I opened an account with BB&T in Bluefield, VA using checks from my previous employer, seperation pay. Then I decided to transfer $17,000 using my personal check from another bank (Huntington Banks). I go in to deposit the check, the teller processes the deposit (a check for $17,000, and a couple for like $100 a piece.)
After finishing the whole transaction, the teller places the checks in her holding tray, and when I am about to walk off, decides to tell me that there will by 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 ask for my $17,000 check back (now endorsed.) They reverse the deposit and I get it. I go talk to a "Personal Banker, " and again get the "Federal Law Forces us, " speech, and "You'll not find a bank that will do any different." I leave.
I send my deposit to my other bank, USAA. It is credited 3 days after I send it, meaning immediately when they recieved it. No 11-day hold, no lying.
Well, doesn't end there. My girlfriend's dad got a early distribution from his 401K from the Prudential (A supposedly very reputable financial institution.) Now mind you, it isn't from someone, it's actually from the company Prudential. He tries to deposit the money in his account, and what is he told??? Yep, 11-day hold. From a financial institution like the Prudential, who probably has as much or more assets than BB&T. They told them that they have to put 11-day holds on insurance checks, and would not listen to him tell them it's not insurance. So I called up USAA again, and yep, no hold.
Armed with that, he called BB&T and they reversed the 11-day hold standing, 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 ammended 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, isn't that the bank's job and how they make money?
I immediately came out of the drive through and went in the branch, throughly 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 a 11-day hold on my check. Again I received, "That is the standard policy at all banks, and that I wouldn't find a bank that would do any different."
I then told her to close the account, feeling much better now. Also, I 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 on extremely long hold times on checks. A good way for banks to maximize profits on NSFs. TOO BAD they didn't 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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