Hi, I'm curious if you've ever done a story on Wachovia scamming its customers with ridiculous overdraft fees. I check my acct. daily and tonight I found my account $-224.23 with another $70 in fees not yet posted. $210 were in overdraft fees. They process transactions using a method to get people to overdraw their accts. I work parttime and go to school so when I get paid Friday 5/8 out of approx. $350 net pay, I'll only have about $55 for the next 2 weeks to live off. Something has to be done and I want all of SC to be aware of this bank's practices.
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Reader Comments:
Posted by noemail on 07/17/2009
just because you can't keep track of your bank balance you get to blame wachovia? granted overdraft fees are high, but they are essentially a short term loan from the bank to cover YOUR spending. you could avoid these entirely if you kept track of your account balance, and didn't spend money you don't have. simple.
Posted by Angelique247 on 04/30/2010
Nique421 ~ That is how Wachovia makes its money and once I realized the practices used, I switched right back to my credit union that I had prior to letting my employer convince me to open an account with Wachovia. I had direct deposit and I know that the money is posted right after midnight Thursday nights. So, one Friday morning I stopped for gas and paid by debit card. Once I got to work, I logged into my bank account and I noticed that they processed the purchase first, then they charged me $35.00 overdraft fee and $70.00 penalty fee for overdrafting. THEN they posted the deposit from my job's payroll. The bad part is that I was only 46 cents in overdraft. I didn't even bother calling the bank itself, instead I called one of their executives on the management level and 2 hrs. later those charges dissapeared with a "credit" post of $105.00. Shortly thereafter, I let the account die and reopened my old account with my credit union who also applies a $34.00 overdraft fee when there isn't enough money to cover a transaction, BUT there is no penalty fee AND if you have direct deposit, they often waive the overdraft fees. I am very happy that I no longer have to deal with these unprofessional crooks, because I certainly do not have the time it takes to monitor my account on a daily basis. Now that Wells Fargo took over Wachovia, it is going to get worse, watch and see, because they are equally bad and their customer service is the worse I have ever seen. If you can, try to find a credit union you can join - it is a lot less stressful and they will work with you because they understand the consumers needs'.Good luck to you and have a great weekend :-)
In response to you "noemail," clearly you don't know what it's like to live budget month after month and if I was listening to you, I would not have gotten gas, called in sick, and thus jeopardize my standing with my employer and all that over 46 cents? You must be working for Wachovia :-(
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