I opened an account with BB&T in Bluefield, VA using checks from my previous employer, separation pay. Then I decided to transfer $17,000 using my personal check from another bank (Huntington Bank). I went in to deposit the check, and the teller processed the deposit (a check for $17,000 and a couple for like $100 apiece).
After finishing the whole transaction, the teller placed the checks in her holding tray, and when I was about to walk off, she decided to tell me that there would be a hold on almost the whole of my deposit. She informed me that the next day I would have $245 for 5 days, at which time they would release $5000, then the rest at 11 days. I transferred this money for investment purposes; I wanted it as soon as possible.
I then said, "You have to be joking me." She went and got the branch manager, who told me that it was Federal Law that FORCED them to do the 11-day hold. Now, I'm not a banker, but I know the law ALLOWS them to hold the check, but does not force them. Bingo, lie #1.
So immediately I asked for my $17,000 check back (now endorsed). They reversed the deposit and I got it. I went to talk to a "Personal Banker," and again got the "Federal Law forces us" speech and "You'll not find a bank that will do any different." I left.
I sent my deposit to my other bank, USAA. It was credited 3 days after I sent it, meaning immediately when they received it. No 11-day hold, no lying.
Well, it does not end there. My girlfriend's dad got an early distribution from his 401K from Prudential (a supposedly very reputable financial institution). Mind you, it was not from someone; it was actually from the company Prudential. He tried to deposit the money in his account, and what was he told? Yep, an 11-day hold. From a financial institution like Prudential, which probably has as much or more assets than BB&T. They told him that they have to put 11-day holds on insurance checks and would not listen to him tell them it was not insurance. So I called USAA again, and yep, no hold.
Armed with that, he called BB&T and they reversed the 11-day hold and agreed to a 5-day hold.
My last experience with BB&T happened the other day. I went there to cash a Federal Income Tax Refund check for an amended return and a personal check for $30. I needed some pocket change and really needed to process both of those checks.
Well, they cashed the $111 Federal check but wanted to put a 5-day hold on the $30 personal check. 5 days for $30??? By this time my account was down to about $7, and they let me know that I had to have enough money to cover the check if it bounced. Now, is that not the bank's job and how they make money?
I immediately came out of the drive through and went into the branch, thoroughly fed up now. I immediately asked for a "personal banker." I explained the situation, and she again said, "You only have $7.32 in your account." I then explained that I would have had over $17,000 in my account had you all not decided to put an 11-day hold on my check. Again I received, "That is the standard policy at all banks, and you won't find a bank that would do any different."
I then told her to close the account, feeling much better now. I also told her that USAA credited the whole $17,000 to my account the same day they got it.
I think it is funny about this bank. They were very fast to embrace the Check 21 Act, speeding up the time it takes for checks to clear, but then they put extremely long hold times on checks. A good way for banks to maximize profits on NSFs. Too bad they did not get a dime out of me.
The only purpose of this account was honestly a one-time transfer to get money to my USAA account, which is who I use, and I am 100% glad to be rid of BB&T.
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