Wachovia BankWachovia Bank CARROLLWOOD FINANCIAL CENTER Cash Deposit hold-Overdraft fee enthusiasts Tampa Florida
On Nov. 09, 2007 my wife deposited $540.00 cash at a teller around 3:00pm in the afternoon. I already had $10.00 dollars in the account so the available balance became $550.00 and some change, it was a friday. I rented a car because my car broke down and i had to pick up my mother in law that was arriving on an international flight to miami. So I started spending, very carefully and watched and balanced my chck book, spent little by little the money, having only about $49 dollars left in the ccount i recieved a long awaited rebate check from my cell phone provider for $100.00. i deposited and believing that wachovia would be like anyother bank that would take into consideration any recent deposits i made a few grocery purchases, the next day, Nov. 14, 2007 at 9:00am i look on my online bank account to make sure that my check book is correctly balanced, i was negative and had three overdraft fees and counting. Wachovia held my money friday, saturday, sunday, monday, tuesday and wednesday despite that the $540 deposit was a cash deposit handed down to some girl behind a bullet proof glass. when i questioned them, they responded that on my reciept it said that funds would not be available until the 13 of november, i asked why, and they said that i made the deposit after 2:00pm and any deposits after that time would be accredited on the next business day.
Is it me or did they just screw me over. Why would they be so inconsiderate. As of today, nov 14, 2007 I have exactly $4.79 that i have found laying around in the house, Ive been without work for 2 weeks and the only money that i had for gas and food Wachovia is using it to buy toasters and keychains to attract new customers. if anyone can help please do so, they need to be stopped.
Alfredo
tampa, Florida
U.S.A.
3 Updates & Rebuttals
Striderq
Columbia,South Carolina,
U.S.A.
Correction for Jim
#4UPDATE Employee
Sun, November 18, 2007
Jim,
Thank you so much for your comments. I truly enjoy reading them. Just one slight correction I would like to make if I could. The posting order for Wachovia is;
1. Deposits/credits for that business day
2. Debits for that business day (yes, largest to smallest)
3. Service fees for that business day
4. Deposits for the next business day (cash deposits made after cut off time or direct deposits)
Checks will not credit to the account until the appropriate business day at midnight when we begin our processing.
Other than this I'd like to say that I always find your information clear, concise and very insightful.
Nikki
Coconut Creek,Florida,
U.S.A.
It is their rule.
#4Consumer Comment
Thu, November 15, 2007
Too bad your wife didn't see the sign. Usually the bank has a sign up stating that deposits made after 2:00 will be credited the next business day. Since Mon. November 12 was a holiday, your deposit should have been credited at around midnight, Tuesday, November 13, available to be used Wednesday, November 14.
Had she made it to the bank before 2:00, the deposit would have been credited Friday, November 9, at around midnight, for use on Saturday.
This is their rule and the way they make money. Yes, in a sense they are screwing you, but not in a way that you can fight to get your money back.
Jim
Anaheim,California,
U.S.A.
No - it's you
#4Consumer Comment
Wed, November 14, 2007
Alfredo, ALL banks have cut-off times for receiving deposits even if the deposit is for cash. You ran into an unfortunate situation in that you made your deposit (1) after cut-off, (2) on a Friday, and (3) where Monday is a Banking Holiday. So your Friday deposit would be pending all the way to Tuesday late evening/Wednesday early morning.
The other thing to consider is another thing all banks do which is to post all checks or debits to your account first - before any deposits or credits. Yes, this is to max all fees and income to the bank and is part of the account agreement with the bank - legally they have the right. So your deposit ends up posting on early AM November 14 because of the holiday. The NSF's are legit.
I understand it seems unfair - but this is the way banks operate and many people do not understand it and believe it to be a rip-off. Unfortunately, it is legal and allowed.