Wachovia Bank & MBNA Commits Fraud, Juggles Books, Loses Payments Charlotte North Carolina
My main Wachovia checking account had a balance of over $1,300.00 on January 18, 2006. I scheduled a $250.00 payment to my Wachovia MasterCard (managed through MBNA) on January 12, 2006 through Wachovia's On-Line Banking transfer drop-down menus (not through their Bill-Pay.) The transfer / payment was scheduled to occur on the MasterCard's due date, January 18. I always pay my Wachovia MasterCard in this manner.
Late on January 18, I checked my email and noticed an "Important Message" from Wachovia. The email said that my transfer / payment wasn't made because my checking account was NSF (Non-Sufficient Fund.)
This meant that my MasterCard payment would now be late and the result would be the card's interest rate would go into "default mode"...from 6.99% to 21.99%
I called Wachovia immediately and talked with two Wachovia representatives and they even called MBNA while I was on hold.
First they tried to tell me that I couldn't pay my MasterCard by using the account transfer screen. I explained that I pay this way every month and had done it this way for many years ever since they began on-line banking. Even their own records backed up my claim. They tried to tell me that I have to pay the MasterCard account through their Bill Pay service because the credit card is contracted out to MBNA. They finally relented when they could not find any record of my ever having made a payment through Bill Pay nor have I ever written a check to MBNA.
They could offer NO reason for the NSF email. Both Wachovia rep's agreed that the money was there. There were NO other pending transfers, deposits, check card holds, or the usual excuses. Even if I DID have NSF, I have four other accounts tied to this checking account as overdraft protection. Nobody could explain why THAT didn't happen.
The sole purpose and intent of this "error" was to drive my MasterCard balance into "default mode." I guarantee that this is a regular and illegal practice done by Wachovia. Most people don't notice subtle changes in their accounts and Wachovia makes millions of dollars a year from this kind of unnoticed fraud.
This is the third time in a year Wachovia has done this to me...but Wachovia's "got me" and they know it. I have eight business and personal accounts with them and they know that changing banks will be an ENORMOUS expense and time consuming project for me!
It's time for me to switch banks, but not until I (finally) deal with the State Banking Commissioner.
David
Raleigh, North Carolina
U.S.A.
10 Updates & Rebuttals
Dee
Deerfield Beach,Florida,
U.S.A.
Could MBNA be the problem..
#11Consumer Suggestion
Sun, March 12, 2006
While you have done this every month and it worked just fine, here are a couple of things that may be considered.
MBNA & Wachovia are 2 separate companies. Wachovia promotes MBNA for their credit cards....
So what if MBNA doesn't post your payment until after 4 pm on the 18th, and Wachovia closed their business day by 3PM?
I agree with the person that suggested perhaps you should allow for time to post. Schedule your payment a day ahead....
I know you are angry, I would be, too. But I would take it up with MBNA, or cancel their card.
We have both personal and business accounts with Wachovia, with the MBNA card attached, and have had no problems except that I realized that you cannot make last minute payments without paying an extra fee or being penalized in some way. Banking just isn't what it used to be.. I too, pay through MBNA and not through Bill Pay. I personally would go after MBNA... Wachovia does not seem to be at fault.
Dee
Deerfield Beach,Florida,
U.S.A.
Could MBNA be the problem..
#11Consumer Suggestion
Sun, March 12, 2006
While you have done this every month and it worked just fine, here are a couple of things that may be considered.
MBNA & Wachovia are 2 separate companies. Wachovia promotes MBNA for their credit cards....
So what if MBNA doesn't post your payment until after 4 pm on the 18th, and Wachovia closed their business day by 3PM?
I agree with the person that suggested perhaps you should allow for time to post. Schedule your payment a day ahead....
I know you are angry, I would be, too. But I would take it up with MBNA, or cancel their card.
We have both personal and business accounts with Wachovia, with the MBNA card attached, and have had no problems except that I realized that you cannot make last minute payments without paying an extra fee or being penalized in some way. Banking just isn't what it used to be.. I too, pay through MBNA and not through Bill Pay. I personally would go after MBNA... Wachovia does not seem to be at fault.
Dee
Deerfield Beach,Florida,
U.S.A.
Could MBNA be the problem..
#11Consumer Suggestion
Sun, March 12, 2006
While you have done this every month and it worked just fine, here are a couple of things that may be considered.
MBNA & Wachovia are 2 separate companies. Wachovia promotes MBNA for their credit cards....
So what if MBNA doesn't post your payment until after 4 pm on the 18th, and Wachovia closed their business day by 3PM?
I agree with the person that suggested perhaps you should allow for time to post. Schedule your payment a day ahead....
I know you are angry, I would be, too. But I would take it up with MBNA, or cancel their card.
We have both personal and business accounts with Wachovia, with the MBNA card attached, and have had no problems except that I realized that you cannot make last minute payments without paying an extra fee or being penalized in some way. Banking just isn't what it used to be.. I too, pay through MBNA and not through Bill Pay. I personally would go after MBNA... Wachovia does not seem to be at fault.
Dee
Deerfield Beach,Florida,
U.S.A.
Could MBNA be the problem..
#11Consumer Suggestion
Sun, March 12, 2006
While you have done this every month and it worked just fine, here are a couple of things that may be considered.
MBNA & Wachovia are 2 separate companies. Wachovia promotes MBNA for their credit cards....
So what if MBNA doesn't post your payment until after 4 pm on the 18th, and Wachovia closed their business day by 3PM?
I agree with the person that suggested perhaps you should allow for time to post. Schedule your payment a day ahead....
I know you are angry, I would be, too. But I would take it up with MBNA, or cancel their card.
We have both personal and business accounts with Wachovia, with the MBNA card attached, and have had no problems except that I realized that you cannot make last minute payments without paying an extra fee or being penalized in some way. Banking just isn't what it used to be.. I too, pay through MBNA and not through Bill Pay. I personally would go after MBNA... Wachovia does not seem to be at fault.
Robert
Wallingford,Connecticut,
U.S.A.
Which brings me to my original question.
#11Consumer Comment
Fri, January 20, 2006
If Wachovia continually breeches your trust, why would you believe they wouldn't again.
I would definately not defend Wachovia. When the bank that had my account was bought out by them, I closed the account and went elsewhere. I did not care for their account terms and found a bank that met my needs better.
It just seemed fool hardy to allow no cushion for errors especially if they have screwed it up in the past.
Just an opinion.
Good luck.
Robert
Wallingford,Connecticut,
U.S.A.
Which brings me to my original question.
#11Consumer Comment
Fri, January 20, 2006
If Wachovia continually breeches your trust, why would you believe they wouldn't again.
I would definately not defend Wachovia. When the bank that had my account was bought out by them, I closed the account and went elsewhere. I did not care for their account terms and found a bank that met my needs better.
It just seemed fool hardy to allow no cushion for errors especially if they have screwed it up in the past.
Just an opinion.
Good luck.
Robert
Wallingford,Connecticut,
U.S.A.
Which brings me to my original question.
#11Consumer Comment
Fri, January 20, 2006
If Wachovia continually breeches your trust, why would you believe they wouldn't again.
I would definately not defend Wachovia. When the bank that had my account was bought out by them, I closed the account and went elsewhere. I did not care for their account terms and found a bank that met my needs better.
It just seemed fool hardy to allow no cushion for errors especially if they have screwed it up in the past.
Just an opinion.
Good luck.
Robert
Wallingford,Connecticut,
U.S.A.
Which brings me to my original question.
#11Consumer Comment
Fri, January 20, 2006
If Wachovia continually breeches your trust, why would you believe they wouldn't again.
I would definately not defend Wachovia. When the bank that had my account was bought out by them, I closed the account and went elsewhere. I did not care for their account terms and found a bank that met my needs better.
It just seemed fool hardy to allow no cushion for errors especially if they have screwed it up in the past.
Just an opinion.
Good luck.
David
Raleigh,North Carolina,
U.S.A.
Because I Wanted My Payment to Post on the 18th
#11Author of original report
Thu, January 19, 2006
Banks are in the business of loaning money (credit cards), not me. I pay my debts when they are due. That Wachovia conspires to wrongfully drive credit card accounts into default has nothing to do with my paying my bills on time and in the manner I choose.
The issue at hand here is a false NSF claim against me made by Wachovia in a concerted effort to cause my (and others) credit card balance to go into default status.
I share none of the responsibility for their crooked corporate practice. Those who defend Wachovia's practice of doctoring accounts and failing to abide by THEIR OWN checking account agreement share some of the responsibility.
Every business agreement requires an element of trust and Wachovia continually breeches this trust...I don't. That's why.
Robert
Wallingford,Connecticut,
U.S.A.
Why the 18th?
#11Consumer Comment
Thu, January 19, 2006
If the payment was due on the 18th, why schedule it for the 18th? Why not schedule it a day or two earlier in case something does go wrong? Especially if this has happened two times before.
Seems you cut it too close and share some of the responsibility.