Complaint Review: Wachovia - Durham North Carolina

...maybe it's you? You said "I have switched banks at least 3 times and the response has been the same. It must be an industry conspiracy." Or maybe it is not the banks that are the problem, maybe it's you.

About two years ago, someone attempted to draft three hundred dollars from my business account, not once but twice. At that time I was banking with CCB. CCB response to the incident was that they could charge me a fee of ot $17 to investigate this. I paid it and all they gave me were random numbers that meant absolutely nothing to me. When I asked them what the numbers meant they then said for an additional fee they would...GET THIS..tell me the meaning/who is was. I refused to pay and then changed my banking account but "dumb-dumb" me stayed with CCB. Two years later, an accountant asked me what the $36 fee was that Wachovia had been charging me monthly. When I asked Wachovia they told me it was a usage of online fee, which I never went online or used anything online in reference to CCB. At this time I was attending school in 2003 and taking business law. When the subject of Banking Regulation became our classes major focus I told my law professor and we (the entire class) did research on my case using the UCC mandated regulations for banking business. Well guess what CCB had unethically and illegally tranferred a contract from the old accont to the new one. When I confronted CCB about it they claimed that I had given them authorization. My law professor then constructed a legal letter stating my rights and that I was preparing to sue them. CCB then had a legal representative (Mr. Thomas) contact and for another two mouths we went back and forth. Finally after not being able to produce any contract with my signature on it (one from the first or second account) CCB paid me big. I never went to court and I then transferred to Wachovia who is now practicing the same...unethical practices. Banks are to use reasonable care when appropriating the funds of their customers. Not even the usage of fine print under the font point of 10 is acceptable by law because a many elderly people cannot read it. I am not a disgruntled customer I just know my rights. AND did you know that bank have monthly courtesy refund of $100 or more they give to enraged customers? I understand that Wachovia has one of $130+. WHY? because their system has human errors in it that cheat people. Stay tuned, because Wachovia is now talking back to me, legally. I even told them that they are pliphering, which they deny of course. WHY? because they know I am right. Who knows maybe this will not go to court either. Thanks for your response.

Well sorry i just found this Claim. Well ma'm I know it sux when there are fees on your account and its hard to deal with them but from what i have gathered from your other claims when u make your class action suit its not gonna go anywhere many people have tried but were unseccesful. Wachovia does not break any laws that the banking industry has to abide by. So when ever your are ready to fully explain what the situation was i will be happy to try to explain.

thanks for you feedback. When I use the words pliphering or embezzeling I do understand what they legally means. These are the terms that I used directly to Wachovia and the Federal authorities when filing the complaint. Just as I have to prove that they commited the crime they have to prove that they did not. I discovered that many have stated the claim and many gave up and did not follow through. Also I did read the fine print in the Deposit Agreement and Disclosure for Personal Accounts as well as the fee schedule and there is a clause that states how they tender/post and when they tender/post. Still all banks MUST follow the law and use reasonable standard of care when appropriating the funds of their customer. They cannot manipulate the system to work against their customer because then it becomes a breach in the trust relationship between the bank and the customer. This, my friend, could be considered a tort of negligent which is a crime and punishable by a fine of punitive damages as well in the state of NC. There are many many laws that protect consumers just as there are laws that protect the bank. Fine print or not fine print both parties MUST abide by the contract and by not means alter from its meaning. From what I have discovered lately through this forum is Wachovia has a history of altering the change of events that occurs in their customers' account to benefit their financial/monetary gain, this is a crime! I do think you for your response as well as your concern. I will let you know how it all "fans" out".

I have never worked at a bank. I was, however, married to a bank manager for many years. But the information that I have stated earlier is correct - a bank will post debits first (largest to smallest) and then credits when presented on the same day. Banks have some fancy wording in the fine print on account agreements giving them the right to post transaction how they seem fit. Read every word of the agreement you signed for your account and you will see it in there. Another fact, even if it is not part of your situation, yhat can effect a bank balance on any given day is whether you use your bank card as a Visa credit card when doing a transaction. Those transactions do not always appear with the regular debit card transaction. You also have to watch out that if you are viewing your account online, that your actual bank details may be different (the online account is updated only once a day.) I was simply trying to give you some information with my first response to your post. Mind you, I am not trying to argue with you. I don't like the way the banks do business any more than you do. That being said....I also want to comment about the slander comment. I said it then, and I will say it again now - you have not provided enough detailed information here to back up the claim of imbezzlement or pilfering. You have only presented a few partial details and your opinion that the bank is doing such things. And, as is your right, you have stated several times that you will not give out additional information here. I respect that you need to have some of the details private. But you are giving the ones you are complaining about (the bank) ammunition against you by making such claims without having the proof. I hate to see the banks abuse people. Even if they make mistakes, which they do; then those mistakes need to be acknowledged, which they don't always do.

BIG THANKS TO EVERONE THAT RESPONDED! This is what i was looking for and yes class-act suit do beneifit the lawyers the most but I do know of six people who filed a class-act suit against CCB and they won with a rather reasonable amount. as far as I know ther other thousands involved recieved a payment of only $25 each. And it did cause the bank to change the policy that they where fighting against. Yet anf stil this is what the banks are hoping for...they want to charge wrongful charges make big money and furstrate people enough to go away. Well I will not go away and when it is all over I will log the results! check back and see what has occurred!

This was my problem with Wachovia. They posted debits BEFORE credits. I was letting my account wind down because I was closing it. I had just enough money left in the account to cover my last couple of transactions. Also, I had a pending Paypal deposit coming in. Wachovia decided to charge me $8.00 in 'customer service call' fees, because I had to call them 4 times the previous month to unlock my debit card that they locked up accidently. This was completely THEIR error, they admitted it. Yet, they still charged me $8.00, which I wasn't expecting. So, I get hit with 4 overdrafts, for 2 transactions. I asked them what happened to the Paypal deposit that cleared at midnight. They told me, NO, it DIDN'T clear until 3AM, and the debits came in at midnight. They said Paypal tells them WHAT TIME to deposit the money. I told this supervisor that she was full of sh*t, and that I will get Paypal on the phone and verify that fact. She still insisted that I was in the wrong. Yet, when I asked her why I was charged the $8.00 for their mistake, and she had no answer. I called Paypal, and they told me the transaction was completed 2 DAYS PRIOR! Which means, Wachovia HELD my funds for 2 days. So, since I have switched to a credit union, my Paypal transactions, both incoming and outgoing, take 1 day, not 4 days like it was with Wachovia. SO, yes, they DO post debits BEFORE deposits. My wife worked for them for 2 years, she says that they claim they don't post incoming checks until midnight, but that's a lie too. They told me that they do it at 8PM on.

A class action is a waste of time. Essentially, no one will profit but the lawyers involved. A well known bank has been through this already. In 1999, a well known bank was the subject of a Class Action regarding excessive overdraft fees caused by high to low posting order. The action was settled for 9 million dollars, out of court, between the attorneys with NO admission of fault by this bank. Only the attorneys profited, as with most class actions. The class members got a whopping $50.00. The attorneys 2 million and another 2 million was set aside for "claims administrative fees". This is only an example, many other suits, with no real resulting change have been filed against other banks. Banks are the worst offenders in these practices. High to low check posting according to them "insulates" the bank from losses and benefits the consumer as large checks are normally for rent, car payment etc. It is common for banks to post debits prior to credits regardless of the time the transactions are received. This is done SOLELY for their benefit and to maximize profit.

Can you hear what you are saying? "If you have a bank balance of $100.00; and then on any given day the bank is presented with 4 seperate transactions of a deposit to the account for $500.00, a debit (check or ATM transaction) of $125.00, a debit (check or ATM transaction) of $110.00, and a debit (check or ATM transaction) of $75.00 - you will end up having three overdrafts but still end up with a positive balance." You are interesting! Tell us, do you work for a bank? This is absolutely wrong. Post a debit before the posting of a credit? Maybe I heard you wrong. Are you saying that if a customer deposits a check for $100 that is posted on May 2nd and then debits of $99 are posted on May 2nd pm that Wachovia will charge a fee? This is wrong, why because just like the debits occurred at the same time so did the deposits. This is a catch "22". Explain this farther because I know now that you do working or have worked for a banking institution. Help us all that have been ripped off with this illegal pliphering

Will let you know as soon as I can. Presently, I am having a very interesting conversation via mail and phone with Wachovia. It seems that the words "class-act suit, reasonable standard of care, pliphering, duties of a bank, etc." has caught their attention. Depending on how they respond I will let you know how to move forward. Thanks for your support!

This was an example of what happened. As I said in the second response, I will not comment on my incident until I have finished with Wachovia. I am only a consumer that has had the same problem with Wachovia as many on this forum has had. Looking for a fair resolution about my situation with Wachovia, I returned to the same source I used with CCB (that assisted me in getting more than my money "due" back), I notified my state General Attorney's office. The response is the same and presently Wachovia and I are having a conversation which I will not tell you about either. I am only a very informed consumer attempting to give a constructive solution on how to resolve or avoid this Rip-off in the future. Go the the website that is listed on my first comment and then contact clarkhoward if you have a problem with the USA banking system. End of comment to you.

First off, I closed my Wachovia account because of their truly moronic attitudes, and never bounced a check or transaction in 20 years until Wachovia came along. When they realized their mistake, yes, I got my fees back, and they even paid my late charges. But, trying to get them to see their own error was like pulling teeth from a hungry lion. However, what you are saying is simply impossible. To have $1000.00 in the bank, credited to your account 'for one week' as you say, then get hit with an NSF for $10.00? Not true. What really happened? Did you deposit a check for $1000, and then they decided the check was not good? Or they didn't clear it in time? There's a reason this occurred, you're just not telling it. Your rant about the bank 'embezzling' funds so they can hit you with an NSF charge for a $10.00 item is not going to help your credibility. Tell the whole story, calmly with attention to detail, regardless if you think it's right or wrong.

I am an ex-employee of Wachovia and will also be filing a report that identifies many examples of the various ways the bank truly does rip off innocent consumers. It can be disheartening to read responses that further add more stress from others that serve to attack those of us who are already victims of problems and are attempting to alert others. Employees that respond in an effort to further the very same actions that did the damage initially to add insult to injury. If a consumer has a problem, it is a problem and the employees of the bank were neglectful in their duty and obligation to their customer. If you find that you decide to pursue legal actions and need support and more meat to the causes of action, I will be more than happy to join in. Once I complete my report you will understand why. Joan New Jersey

I will not explain any further as the law will do that for me. And yes embezzeling is a serious crime as I have already contacted Wachovia and federal company about this wrongful act that banks practice daily and get away with. If a bank customer has a balance of $1000 that has been tendered/credited by the bank for a week as I did and only one transaction of $10 comes in on the end of that week and that transacton is charged an overdraft/NSF fee, any person can clearly see what has occurred. and once the bank is caught in the act of a computer/human error they ethically correct it, immediately, which Wachovia did do the first time around This has happen to many customers of banks and YES, I am well aware of what the bank's policy is. I think the queston is...Are you a bank representive who believes that all banks are perfect at least you sound like you are? Any way the legal term, Embezzlement - depriving someone of his/her property through breach a trust relationship. Also note that the property is generally obtained lawfully but later converted to he embezzler's own use. Meaning that the customer believes that when they deposit their money that the bank will lawfully practice good faith in the appropriation of their money as stated lawfully by the banks contract/policy. But as most people are discovering the banks are misappropriating their money for their own use (loans, payment of salaries, CEOs' bonuses etc. for instead)therefore it is pilfering. You can call it what you want but when a customer signs a bank contract/policy it is just as much the banks' duty to practice a reasonable standard of care to prevent wrongful, unfair debits to its customer's account. This is the trust factor in the relationship between the bank and its customer. Anyway, never ever believe that banks are always right for they are not and the same is true with the banks' customers. But wrong is wrong and you cannot beat right. As for slander, I have not slandered Wachovia infact it is an insult for you to think so when you have not seen the proof that I have. And not I will not discuss that on this site. Contact clarkhoward.com and you just may get an eye-opener as well as a rude awakening about how banks manipulate the law to pilfering from its customer, which they do everyday and are doing at this very moment. The only reason it continues is that most people believe they cannot fight a large company such as Wachovia but fortunately I am not like most people!

in detail what your problem was. The information that you provided here is too vague for anyone to determine whether you actually have been "ripped off" or not. You must realize that banks have a certain order that they process items. One item being posted before another can cause a chain reaction. If you have a bank balance of $100.00; and then on any given day the bank is presented with 4 seperate transactions of a deposit to the account for $500.00, a debit (check or ATM transaction) of $125.00, a debit (check or ATM transaction) of $110.00, and a debit (check or ATM transaction) of $75.00 - you will end up having three overdrafts but still end up with a positive balance. The bank will post debits before credits, and usually the largest debits first. In the above example, you will end up with a balance of $185.00 - after taking into account all the debits and credits and taking into account $105.00 for the overdraft fees (3x35). The information about posting is available to you - it is in the agreement you signed with the bank when you opened the account. In the above example, the bank had the right to charge the three overdraft fees - it is not considered pilfering. I find your comment about "embezzlement" to be horrific as you have not provided ANY evidence of such a crime. I think at that point in your post that Wachovia would have a great case against you for slander. Perhaps you could post more details so that people reading the posts here can actually determine if there has been any wrong doing from Wachovia. But we do need the facts in oder to determine this.

Wachovia just recently in the last months has charged to my account several overdrafts and NSF fees when I have a clear and most definitely had a balance. There were no outstanding checks or "holds' on any tranactions within my account. When caught in the act AGAIN, they quickly refunded to me the $150. Why? because I informed them that I was informed as well as have a friend that is a manager of one of their branches. She told me that Wachovia does what is call a monthly courteousy refund of about $130 that is waived to pacify enraged customers. Anyway, later their online automated system caused another wrongful charge to me and they refunded just the $35 charge but not the $60. Since then I have contacted the federal organization listed in my last email who is presently investigating Wachovia. In the meantime, Wachovia legal people are trying to stop me from from communicating with this organization about this issue, which I am stil persuing firmly. Though Wachovia does has a policy that they regulate their business by as all banks do, they still must follow the mandated ruling of the Fedral UCC created for USA banking operations. Go to the site I have listed and learn your rights. Protect yourself from large company frauds that happen everyday. There is also a radio well-informed person, Clark Howard (clarkhoward.com) you can contact. They will call you. In fact they help me settle out of court with CCB two years ago. And NO!...ABSOLUTELY DO NOT ask politely for refund that were charged to you wrongfully and unfair. ASK FIRMLY AND INFORMATIVELY FOR THEM! LEARN YOUR LEGAL RIGHTS!

OK ... so you've written a rather elaborate report here about Wachovia being a rip off, yet you never mention anything about how you were ripped off. Would you care to provide this oh-so-important detail so that people can understand the root of your complaint?