I am looking for advice more than anything. Here's the story:
I have two different checking accounts with two different banks, one is Wells Fargo and the other Washington Mutual. I am a teacher so I don't make a ton of money and I've been careless with my accounts due to Direct Deposit and Internet Bill-Pay companies. So, I decided to use my two accounts as a means of tracking different kinds of transactions. My Washington Mutual was going to be for Bill Payments that are directly debited from my account and the balance would be transferred to my Wells Fargo Account for rent, utilities, and groceries.
Unfortunately, I have Direct Deposit and the account to which the money is deposited in Washington Mutual. So, on the day I got paid, I took a large chunk of my deposit ($1500), wrote a check for myself on my Washington Mutual account, and deposited this into my Wells Fargo account via ATM.
For me, this is a big chunk of money. I had planned on the funds being held for a day or two and then being available.
So, on December 1, the check cleared my Washington Mutual account so the money is no longer in that account and available to me. After two days, I contacted Wells Fargo to ask about when the funds would be available for use and they told me that they were being held until the 12th... Two weeks after I deposited them and twelve days after these funds were withdrawn from my bank.
I am in big trouble if I can't use the funds soon. I asked Wells Fargo about this and they said,
"Some reasons for a hold include the dollar amount of the check being deposited, the length of time your account has been opened, the frequency of overdrafts on the account and the number of returned deposited checks, or your ATM deposit has not been verified. We also may consider the reliability of the maker of the deposited check as well as any other facts or circumstances that cause us to doubt that a deposited check will be paid by the maker or institution on which it is drawn."
Well, the funds have already cleared the issuing institution, my account has been open for over five years (when it was still Norwest from Colorado, I do have overdrafts once in a while because I has so little money in the account but I was only using it for a student loan owed to Wells Fargo and that is up to date, my other loan with Wells Fargo is up to date, and I can find no other reason for holding the funds.
Can Wells Fargo keep fifteen hundred of my funds for no apparent reason without releasing it? I'm not sure what to do next or what my other courses of action could be.
Anyway, thanks for reading.
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