Wachovia

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igginoi

New member
My bank has a feature where it bypasses overdraft fees. If, for some reason, my checking account hits zero it switches over and pulls from my credit card.

I don't use it, but it's a nice feature to have.
 
Yeah, it would've been nice to have that. That's basically all they tried to do for me, "You know, to prevent this from happening again...", yeah but that doesn't confront the issue now you fucking assholes.

I will probably get into that with my next bank though, since I seem to have a little problem with stupidity.
 
That's called Overdraft Protection, which I preach to everyone who ever bitches about overdraft fees.

Remember folks, don't be a mere consumer, be an educated consumer.
 
there are a lot of things you can do to fix this problem. You can budget your money... only allowing you a certain ammount of cash in pocket for a particular length of time.

You can go the all cash route... and if you need to make electronic payments... get those little disposable debit cards from walmart or somewhere.

Also, you can deposit a sizable ammount of money (400 to 500) and simply neglect to put it into your balance... that way you kind of lie to yourself and think that your account is 500 dollars shorter than what it really is. some banks even offer a specific program for doing this... IE overdraft protection in ammounts of your choosing.

I understand how the fee's can add up, but how exactly does one over draw 770 dollars? I mean... are you that far behind on bills? are you buying that much crap? is cost of living in your area that high? 770 dollars around here would pay my rent water and electricity for the month... granted it wouldnt be the most swanky of places... but everything after i pay bills is all extra.

Set dates to pay your bills... usually on an off day following pay day. once you have a cushion of 4 to 5 hundo's in your account, save enough later to pay your bills for the month... and pay yourself at the very least 100 dollars weekly afterward... create an "expenditure" account... or play money account. Keep your bill money seperate from whatever consumer money you want to have... dont dip and always save.

I dont use a balance sheet... but im usually good for keeping track of my money to within 10 or 20 dollars without one. Its just simply knowing what you average a month... and the price of bills vs what you have left and what you would like to purchase.

BUDGET BUDGET BUDGET!!!
 
Mostly it was because I didn't know I was over-drafting in the first place. Online banking showed my balance was 300 some dollars when I last checked it before I started spending. It was pretty much actually about $60. It was the weekend so I didn't get any mail about the overdrafts until Monday.

Sure, it didn't help that I just wanted to have a little careless fun and felt like doing some drugs, but that's besides the point.
 
Not anymore. Chase's system sends electronic images of the checks to other banks now, who review it and send us the money that night. Unless the other bank tells us otherwise, or the check is insanely huge, or you have an Access account, your money will be deposited at midnight, unless you deposit after 5pm. Chase checks are considered as good as cash and are in your account immediately.



Not for very much longer. All WaMu branches will be converted to Chase by the end of November of next year.

Also....why the HELL don't you have your savings account set up as overdraft protection?! Are you STUPID?! That's what savings is for. I don't know about WaMu, but Chase charges a paltry $10 ODP fee, vs a $35 insufficient funds fee. Get your ASS down to your bank and link your accounts, you dumbass.



Whenever I'm depositing someone's check and there's going to be a hold, either manually or automatically placed, I tell them. If it's automatically placed, the date the remainder of the balance of the check is printed on the receipt. I give them the probable reason for the hold-low balance and high check amount, out-of-state check, frequently overdrawn, or the bank the check is drawn off of said the check might not be paid. If it's manually placed, I give them the reason and the approximate amount of time the check will take to clear.

Also, go by your AVAILABLE balance, NOT your present balance. Don't go by your current balance either.



I've got a question for you. When you deposited the check on which there was a hold, were you sent a letter in the mail informing you of a hold? If you were, they might have said in the letter "the bank will refund any fees incurred because of this hold" If you were not sent a letter, then the hold was automatically placed all responsibility falls on you.

At least, Chase sends such letters. Problem is, the fees aren't automatically refunded unless you come in with the letter and tell them about the fees. I don't know Wachovia's P&P, so I'm not a lot of help, but it is something to keep in mind.
 
I know most other banks can do this as well, however the law still allows for banks to hold funds for 3 days. I think that time-window is being shortened when new legislation kicks in this upcoming year. The nearly instant transfers were technically capable for some time now. I worked on such a system for The Chicago Board of Trade Clearing Corporation in 2000.

Most banks which checks are being drawn from will opt to keep the cash for those three days to collect the float interest on it. It's quite annoying considering most systems are capable of doing the transfer instantly, however the banks in their greed will try to maximize their own gain. It sounds trivial, but collecting interest rate on millions of dollars for every bit of extra time really adds up quickly.
 
Chase uses a system now called Teller Image Processing, which is what allows us to deposit the check that night. We hold the physical checks for six months in some building somewhere and then destroy them. We just upgraded a few months ago. It was probably developed so Chase could downsize their Proof department and tack on Proof's job to the teller job descirption and save money.
 
Keybank and National City also use a similar system. Surprisingly to me, their biggest savings comes from minimizing transportation costs. They no longer have to physically transport the checks to place B to be scanned just to be transported to place A to be on file. They can transport to place A directly. They also save, but not as much as transportation, by not needing dedicated processors to handle the checks off premise from the branches. It kind of sucks in that it places more burden on the branch tellers.
 
You know what? Thank you everyone for the truly sound advice and constructively and even sometimes gut-wrenchingly painful criticism. I really do respect your opinions, and for once I'm not being sarcastic. I honestly don't really give a shit about this whole Wachovia thing anymore.

I just signed a 6 month guitar teaching contract. :tongue:
 
Oh no, I do have a nice ass, just so you, and everyone else for that matter, knows.



Thanks! It feels good to seriously accomplish something for once.
 
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