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Wachovia Bank Tries To Profit From Haiti Donations

Discussion in 'BlackHat Lounge' started by The Scarlet Pimp, Jan 29, 2010.

  1. The Scarlet Pimp

    The Scarlet Pimp Jr. VIP Jr. VIP Premium Member

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    Transaction Fee On Haiti Donation Leads College Student To Create Anti-Wachovia Facebook Page

    http://www.huffingtonpost.com/2010/01/29/transaction-fee-on-haiti_n_442462.html

    Several days after 21-year-old Heather Lynn used her Wachovia debit card to donate $10 to Yele Haiti's earthquake fund, she noticed on her online billing statement that the bank had deducted a 3% "international service fee" from the donated amount.

    Since the four major credit card companies had waived their transaction fees on donations to Haiti, Lynn says, she assumed that Wells Fargo, Wachovia's parent company, had done the same.

    "I called customer service to ask if they were waiving fees like Visa and Mastercard did for Haiti relief funds, but the unsympathetic customer service representative said 'No,'" Lynn told HuffPost. "I just don't understand how a bank can make a profit from a tragedy, let alone get away with it."

    Lynn, an art major at Old Dominion University in Norfolk, Va., immediately moved all her money to the Bank of Hampton Roads, a local community bank, and created a Facebook page to raise awareness of Wachovia's policy.

    The page, called "Wachovia = Fail," attracted more than 200 "fans" in a week and a slew of comments from people who are angry over Wachovia's ways of business.

    "I was really surprised at the response," said Lynn. "People seem really pissed off about it."

    Michael Klosterman, a spokesman for Wells Fargo, defended the bank's response to the Haiti disaster, saying the money it donated to Haiti more than makes up for their transaction fees.

    "We have given $100,000. to the American Red Cross, and on January 19 we pledged an additional $250,000. to support the non-profits in Florida that are mobilizing the relief efforts," Klosterman said.

    "We decided that donating a sum of money would be quicker and more beneficial than waiving transaction fees because the funds would get to the people quicker. It would take the equivalent of $35 million in transactions to raise the amount of money we actually donated."

    Regardless, the bank may still lose some customers. The response to Lynn's "Wachovia = Fail" Facebook page, a lot of people are frustrated with the bank for reasons having nothing to do with Haiti.

    "I left 11 dollars in their bank," commented one angry Facebooker. "Now they want to bill me for 40 bucks more for leaving it. I'm not surprised they are trying to cash in on Haiti donations. SCUM!"
     
  2. trex191

    trex191 Regular Member

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    um, that is the bank choice. i dont think this is anythin big. Yeh some company are a little f up, but i guess thats how it goes. I donated using my compass bank card and they did not charge me anything though.
     
  3. j0b0123

    j0b0123 Regular Member

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    yea, go figure they try to make money off it. Odds are, they did not decide to do it that way, that 3% policy has probably always been there and they did not decide to waive it. Still pretty crappy of them.
     
  4. markyr17

    markyr17 Regular Member

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    lol, us as blackhatters make money off of shit like this all the time
     
  5. websicosys

    websicosys Newbie

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    This is horrible PR. Regardless of what you think as a business person, you cannot simply just ignore something like this. Bad move on Wachovia's part.
     
  6. blazen

    blazen Regular Member

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    Greed is what you can expect from a bank. These guys are a part of the same industry that helped bring about the global recession because of extreme greed.
     
  7. zhwriter

    zhwriter Newbie

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    It's similar to how some people and companies are pushing their products with donations. When you buy their products, they'll donate 25% to Haiti relief.

    Instead of products, Wachovia is using the same tactic with services.

    The same crap happened with Katrina and China's earthquake.
     
  8. plgo1

    plgo1 Registered Member

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    Ah, another blackhatter amongst us :)
     
  9. kentoh

    kentoh Newbie

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    I know they don't charge a wire fee ($20) if its going to haiti now