Can Banks Do this?

[dullard]

Originally posted by: Blackjack200
This is true, and it's the reason I do everything I can to avoid ACH transactions now.

I break it up into two groups.

A) Items like a gym membership where you have signed a contract stating that you will pay X number of payments for Y dollars/month and you might not even get monthly bills. In these types of situations you are basically screwed, you've signed two legal documents. First you signed a contract stating that you will pay all X payments. Second you signed a document stating that they can withdrawl those X payments automatically.

B) Items like a utility bill where you can cancel the utility at anytime, and you get monthly bills weeks before the automatic payment goes through. With this type of situation, you have plenty of time with written bills to correct any situation and you can legally cancel well before they do the automatic withdrawl.

In group (A) you are risking a lot for very little benefit with automatic payments. I say little benefit since you know every month exactly when and how much to pay, it isn't like the automatic payments really save you any headaches. I repeatedly hear complaints about automatic payments. But you pretty much set yourself up for doom there as you have no easy legal way out. In group (B) there is virtually no risk and a lot of benefit with automatic payments. For that reason, I have everything in group (B) set up for automatic payments and always will unless the laws change out of my favor.

 

[Modelworks]

Originally posted by: Locut0s
Banks can do whatever the fuck they feel like. Trust me it's in the fine print you signed.

Very true.
I went to open a new account with another bank and was told I could not because I owed my former bank $150 . I go to my former bank and they tell me that when I closed the account there was $150 in debit against the account. So I told them, show me what the charges were and I will pay it. They tell me they don't have records as to what the amounts are, just that I owe them !

 

[dullard]

To the OP: My own Wachovia sucks thread.

 

[SagaLore]

Originally posted by: LuNoTiCK
My friend closed an account at wachovia, and her HR office messed up and sent her the direct deposit to the account.

Another company which she wanted to stop doing business with and she's on a monthly payment plan attempted to withdraw money.

Wachovia decides to reopen the account, pay her, take the check and charge her an overdraft fee. Is that even legal?

Yes. Her HR office messing up is only hearsay. If she wanted to stop doing business with that said company, she should have terminated any monthly withdrawals. I get the feeling the reasoning for her closing the account was less honest than any blame you can give on Wachovia.

 

[Miramonti]

Ditching an autopay or not, its a fvcking sleezy@ss dirtbag move by Wachovia imo. This kind of stuff really disgusts me because its really difficult for the consumer to protect themselves from these issues.

 

[CRXican]

Originally posted by: jjsole
Ditching an autopay or not, its a fvcking sleezy@ss dirtbag move by Wachovia imo. This kind of stuff really disgusts me because its really difficult for the consumer to protect themselves from these issues.

no, it isn't that difficult

cancel autopay then close the account

take care of your shit!

 

[Blackjack200]

Originally posted by: CRXican

Originally posted by: jjsole
Ditching an autopay or not, its a fvcking sleezy@ss dirtbag move by Wachovia imo. This kind of stuff really disgusts me because its really difficult for the consumer to protect themselves from these issues.

no, it isn't that difficult

cancel autopay then close the account

take care of your shit!

In my case the merchant refused to cancel autopay, so I couldn't "take care of my shit". Because of the bank's policy (and likely the policy of the entire industry) the merchant was able to essentially steal $700 from me. Lesson learned.