Wednesday, May 12, 2010

An Open Letter to Wachovia

To Wachovia Bank and its local CT branches,

Since college, I have been a Wachovia customer. I have held various checking and savings accounts, lines of credit, a mortgage, a second mortgage, used online banking and overdraft protection. I have been a faithful and loyal customer for over 10 years as I considered Wachovia "my bank." In kind, I was always thankful for the service and support I received in return.

However, today ended that long relationship. I have officially moved all my accounts to a new bank and closed the open accounts I have with your institution. I feel obliged to inform you why I have moved banks. Again, I have been very happy with Wachovia, and would prefer to stay and perhaps resolving the open issues will stop others from changing, and allow our family the chance to switch back as well.

First, the new fees. Since being bought by Wells Fargo, you added a fee to the Overdraft protection line of credit. This $25/year fee is unacceptable, especially since someone like me with 3 checking accounts would be paying $75/year. An overdraft protection account is only used when you go over, and there is a fair charge ($10) when you use it. There are finance charges on unpaid balances. There is no reason to charge a fee for this service.

Second, and more important is the posting of no firearms. Connecticut law (Chap. 529 Sec. 29-28) dictates that the person responsible for a property has a right to determine if firearms are allowed in their building. You are completely within your right to post no firearms on the buildings. However, I believe this is a foolish decision, and one that may cost you dearly in the long run. I can assure you that an individual intent on an attempted robbery of your facility will not stop on account of your small sign, in fact, he may even be emboldened knowing that legal firearm carrying patrons had to disarm prior to entering. Since many of your ATMs are inside the door of the building, this also applies to the late-night ATM stops which are prone to robbery, or worse. The logistics of disarming in your car prior to entering the bank are simply an annoyance and safety hazard too great for most carry-permit holders to bear.

Please know, I like Wachovia. I wish I could continue to do business with you. Unfortunately, until you make it easy and safe for law abiding citizens to enter the bank, and you remove the unnecessary fees, I will be elsewhere. I look forward to the day I can switch back.

Thank you,


No comments:

Post a Comment