No end to BS

[ctfjr]

This is a major WTF!

Two days ago I deposited a very large check into my checking account at Wells Fargo. I made a point of asking the teller when the funds would be available. She told me $400 would be available that day and the balance the next. A printed receipt was given to me and an email sent showing that exact information. I checked the next day and the funds showed available. I then transferred a large sum into my Schwab brokerage account and paid several bills online.
This morning I get this:

They reversed the deposit!!!

I called and spoke to the branch manager who would only tell me it was reversed by the 'back office' and may not be available for several days. She could give me no reason for the reversal.

They get to use my money for free. There are a load of payments I made online yesterday that are going to hit the account.

I called the Consumer Financial Protection Bureau (CFPB) to see if they could help. I finally get to someone who tells me with the recent manpower cuts they won't be able to reply for weeks, at the earliest and my best bet is to file a complaint online.

This sucks. With the CFPB gutted, now there is no one to force Wells Fargo to do anything.

 

[PoTreeBoy]

Based only on what I've read on-line, after you resolve this, I'd vote with my feet.

 

[Speed25]

Standard timing for any large deposits I've made is upwards of 7 days for them to clear, despite being verified, certified funds ahead of time. Seems standard to me, except for the lying BS that any decent banker should've had the correct answers for you. For that reason alone, I agree with @PoTreeBoy. I'd walk and take my money with me.

 

[Benhameen]

I had a similar problem a number of years ago. With technology these days, the banks should know whether or not the check will clear. Seems like a way for them to make money on your money while you wait and it’s infuriating. But it seems like more of a bank issue verses a CFPB issue to me.
Crappy situation for sure, hope it works out for you.

 

[skeets]

I deposited a check from the Ins company, and when I did they froze my account, this was on a weekend a big hassle . The reason they said was because it was not a check,, HUH ,, they said it was a promissory note and not worth the paper it was printed on until the Ins company cleared it. And yes I changed banks

 

[Lil Foot]

Years ago, when $300 was a large amount of money, I made my usual deposit of $300 to my checking account.
A week or so later I bounced a check.
Went to the bank, investigated, and found that the bank had put my money in my psycho mother's account at the same bank.
The bank informed my mother, who refused to give the money back.
Bank said they would have to get a court order to get my money back, which would take two weeks.
Got a call from the bank saying it was all taken care of.
Promptly bounced two more checks.
Turns out, the bank took another $300 from my account and placed it in my mother's account.
Took another two weeks to straighten it all out, then I took my savings, checking, and safe deposit box elsewhere.

 

[North Idaho Wolfman]

I've had more than one issue with Wells Fargo years ago.
If I voiced my verbal opinion of them would make a biker blush.

They once refused to cash their own cashiers check on me, and it wasn't a small sum.
Took 2 weeks for them to get it ironed out, my customer that pulled the check was not happy as it put them several months out, several thousand dollars out, because I had to cancel the materials and rebook the time for the job!

CHANGE BANKS!

Credit Unions are a much better choice as they work for you!

I love my CU they take exceptional care of us, we have quite a few accounts with them and whenever we need an answer on anything we get it.
They do not hold checks or deposits unless we say to, I've had a few sketchy customers that I held that deposit till the check cleared, saves me and them a huge hassle if it's bad.

 

[Flintknapper]

Standard timing for any large deposits I've made is upwards of 7 days for them to clear, despite being verified, certified funds ahead of time. Seems standard to me, except for the lying BS that any decent banker should've had the correct answers for you. For that reason alone, I agree with @PoTreeBoy. I'd walk and take my money with me.

^^^^^

Has always been my experience as well. 5-7 days typically, regardless anything said to the contrary.

So....best to figure on that and not make transactions based on those funds being available before then.

 

[ctfjr]

I appreciate the comments. My wife is beating me over the head to change banks. She is right but. . . . its such a friggin pia to do it. All my credit cards, and electronic payments are tied to that account. I think I vaguely remember a while back that some banks will handle the hassle of an xfer for you. Must investigate.

I am keenly aware that banks often hold funds for availability. That is why I asked the teller. She did some finger magic on her machine and came back with it will all be available the next day. When I checked the next day it was available!

It was a day later (today) that they pulled the funds. If they said 'X' days for availability that would have been ok, BUT THEY DIDN'T.

 

[ctfjr]

Just called my new best friend, Sarah, the manager at that branch. A lot of boiler plate talk with what she is going to do (mostly find out why the reversal). As of now she told me the hold will come off 3/28.

She was very sympathetic but really offered no help.

This is the email receipt I received. Why would anyone not expect the funds to be there the next day (and they were when I checked my account the morning of 3/20)?

 

[GrumpyFarmer]

I use small local brick and mortar bank (they service the loans) and local brick and mortar Credit union. Not had a problem (knock on wood).

If I we’re in OPs situation I would send a telegram to Jim Hardy ASAP. (I suspect some of the more advanced members may remember)

Good luck OP. That is a kick in the sack for sure IMO. Seems like not much OP can actually do in such a situation…positive part is that they have acknowledged it, correct? And there is a trail? I would think it reasonable to ask about interest after resolved though.

 

[Scm]

Wells Fargo has been fined so much that if they were an honest business in an honest world they would of gone out of business long ago. Thankfully for them they get free money to lend to the rest of us for a fee

 

[chim]

Wifey is always watching for opportunities to make / save a buck. Recently a bank was offering a $400 bonus for opening a new account with $10K or more and keeping it there for at least 6 months. She watched the statements and after two months passed, called and asked when the $400 should show up. They said it should have already shown up and they'd fix it. They did. Then a month later there was another $400 that showed up. She called and told them and they were going to check. A few more months passed and it wasn't corrected. She asked again and they7 said it was too messed up to correct, keep the money and thanks for being honest. So through their ineptness we've been rewarded $800 instead of $400.

 

[Botamon]

Wells Fargo has been fined so much that if they were an honest business in an honest world they would of gone out of business long ago. Thankfully for them they get free money to lend to the rest of us for a fee

Unfortunately some of us don't have a choice. I've lived in my current location for 31 years now. The nearest town has a Wells Fargo, and through the years there have been numerous other banks set up shop, only to close down a year or two later. Only Wells Fargo has remained constant. Same is true for the next two towns closest to me (and they are 70 miles away). Town closest to me also has a small credit union - but they tell you right away that they are not insured by FDIC so if they were to go belly up, you've lost everything.

I'd go to a bank that does business on-line but I need an ATM every once in a while and Wells Fargo is the only game in town.

 

[johnjk]

When my FiL passed, Wells Fargo was the absolute worst in getting access to the funds and being able to close stuff out. It finally took me in their lobby voicing my displeasure quite loudly until they closed out the accounts and provided a check. They wanted 3 months to validate and process. Similar issues with 5/3 and Chase. PNC was great to work with. That being said, we went to a CU almost 20yrs ago and have not had these issues.