112.82)
03/17/2008 Purchase PURCHASE THOMPSON TOOLS/1617 LAF 03/14 $20.00 ($103.01)
03/17/2008 Purchase PURCHASE JAMES JOYCE IRISH 03/14 $22.30 ($83.01)
03/17/2008 Purchase PURCHASE THE HOME DEPOT 110 03/13 $25.80 ($60.71)
03/17/2008 Purchase PURCHASE THE HOME DEPOT 110 03/13 $30.36 ($34.91)
03/17/2008 Purchase PURCHASE WAL-MART #1184 03/13 $144.12 ($4.55)
03/17/2008 Deposit REFUND THE HOME DEPOT 110 03/13 $21.13 $139.57
03/14/2008 Other OVERDRAFT/UNAVAILABLE FUNDS FEE $105.00 $118.44
03/14/2008 Purchase PURCHASE BP OIL 4016 03/13 $6.39 $223.44
03/14/2008 Purchase PURCHASE ARBY'S #6637 0006 03/12 $13.57 $229.83
03/14/2008 Other AUTOMATED DEBIT DISH NETWORK ONLINE PMT $70.71 $243.40
03/14/2008 Other AUTOMATED DEBIT CARDMEMBER SVCS ONLINE PMT $100.00 $314.11
03/13/2008 Purchase PURCHASE BP OIL 4016 03/12 $7.44 $414.11
03/13/2008 Purchase PURCHASE CITGO FOOD MART MZ 03/11 $9.81 $421.55
03/13/2008 Purchase PURCHASE WAL-MART #1184 03/11 $11.69 $431.36
03/13/2008 Purchase PURCHASE BP OIL 4016 03/11 $14.67 $443.05
03/12/2008 Purchase PURCHASE AVONDALE PIZZA CAF 03/11 $16.25 $457.72
03/11/2008 Purchase PURCHASE WAL-MART #1184 03/09 $21.04 $473.97
03/11/2008 Purchase PURCHASE BP OIL 4016 03/09 $48.74 $495.01
03/10/2008 Purchase PURCHASE SHELL OIL 57540165 03/07 $6.51 $543.75
03/10/2008 Purchase PURCHASE QT 712 0700 03/07 $19.97 $550.26
03/10/2008 ATM WITHDRAWAL SNELLVILLE 03/09 $40.00 $570.23
03/10/2008 Purchase PURCHASE KROGER #484 03/09 $60.38 $610.23
03/10/2008 Deposit COUNTER DEP $553.73 $670.61
03/06/2008 Purchase PURCHASE RACETRAC467 0000 03/04 $20.00 $116.88
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take a look at the last transaction on the 14th. It clearly shows that my available balance is 223.44 but for no reason i am sacked with $105 in od fees. this caused a chain reaction which then had them hit me with $245 in od fees. I did spend slightly more than i had and I admit that. but I only bounced 3 transations. So that would mean I am responsible for 3 od fees or $105 in total, not $350. After spending 1.5 hours on the 1800 number and being polite about it, I managed to get them to refund 105 back in fees. That still leaves 245 that they are stealing from me. I even went into a local branch the next day and politely talked to someone there. The guy on the 800 number told me that he did not agree with their policies but could do nothing about them. I just dont understand that if they are almost going to admit guilt about the charges then why cant they make it right. I am going to print out the actual page and make it as public as possible, also post it on my own website. I am also going to close my account and tell as many people as I can to stay away from rip off wachovia.. thanks
Pissedinatlanta
atlanta, Georgia
U.S.A.
3 Updates & Rebuttals
Edward
Dallas,Texas,
U.S.A.
...... away from Wachovia
#4Consumer Suggestion
Sun, March 23, 2008
and take your money with you as you're running - to finish the title of the previous post. My ledger sample has made it CLEAR and EASY to see how Wachovia charged the fees that they did. The $105 Unavailable Funds Fee on the 14th is three $35 fees for the three transactions that overdrew your account on the 14th. You can see these negative balances after these three transactions in my modified ledger. You cannot see this in Wachovia's REAL online ledger.
Then, the $245 fee is actually SEVEN Overdraft Fees, and this is a CORRECTION of my error in my earlier post. I incorrectly labeles these as Unavailable Fees on the 17th but these are actually Overdraft Fees. A key difference. These SEVEN overdraft fees are for the SEVEN transactions that posted to your account with a negative balance. This is evident in the Wachovia online ledger same as mine. But your question, like MANY other Wachovia customers is how you were charged the $105 fee when, according to Wachovia's online ledger, your balance WAS NOT negative after all of those transactions posted on the 14th. And this is what I've made easier to see, with my previous post.
In addition to the Unavailable Funds Fee ripoff, which started the damage, the OTHER Ripoff is the SEVEN overdraft fees on the 17th. Unlike Wachovia, 99.99% of the OTHER banks would NOT have charged you the Unavailable Funds Fee on the 14th, AND those SAME 99.99% of OTHER banks also would NOT have charged you SEVEN overdraft fees on the 17th. Most OTHER banks would have capped the total fees charged on the SAME DAY at FIVE - a COMMON PRACTICE at CONSUMER FRIENDLY banks which are not out to kick man when he's down and bury him, all under FALSE pretenses (Undocumented, Unexplained, Unavailable Funds Fee).
Those are the Ripoff(s) here.
Plaintruth
Charlotte,North Carolina,
U.S.A.
Run as fast as you can!!!
#4UPDATE Employee
Sat, March 22, 2008
Pissedinatlanta,
Online banking posts your posted balance, not your available balance. You used your card on the 13th and 14th and the merchants placed holds on your funds.
03/17/2008 Purchase PURCHASE SKIPS CHICAGO DOGS 03/14 $7.47 ($120.29)
03/17/2008 Purchase PURCHASE CITGO FOOD MART 03/14 $9.81 ($112.82)
03/17/2008 Purchase PURCHASE THOMPSON TOOLS/1617 LAF 03/14 $20.00 ($103.01)
03/17/2008 Purchase PURCHASE JAMES JOYCE IRISH 03/14 $22.30 ($83.01)
03/17/2008 Purchase PURCHASE THE HOME DEPOT 110 03/13 $25.80 ($60.71)
03/17/2008 Purchase PURCHASE THE HOME DEPOT 110 03/13 $30.36 ($34.91)
03/17/2008 Purchase PURCHASE WAL-MART #1184 03/13 $144.12 ($4.55)
03/17/2008 Deposit REFUND THE HOME DEPOT 110 03/13 $21.13 $139.57
Call Wachovia and have someone explain to you how you overdrew your account. If you listen to what they have to say, they will tell you exactly how to avoid the fees in the future.
Be VERY cautious regarding the post listed prior to mine. Incorrect information can be hazardous to your bank account....and before it starts coming up... yes, Bank of America DOES CHARGE THESE SAME FEES.
Edward
Dallas,Texas,
U.S.A.
The Step by Step Wachovia Ripoff
#4Consumer Suggestion
Fri, March 21, 2008
Yet ANOTHER Wachovia Unavailable Funds Fee report, as they continue to flood in one after the other. All describing the SAME symptoms with evidence that makes it PERFECTLY CLEAR what the complaint is. I guess I'll go ahead and post to THIS report, like ALL the others, since no other reports like this for banks like BofA and OTHERS to post to, that I've found with EXACT symptoms and EVIDENCE as all of these Wachovia reports. Even though BofA SUPPOSEDLY uses the same procedure. Hmmmm....
At any rate, here is exactly what happened to you. You're familiar with your Posted Balance and your Available Balance. The Posted balance is your ACTUAL, REAL account balance. The Available Balance is your REAL balance minus any pending HOLDS for debit card purchases you've made. During nightly processing, MOST banks determine when to charge fees by using the POSTED balance. However, Wachovia and a select FEW of other banks have decided to use the Available balance to determine when fees should be charged during nightly processing. With that in mind, I have taken your online ledger printout and modified it to show what Wachovia REALY did. I have reversed the order to go from top to bottom for easier reading:
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After nightly procesing was completed on the 13th, your final POSTED balance was $414.11. So is this the balance Wachovia uses to begin nightly posting for the 14th, like MOST banks do? No! On the 14th, you had some purchases that were ON HOLD and these HOLDS totalled $259.96. Wachovia subtracted this HOLD AMOUNT from the Posted balance, THEN they begin posting transactions.
Date....Type.....Description...........Amount.....Balance
03/13...Debit.....PURCHASE BP OIL...$7.44......$414.11
03/14...HOLDS...Pending HOLDS......$259.96...$154.25 (LOOK HERE!)
03/14...Other....CARDMEMBER SVCS $100.00...$52.25
03/14...Other....DISH NETWORK......$70.71.....($16.46)
03/14...Debit.....PURCHASE ARBY'S..$13.57.....($30.03)
03/14...Debit.....PURCHASE BP OIL...$6.39......($36.42)
03/14...Other....UNAVAIL FNDS FEE $105.00...($141.42)
03/17...HOLDS...Add HOLDS back....$259.96....$118.44 (LOOK HERE!)
03/17...Deposit..RFND HME DEPOT...$21.13......$139.57
03/17...Debit.....WAL-MART............$144.12...($4.55)
03/17...Debit.....HOME DEPOT.........$30.36.....($34.91)
03/17...Debit.....HOME DEPOT.........$25.80.....($60.71)
03/17...Debit.....JAMES JOYCE........$22.30.....($83.01)
03/17...Debit.....THOMPSON...........$20.00.....($103.01)
03/17...Debit.....CITGO FOOD.........$9.81.......($112.82)
03/17...Debit.....SKIPS CHICAGO.....$7.47.......($120.29)
03/17...UNAVAILABLE FUNDS FEE....$245.00....($365.29)
03/18...Deposit..NSF/OD REFUND...$105.00.....($260.29)
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There you have it. The first $105 Unavailable Funds Fee was a total of three $35 fees, for the THREE transactions that posted on 3/14. You can EASILY see why now with this ledger. You can see that the ADJUSTED balance is negative after each of these three transactions post. Now notice how this was in NO WAY evident from your ACTUAL online ledger in your OP.
When Wachovia began the NIGHTLY PROCESSING for the 14th, they did not begin RECONCILING transactions from the previous night's POSTED balance. Wachovia took the previous night's POSTED balance, then subtracted your PENDING HOLDS and they said THIS is the balance we will use to begin nightly processing. How many banks do you know of that do this? Most OTHER banks RECONCILE transactions SOLELY and EXCLUSIVELY from the Posted balance - the ACTUAL account balance.
Here's the play on words that's being used to group other banks into this FALSELY. Bank of America does indeed charge fees when your Available balance goes negative, as a lot of banks do. The difference is BofA and these other banks ONLY charges fees for those transactions that ACTUALLY go over the Available balance at the time they are MADE. That's the KEY difference. As you indicated, you KNEW you indeed spent more than you had. With BofA, they would have ONLY charged you fees for those transactions that ACTUALLY went over the Available balance at the time the card was SWIPED. Bank of America and most other banks WOULD NOT have charged you fees for all of these OTHER PREVIOUS transactions that did NOT overdraw the Available balance when the card was SWIPED for them, and they did not overdraw the Posted balance when they came in and posted.
That's the ripoff here.