Can my bank hold my money because of this...????

[savingtess]

What is the name of your state? North Carolina

A few days ago I opened up a bank account with Wachovia because my bank has started charges fees to use the ATM in which Wachovia does not. Well, when I went in today to make my first deposit, and I was told, after the deposit was made, that there was a previous account listed with my social security number and that this account was now in collections with Wachovia.

With some research I found out that Wachovia purchased First Union bank in the late 90's where I had a credit line in which they're saying I owe 56.00 on. They are not telling me I can pay the 56.00 and use their bank - they are telling me that I can't use their bank and that the money I deposited today is theirs to keep unless I pay them the full amount of the credit line which was initially 3,000. I'm disputing this as none of it makes sense seeing that they're giving me contradictory information. All I know is that I don't owe these people 3,000.00!! Nonetheless, can they hold the deposit money I made today, ($72.00) a support check, if I dispute this debt??

Please help!
Thanks
Tess

[efflandt]

First you need to get clear exactly what they say you owe them, is it $56.00 or $3000.00?

My guess is that you had a $3000.00 credit line (how much you could have borrowed) that you may have never used and forgot about. The $56.00 may be an annual fee and late charges that they could not collect when you closed your accounts at First Union, and forgot to cancel the credit line.

[abaga]

Originally Posted by savingtess

What is the name of your state? North Carolina

A few days ago I opened up a bank account with Wachovia because my bank has started charges fees to use the ATM in which Wachovia does not. Well, when I went in today to make my first deposit, and I was told, after the deposit was made, that there was a previous account listed with my social security number and that this account was now in collections with Wachovia.

With some research I found out that Wachovia purchased First Union bank in the late 90's where I had a credit line in which they're saying I owe 56.00 on. They are not telling me I can pay the 56.00 and use their bank - they are telling me that I can't use their bank and that the money I deposited today is theirs to keep unless I pay them the full amount of the credit line which was initially 3,000. I'm disputing this as none of it makes sense seeing that they're giving me contradictory information. All I know is that I don't owe these people 3,000.00!! Nonetheless, can they hold the deposit money I made today, ($72.00) a support check, if I dispute this debt??

Please help!
Thanks
Tess

First Union PURCHASED Wachovia, not the other way around. It was also done, depending on your state, early 2000. GA merged in 2003 as did NC/SC as well as the northern states.

You need to find out what the charge is from...could be late fees, could be an annual fee, but you need to find out. If you indeed owe the money, yes, they can do what they need to collect the bad debt. Did you not receive statements showing this debt? Is this the first you are hearing of it?

I work for Wachovia, and I know they work with people as long as the person works with them....so, if you show good faith in trying to clear this up, they will help you out. I see things like this several times a week. I've seen Wachovia reopen a checking account that closed out a year prior due to a bad debt, but the client worked to take care of the debt.