Woodforest National Bank (aka Woodforest Bank) is a horrible bank to do business with. I deposited a check from a bank just down the street from this Woodforest bank. I should have just gone the extra distance to the bank the check was drawn on, but it was getting late and my kids were still at daycare. When I deposited the check, the teller told me that it would be held for 7 business days. When I asked if some of the amount could be released to me, the Mgr walked over and said their policy didn't allow that. "We have no history with this check" (and remember, the bank it was drawn on was within view of Woodforest). The Mgr did tell me however that it shouldn't take long to clear and when that happened, the funds would be released to me.
I deposited the check 5 business days ago - One Week in Actual time. I just went over to Woodforest and asked if the check had cleared. Now the Mgr tells me that there is no way for them to determine if a check has cleared the other bank or not. I spent a half hour waiting while Mgr called Risk Mgt, other Mgrs, only to get the same double-talk. When asked why I was told that the money would be released before the 7-day hold if the check cleared, the Mgr told me that it was impossible to determine whether the check cleared, so I "couldn't" have been told that by anybody at Woodforest.
I've had this account at Woodforest for over 10 years, never had an overdraft, and have my monthly payroll AND benefit check electronically deposited to this same account. This specific check and Woodforest's "HOLD" on deposits has really made me upset. I'm moving my accounts over to my husband's bank - which is actually a credit union and changing my e-deposits. With less money in his accounts and a shorter account duration, his bank held a check from the same person and same bank for only 2 days before determining it had cleared the bank it was drawn upon.
Woodforest has oppressive policies which penalize clients and the customer service is horrible. Personnel have no authority or knowledge about policies - demonstrated by Mgr. "Frank" when he told me one thing the money would be released when the check "cleared" and then when I went back a week later he told me there wasn't any way to determine if the check had cleared and that I'd just have to wait the extra time. That means - in real terms - that I deposited the check on a Wednesday and the money wasn't available until 11 days later (5 "business" days - which involved two weekends.
Woodforest Board of Directors are banking a nice bonus from holding your collected funds, wouldn't you rather do business with a bank or credit union that gives YOU the benefit of your money?
This is scandalous.
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