I’ll be the first to admit that I’m not great with money. It’s not that I can’t add or subtract. It’s just that I expect people to do their job. Unfortunately, quite a few of the big banks (Bank of America, Wachovia) like to feed on people’s mistakes.
Don’t get me wrong. When I overdraft, I take full responsibility for being a sucky person, but that doesn’t give you an excuse to take advantage of me. For one thing, do not reorder my transactions to get more fees. It’s greedy. Stop it.
But, instead of complaining about general situations that we’ve all dealt with, I just want to say one thing. At least Bank of America isn’t shady about their greed. They broadcast it and they don’t care. If you’re a risky customer, they let you know they will rape you for every penny of that sad little paycheck you get.
Wachovia, however, sneaks into your account in the middle of the night and readjusts things to make the most money off of you.
Let me explain. I will admit that in switching banks, I mistaked which card I was using and overdrafted my Wachovia account – even though I have overdraft protection. I’ve already conceded that I won’t win this argument. They say, “overdraft protection requires that you have enough money in your savings account to transfer and to cover the fee.” Intriguing. It’s not okay for you to transfer $5 and then charge $10 to put me $10 in the negative (Wachovia claims this is for my sake) but it is okay for you to avoid transferring $5 so that I’m $5 negative plus the $35 overdraft fee to put me $40 in the negative. How were you keeping me in mind then? Not to mention, it’s nothing for a computer to automatically transfer money.
I don’t care which way you spin that, it’s greed. Fine, I admit I’m the one who messed up. I just find it funny that last Saturday (the 12) you did transfer the $5 to cover the transaction but when I logged in on Monday, suddenly my savings account was $5 richer and my checking account was $40 poorer. Sneaky, very sneaky. In a matter of 36 hours, I went from a positive balance to the red.
So this past Friday, around 2 p.m., I walked into Wachovia with $426 cash. I wanted to put the money into my account to cover my upcoming gym membership fee, Netflix fee, and to keep track of how I spent my money over the weekend. Plus, who wants to run the risk of carrying $426 cash in downtown St. Pete or at a USF football game? So I walk up to the teller and tell her I want to deposit the cash.
“It won’t be available until Monday because it’s after 2 p.m.”
“Oh, okay. Thanks. Why?”
“Because we have to process it. You can deposit it into the ATM and it will be immediately available though since it is cash and it’s before 4 p.m.”
“Sweet. Thanks!” So I walk out to the ATM and stand there for a minute thinking, “It’s cash. What’s to process? Should I deposit this? Is it going to be available for Christie’s birthday? For the USF game? Yes, of course. The lady just told me I’m good.” So I deposit $426. Alright, let’s go…
Wait, before I get my card back, let’s check my balance just to be sure.
“$34.”
What the ____?!
So I go back inside and talk to another teller: “She just told me that my cash would be immediately available if I deposited it before 4 p.m.”
“Oh no, ma’am. We have to process it. It’ll be available tomorrow.”
“Great. Thanks.” So I crumple up the receipt, throw it on the ground, and walk out of Wachovia. I think, “Processing?! How do I pay for Christie’s dinner and hair cut now? Why isn’t cash as good as cash? Give me that envelop back. I’ll keep it!”
So dad loans me the money until Saturday – which is silly because I had the freaking money. But it gets better. Wouldn’t you know that Saturday my money wasn’t available either. In fact, my account now reflects a -$94 balance.
So I call Wachovia and sparing you the exact conversation, they said that the tellers are stupid and that I’m a crappy customer so they put a hold on my money. So what happened to that positive $34 balance that I have a written record of showing? They took it back, she said, because during processing (known to the general public as manipulation) they decided I couldn’t have it. Yes, that’s right. They changed it. (Notice a trend?) What if I had spent that $34? Another overdraft fee, of course!
Now, what I don’t understand and what the customer service representatives couldn’t explain to me is why cash isn’t immediately available. It’s cash. You saw it. You know it exists. It’s in your hand. Check? I get it. It may not clear. But cash? Even Bank of America gives me that!
Their only explanation was that my account was overdrawn for a couple days (which was unfair in my eyes anyway) so they kept my cash because I’m a risky customer. So I asked them, “why would I give you my money then?” I’m safer carrying it downtown than putting it in my own bank because at least downtown I can only lose what I have. Bums can’t steal any more money than I am carrying.
But dad pointed out that most people don’t care or even notice. If 5 million customers deposit cold hard cash on Friday, the bank “processes” it over the weekend while it sits in their accounts collecting a fraction of a fraction of a cent in interest. But guess what! A fraction of a fraction of a cent times 5 million is a few pretty pennies.
Another irritation: if I’m a risky customer, drop me. Just tell me you don’t want my $xx,xxx a year in your accounts. But I can overspend my money on Tuesday just the same as I could have this weekend. I told the customer service reps that they were the thieves and I didn’t know how they could sleep at night. I almost had one admit to me that they wouldn’t bank at Wachovia. Almost.
But it doesn’t matter. It’s over and my father and boyfriend had to pay for yet another weekend in St. Pete. All so that another bank could pay their employees with my mistakes. And you can agree with them. Go ahead. I don’t care. Don’t lecture me. I have already been told by two representatives that I’m a crappy banker and person. I get it. Some guy on a bicycle even preached to me. But you know, there is a difference between protecting your bank and kicking people while they are down.
I can tell you one thing, I finally get my paycheck this week and it’s no crappy Columbia salary. NO bank will ever take my money again. I’ll make myself “bulletproof,” as dad would say. Besides, maybe this rant will prevent someone else from making my mistakes.
(Oh, anyone find it funny that Wachovia is owned by Wells Fargo. I should have known better!)
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