Complaint Review: Wachovia

Everyone has offered great advice so far. And you have answered your own question in your OP - 'why should they stop stealing when we only complain to them and accept whatever they feed us?'. That's just it. It's one thing to complain and then continue banking with them. But the REAL way to get it over to them is to MOVE your money elsewhere. When they start to see the line forming to the left of account holders walking away, THEN and ONLY THEN will they get the message.

The 'rebuttal regular who claims that individual branches of national banks will sometimes follow a different path', referred to by Truth Detector is myself. You see, in a different thread when I was called a LIAR and FRAUD after making this claim, I told my accusers to call the branches in MY AREA for themselves for proof. To this day I have yet to hear any contradictions.

Robert's advice to keep a check register and stay within your budget is great advice, but no one is perfect. It's reasonable that anyone will make a MINOR mistake every now and then. But it's a big difference whether you're charged $35 or $350 for that single minor mistake.

Truth Detector and Jim both offer great advice about moving to Credit Unions. But if you choose not to go with Credit Unions for any partcicular reason, I'm confirming that NOT ALL branches of large national banks use these tactics. So if Credit Unions are not for you, then you still have some banks to choose from, but the key is to come right out and ask questions about how they do things. You can't simply go by the Terms and Conditions all of the time because they will sometimes use vague wording that leaves the door open for them to do things any way they want - but the key right now is not HOW THEY CAN do things, but instead HOW THEY ACTUALLY DO things day in, day out.

But what should be crystal clear to you at this point is this Wachovia BRANCH where you're at now obviously does follow these anti-customer practices so the key is to move your money elsewhere no matter if it's to another local bank or credit union.

Wachovia can't be sued for being a big corporation. More than that, Wachovia can't be sued for taking money from your account unless you did something to deserve having your money taken from your account. Several thousand people have NSF fees taken from their account because they unknowingly overdrew their account and they unknowingly did it because they're careless with the money they worked hard to keep. Without details, we don't know how you screwed up. Since many thousands of people don't know how banks work - the likelihood is it's not the bank's fault you're overdrawn.

Just know - the BOD isn't going to do anything; they're going to support the CEO of the Corporation. The Audit Committee is comprised of BOD Members and usually make certain the audit is done and that the Bank's financial statements are presented fairly. Courts in this country have ruled the bank's accounting of transactions is legal and within the confines of the law.

You might want to consider closing your account and going to a Credit Union instead. Do not go to another bank - as all major banks work the same as Wachovia - and then you'll claim yourself as a victim there too.

All major banks structure NSF fees to maximize profit. This is a well-known fact and is not news to banking regulators (i.e. the enablers) or to the courts, who have regularly upheld the policies that allow banks to order transactions to take as much money as possible from overdrafting customers. There is one rebuttal regular who claims that individual branches of national banks will sometimes follow a different path, but the reality is they have the legal right to charge you in any fashion consistent with their Terms and Conditions. That is an iron-clad fact.

There is no fraud here - nor is there any ripoff. You can literally find thousands of threads on ROR warning you of how banks charge you. Either find a small local bank or credit union that does business in a manner conducive with your wishes or simply do not use these banks.

Reading what you ask?

Your account terms and conditions. It details everything you need to know to avoid even one NSF. It explains their funds availability policies. It explains their transaction processing. It even explains how your check card transactions are processed. There's even a section on fees and what they charge you for certain services.

Read, get familiar with it (you don't have to memorize it) and you'll never pay another NSF. You don't even have to keep a check register. However, if you are like me and living paycheck to paycheck it's advisable. It helps you stay within your budget, and you will know exactly what your account balance is and where your money is going.

And guess what? You stop giving your hard earned money to them. Have followed these simple principleswith my current bank I have been with for the past eight years. Have never paid a fee.