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10825447
Premium
join:2001-02-26
Tempe, AZ
kudos:3

[Rant] Wells Fargo Bank.. Seriously? WTF?

My son recently opened a bank account with Wells Fargo because they offered him numerous perks for free for the life of the account because he is a disabled vet. Basically it is identical with their employee accounts.

Anyway, he needed money today and because I havent written a check in forever, I put the money ($3830.00) into a Cashiers Check issued by Chase bank, my bank, and drove to Wells Fargo with his account number and deposited the funds for him at 1100.

"Now, Cashiers Checks are guaranteed funds and there will be no hold placed on them." Says the teller and I say "Great! my sons needs this money today, he will be excited". She then goes onto say, "The money will be ready for him after midnight"

Confused, I say that I dont understand why it is going to take 13 hours for the money to be accessible. She then tells me it takes that love to process..

Now I understand why I dont bank at Wells Fargo..

It gets better.

My sons gets a buddy at the VA Hospital, where he is staying to drive him to the bank to talk to them. He talks to the Manager and tries to get them to release the funds.

"I am sorry sir, there is nothing we can do." is all the manager can say about why he can access the money in his account, even though cashiers checks are guaranteed and basically treated as cash because they are so damn easy verify between banks..

Needless to say he is going back down tomorrow and closing his account.
--
Sarcasm, confusing stupid people since 1869


thedragonmas

join:2007-12-28
Albany, GA
kudos:1

be sure he tells them why.

funny thing is, any time i have deposited a check, ANY check with BOA, at an ATM mind you (main branch is cross town and the branch with the atm is never open, go figure!) i can turn right around after depositing it, and withdraw the funds. granted its not actually cleared yet. and im taking the risk the check will bounce, but none the less if BOA can do it.......

that said however, they are following the rules. funds from a cashiers check must be made available the FOLLOWING business day. not the same day of the deposit.

There are certain items that present less risk to financial institutions and thus are subject to expedited availability under the stipulations of Regulation CC. The following items must have the first $5000 available for the Statutory, Large Deposit and New Account Hold by the first business day following the deposit:

* Cashier's checks, certified checks, or teller's checks*;
* Postal money orders;
* U.S. Treasury checks;
* Checks drawn on a Federal Reserve Bank or Federal Home Loan Bank;
* Any check issued by a state, city, county, or other municipality;
* Any check drawn from another account at the depository institution.

For each of these items, the item must be presented for deposit into the payee's account for it to receive expedited fund availability; when one of these checks is presented for deposit into a third party account, it loses its preferential treatment. Also, the bank may require use of a special deposit slip or envelope for next-day availability of cashier's checks, certified checks, teller's checks, or state & local government checks; if it does so, it must notify customers and tell them how to obtain the special slip or envelope.

*Regulation CC defines a "cashier's check" as a check that is issued by a bank, drawn on that same bank, is a direct liability of the bank, and signed by one or more officers of that bank. Though the term "teller's check" is commonly used only by Federal credit unions, under Regulation CC any check "drawn by the bank, and drawn on another bank or payable through or at a bank" is a "teller's check" if issued "for remittance purposes". "Official Checks" or "Bank Checks" may not qualify as "cashier's checks" under Regulation CC, but they usually qualify for next-day availability as "teller's checks".


source »en.wikipedia.org/wiki/Expedited_···lity_Act

i probably could have gotten it off the FDIC site but im lazy and wikipedia is quicker


La Luna
RIP Lisa
Premium
join:2001-07-12
Warwick, NY
kudos:3
reply to 10825447

It's not Wells Fargo, all banks handle CC's the same way as per regulations. There is this myth that CC funds are available immediately, which is not true. Not sure where that myth came from.



Technogeez
Agape in amazement.
Premium
join:2007-01-20
reply to 10825447

If you really need it immediately, do a transfer of funds.
--
The farther one travels, the less one knows.



ilikeme
I live in a van down by the river.
Premium
join:2002-08-27
Sugar Land, TX
kudos:1
Reviews:
·Vonage
reply to 10825447

Wells Fargo sucks in general. I had them for a while, and while I still have a very small amount there, I am about to close the account completely. They nickel and dime for every single little thing, plus their interest rates on savings and cd's suck. I do all of my banking now at USAA and love them.



dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
kudos:4
reply to 10825447

said by 10825447:

"Now, Cashiers Checks are guaranteed funds

You obviously haven't sold anything on craigslist in the last 10 years.
if someone pays me with cashiers check, it gets the same 28 day hold that personal checks do.
cashiers check fraud is rampant nowadays. the bank is only protecting themselves.
--
The shortest distance between 2 points adds 1.5 stars to T. want $25? solve »coord.info/GC20A37 for me


Omega
Displaced Ohioan
Premium
join:2002-07-30
Somerset, NJ
reply to 10825447

13 hours is pretty good. When I cashed my $8000 housing credit check from the Us treasury, I had to wait 3 days.

This, for a check issued by the US government.

It's just the way things are now.
--
Whats smells like blue?



10825447
Premium
join:2001-02-26
Tempe, AZ
kudos:3
reply to dvd536

said by dvd536:

said by 10825447:

"Now, Cashiers Checks are guaranteed funds

You obviously haven't sold anything on craigslist in the last 10 years.
if someone pays me with cashiers check, it gets the same 28 day hold that personal checks do.
cashiers check fraud is rampant nowadays. the bank is only protecting themselves.

You quoted what the teller told me. They told me if it was a cashiers check that there would be no hold. If they had told me they were going to place a hold on the CC, I would have simply deposited cash. After all I had to pay cash to get the CC.

I have deposited cashiers checks in my chase account and the funds are there immediately.
--
Sarcasm, confusing stupid people since 1869


Mospaw
My socks don't match.
Hawaiian Jellyfish
join:2001-01-08
Mile High
kudos:1

Just curious, how long has your son had the account? Sometimes newer accounts are subject to more stringent requirements and longer delays than "seasoned" accounts.

Also, there's a difference between a hold and immediate funds availability.

No hold still means the funds won't be available until the next business day. Banks still do their account balancing "at night" for whatever reason. Heck, when I pay my Chase credit card from my Chase checking account, it's actually an "account transfer". Somehow the money is instantly debited from my checking account, but the credit to my credit card account only appears overnight. I know they like that float.

Immediate availability is just that. Funds available for use as soon as deposited. No hold does not mean immediate availability. Like said above, many banks offer established accounts immediate funds availability based on new deposits, but it's really up to the bank.

With that said, I banked at WAMU for years until Chase boggled them up. I've never had any kind of issue with either one giving immediate availability of funds. SunTrust (I haven't used them in over 10 years) is a whole different issue. They stunk and always held stuff for no apparent reason.



drew
Automatic
Premium
join:2002-07-10
Port Orchard, WA
kudos:6
reply to 10825447

said by 10825447:

said by dvd536:

said by 10825447:

"Now, Cashiers Checks are guaranteed funds

You obviously haven't sold anything on craigslist in the last 10 years.
if someone pays me with cashiers check, it gets the same 28 day hold that personal checks do.
cashiers check fraud is rampant nowadays. the bank is only protecting themselves.

You quoted what the teller told me. They told me if it was a cashiers check that there would be no hold. If they had told me they were going to place a hold on the CC, I would have simply deposited cash. After all I had to pay cash to get the CC.

I have deposited cashiers checks in my chase account and the funds are there immediately.

Explain to me what part of depositing a check and the funds not being available until the following business day is a "hold."

As for Chase: your wife works there.
--
"And Tehuno said let there be haste, not mp5, and there was haste. All creatures of the world rejoiced." -WotLK Ch. 3.3.2

CTMustang
Premium
join:2007-09-10
France
reply to 10825447

Why not hand him cash ?? I don't get it.



10825447
Premium
join:2001-02-26
Tempe, AZ
kudos:3
reply to drew

said by drew:

Explain to me what part of depositing a check and the funds not being available until the following business day is a "hold."

Seriously? They are holding funds till the next day. If they were not holding them you would be able to access them immediately. Regardless of what terminology is being used to explain what they are doing, they are simply placing a hold on it. A small one, but still a hold.

said by CTMustang:

Why not hand him cash ?? I don't get it.

because he is 3 hours away.
--
Sarcasm, confusing stupid people since 1869


drew
Automatic
Premium
join:2002-07-10
Port Orchard, WA
kudos:6

For someone's wife who works at a bank, you sure don't understand how banking works.


OHN

join:2003-02-05
Appleton, WI
kudos:1
reply to La Luna

I would not call it a myth. For the most part Cashier Checks are good as cash but there are always exceptions.


OHN

join:2003-02-05
Appleton, WI
kudos:1
reply to dvd536

Yeah, we have had lots of fraudelent cashier checks. Like you said, most are from Craigslist or even eBay.



10825447
Premium
join:2001-02-26
Tempe, AZ
kudos:3
reply to drew

said by drew:

For someone's wife who works at a bank, you sure don't understand how banking works.

I am not sure why you feel the need to keep bringing up my wife, but you are right. I do not know the ins and outs of banking. That is why I asked prior to doing anything.

One would assume that when the bank tells then that no holds will be placed on a cashiers check that the funds would be available.
--
Sarcasm, confusing stupid people since 1869


drew
Automatic
Premium
join:2002-07-10
Port Orchard, WA
kudos:6

But you're missing a crucial part of the equation: the funds not being available until AFTER processing is *not* a hold of any kind.
--
"And Tehuno said let there be haste, not mp5, and there was haste. All creatures of the world rejoiced." -WotLK Ch. 3.3.2



drslash
Goya Asma
Premium
join:2002-02-18
Marion, IA

1 recommendation

You are splitting hairs. Bank terminology or practices may not call it a hold but if the funds are credited to an account and the funds are not available to be withdrawn from that account at anytime going forward, the funds are inaccessible and for all practical purposes on hold.



10825447
Premium
join:2001-02-26
Tempe, AZ
kudos:3

said by drslash:

You are splitting hairs. Bank terminology or practices may not call it a hold but if the funds are credited to an account and the funds are not available to be withdrawn from that account at anytime going forward, the funds are inaccessible and for all practical purposes on hold.

That is exactly what I have been trying to say. Thank you.
--
Sarcasm, confusing stupid people since 1869

thedragonmas

join:2007-12-28
Albany, GA
kudos:1
reply to drew

said by drew:

But you're missing a crucial part of the equation: the funds not being available until AFTER processing is *not* a hold of any kind.

EXACTLY!

my old bank the tellers put deposits in a file drawer beside them, at the end of shift they are processed. they actually caught an error on my part (deposited more than i made the slip out) and called me up to let me know.

they dont process items "on the spot"

and most banks have wording stating that dep's are made available the next business day if deposited by X time. even if the op deposited cash it still would not have been available until the next business day.


10825447
Premium
join:2001-02-26
Tempe, AZ
kudos:3

said by thedragonmas:

even if the op deposited cash it still would not have been available until the next business day.

WTF are you talking about? Did you even read my post? I made the deposit at 1100am. You walk into any bank and deposit CASH ( as you stated ) at a teller line and it is available the second the transaction is complete.
--
Sarcasm, confusing stupid people since 1869


mr_slick

join:2003-05-22
Lynnwood, WA

1 recommendation

reply to 10825447

next time withdraw cash and deposit the cash into his account



drew
Automatic
Premium
join:2002-07-10
Port Orchard, WA
kudos:6
reply to drslash

He's getting pissed that a check isn't available same day. The bank did not lie or attempt to deceive him. Nor is there a hold placed on the funds.
--
"And Tehuno said let there be haste, not mp5, and there was haste. All creatures of the world rejoiced." -WotLK Ch. 3.3.2



10825447
Premium
join:2001-02-26
Tempe, AZ
kudos:3
reply to mr_slick

said by mr_slick:

next time withdraw cash and deposit the cash into his account

Oh I will. I would have done it this time had the bank informed me that it would take them a day to process a cashiers check.
--
Sarcasm, confusing stupid people since 1869


drew
Automatic
Premium
join:2002-07-10
Port Orchard, WA
kudos:6

The bank's funds availability policy is posted in clear view of the teller line at all branches of WFB by policy. This is the case in the PNW and I suspect across the footprint.
--
"And Tehuno said let there be haste, not mp5, and there was haste. All creatures of the world rejoiced." -WotLK Ch. 3.3.2



10825447
Premium
join:2001-02-26
Tempe, AZ
kudos:3

said by drew:

The bank's funds availability policy is posted in clear view of the teller line at all branches of WFB by policy. This is the case in the PNW and I suspect across the footprint.

I just find it odd that they would fail to inform me of this policy when they knew from the get go he needed the cash right away.

Continuing this conversation is pointless. You have a great day.
--
Sarcasm, confusing stupid people since 1869


AVD
Respice, Adspice, Prospice
Premium
join:2003-02-06
Onion, NJ
kudos:1
reply to thedragonmas

said by thedragonmas:

said by drew:

But you're missing a crucial part of the equation: the funds not being available until AFTER processing is *not* a hold of any kind.

EXACTLY!

my old bank the tellers put deposits in a file drawer beside them, at the end of shift they are processed. they actually caught an error on my part (deposited more than i made the slip out) and called me up to let me know.

they dont process items "on the spot"

and most banks have wording stating that dep's are made available the next business day if deposited by X time. even if the op deposited cash it still would not have been available until the next business day.

my bank does.
--
standard disclaimers apply.


craig70130
Premium
join:2004-04-27
New Orleans, LA

Same here. The funds for cash or checks drawn on a Chase account are available immediately, checks drawn on other banks are available at midnight.



AVD
Respice, Adspice, Prospice
Premium
join:2003-02-06
Onion, NJ
kudos:1

said by craig70130:

Same here. The funds for cash or checks drawn on a Chase account are available immediately, checks drawn on other banks are available at midnight.

Actually, I was thinking about Chase who has my mortage. If I make a check payment at lunchtime at the branch 3 blocks away, its already credited as paid on the chase website and the transaction is already listed as pending on my BoA checking account. The teller scans the check in front of me, before putting it in the the little pile by the window.
--
standard disclaimers apply.

Spensergig
Past my Prime
Premium,MVM
join:2000-03-26
Bradenton, FL
reply to 10825447

said by 10825447:

said by mr_slick:

next time withdraw cash and deposit the cash into his account

Oh I will. I would have done it this time had the bank informed me that it would take them a day to process a cashiers check.

I'm not sure that even that approach would have worked.

I deposited $8000, in cash, at a BoA branch on a Friday afternoon.
The deposit showed as "pending" until monday night.
And I have an EXCELLENT relationship with BoA. It bugged me a little.