I have banked at Wells Fargo for years, but I have become incresingly appalled at their total lack of proffesional business pratices.
They have most recently startes putting holds on checks I deposit from a business account we hold at another banking institution. This account has quite a lot of money flowing thru it on a daily basis, and we have a very well established banking relationship with this instiution. Some days we have a lot of checks come thru and we may have a lot of funds which have come in over credit cards which generally don't post until later in the day. The bank always calls us if this happens to verify what might be coming thru in deposits and credit cards. They have never bounced any of our checks.
Wells Fargo puts a hold on the checks from this account based on some "info" from their risk dept that the check "MAY NOT CLEAR". The holds are for 10 days. Meanwhile a notice goes in the mail, which then takes up to 5 days to reach me.in this time I may have written checks or used my ATM card against these funds, not knowing a hold has been placed. Wells then hits up my overdraft protection account and charges me $10 for each time they do.
After all this nonsense, the deposited check will have actually cleared the bank the next day as it should have, but the funds are not made available until after the 10 dy hold is up. Never mind the fact that if the check had actually bounced, I have enough in my overdraft account to cover it! I don't even object to the hold so much, as to the fact that once the check is cleared they don't immediately release the funds to my account. WHAT A TOTAL RIPOFF!
I have tried to communicate my issues with this to Wells Fargo to no avail. They insist that this is an allowed practice by law, even though it is in no way a fair business practice.
I have not found this to happen with any other bank except Wells Fargo, which should say something about them. I am not the only Wells customer that this happens to either. I would close this account except for the fact that I have several family accounts all linked together along with credit accounts and it would be a nightmare to move it all right now.
I cannot believe that this is a legal practice and intend to pursue this further with my senator and congressmen. If it is legal it should be changed. It is not right for Wells to be having the use of a customers money for 10 days before the customer can!!
0 comments