On 06/14/2006 I was charged a $140 overdraft fee when my account was not overdrafted. My account balance was $4.58 which after the overdraft became (negative) ($135.42). A quick point: If my account had indeed been overdrafted my balance should have been equal to or less than negative ($140).
My very next transaction is a deposit for $40 which fails to correct the problem simply rendering my balance to: negative ($95.42). If I had not been mistakenly charged the fee my balance would have been (postive) $44.42.
All my subsiquent purchases totaled up to: 17.22, but because of my overdrafted state I was charged an additional $105.00.
If the orignal mistake had not occured my balance would have been: (positive) $27.20
Here is a (copy & ) paste of my current online statement starting at the transaction prior to the fee:
Date Type Description Withdrawals Deposits Balance 06/16/2006 Other OVERDRAFT/UNAVAILABLE FUNDS FEE $70.00 ($217.64) 06/16/2006 Purchase PURCHASE QUICK TAG ID TAGS 06/14 $4.00 ($147.64) 06/16/2006 Purchase PURCHASE QUICK TAG ID TAGS 06/14 $4.00 ($143.64) 06/15/2006 Other OVERDRAFT/UNAVAILABLE FUNDS FEE $35.00 ($139.64) 06/15/2006 Purchase PURCHASE TACO BELL #2923002 06/13 $9.22 ($104.64) 06/15/2006 Deposit AUTOMATED CREDIT NFCU ACH ACH $40.00 ($95.42) 06/14/2006 Other OVERDRAFT/UNAVAILABLE FUNDS FEE $140.00 ($135.42) 06/14/2006 Purchase PURCHASE CHICK-FIL-A #00228 06/12 $2.35 $4.58
It was explained to me that Wachovia charges an Insufficent funds fee for every purchase "Authorized" that I did not (at that time) have funds available for. Regardless if you have the funds at the time the purchase is actually processed.
Since that phone call I have reached two other banks (Navy Federal Credit Union and Compass Bank) by phone and whacovia was be the only one with that policy.
So, basicly Wachovia charges a $35 fee for every possibility of an overdraft and then charges an additional $35 fee for any actual overdrafts. I explained to wachovia that I could not see how they could justify such a policy. I can understand a justification for an overdraft fee (regardless of ammount) due to the fact that it inconvinences the institution, however if no actual overdraft occurs no inconvince occurs an so this fee is simply pure profit on the mistakes of there customers.
After a long long talk I finally got to a manager. She let me have $70 back of the $245 worth of fees which will help me pay my rent. I needed to take that offer, however that does not mean I am done complaining about Wachovia.
I want to stress the fact that the employees of Wachovia that I talked to were helpfull.. they are good people. I don't think wachovia is "evil" I just think this policy is very wrong and a diservice to there customers.
Great book.. well written.. easy to digest.
Honestly I barely skimmed it... interesting but wirtten in a programming language I do not understand & using terminolgy I am not familiar with.
Good book from what I read. I admit I skimmed this one too but I was really just intrested in the basic concepts. I can't say I learned anything thought provoking.. it just flushed out some fuzy knowledge.
Poorly written for an introduction book.. Left me (as an experience programmer) confused and bored.