ctfjr
Life is short, ride hard
- Joined
- Sep 3, 2011
- Messages
- 1,250
- Reaction Score
- 4,521
I post this as a rant, perhaps saving someone else heartache.
The last few days WF has put my anxiety level off the charts. So, the story starts when the fellow who bought my commercial building several years ago paid off the balance of the mortgage I was holding. Big check.
So on 3/19/25 I go my local branch and deposit the check. I ask the teller when will the funds be available. She does her magic finger thing on her machine and tells me $400 will be available today and the balance tomorrow. She gives me a printed receipt that says exactly that. Shortly after I get an email with exactly the same info.
The next morning (3/20) I check my WF balance online and sure enough all the funds show available. So I transfer a six figure amount to my Schwab brokerage account, buy some securities and also pay some online bills.
The next day (3/21) WF reverses my deposit and puts the funds availability out to 3/28. OMFG - Schwab and a bunch of payments I made are now going to bounce. I call the branch manager who gives me a boiler plate speech of how the 'back office' is holding the funds but offers no solutions. I explain the position I'm in but radio silence from her.
I call the Consumer Finance Protection Bureau (they regulate federal banks). The guy who answers the phone tells me that with the recent layoffs they won't be able to do anything for weeks and suggests I file a complaint online. Response time should be 2-3 weeks. I do, but what good will it do? I still don't have my $$$
I also sent an email to the WF board member who looked like he could help. Radio silence here too.
If they told me initially that they were going to hold it I wouldn't have been thrilled (they get to use the funds for free for 10 days) but I could have lived with it.
When the smoke clears its onto a different bank with all the bs that goes with changing banks (autopayments, linked accounts, etc).
Its not right and there is nothing I can do about it.
The last few days WF has put my anxiety level off the charts. So, the story starts when the fellow who bought my commercial building several years ago paid off the balance of the mortgage I was holding. Big check.
So on 3/19/25 I go my local branch and deposit the check. I ask the teller when will the funds be available. She does her magic finger thing on her machine and tells me $400 will be available today and the balance tomorrow. She gives me a printed receipt that says exactly that. Shortly after I get an email with exactly the same info.
The next morning (3/20) I check my WF balance online and sure enough all the funds show available. So I transfer a six figure amount to my Schwab brokerage account, buy some securities and also pay some online bills.
The next day (3/21) WF reverses my deposit and puts the funds availability out to 3/28. OMFG - Schwab and a bunch of payments I made are now going to bounce. I call the branch manager who gives me a boiler plate speech of how the 'back office' is holding the funds but offers no solutions. I explain the position I'm in but radio silence from her.
I call the Consumer Finance Protection Bureau (they regulate federal banks). The guy who answers the phone tells me that with the recent layoffs they won't be able to do anything for weeks and suggests I file a complaint online. Response time should be 2-3 weeks. I do, but what good will it do? I still don't have my $$$
I also sent an email to the WF board member who looked like he could help. Radio silence here too.
If they told me initially that they were going to hold it I wouldn't have been thrilled (they get to use the funds for free for 10 days) but I could have lived with it.
When the smoke clears its onto a different bank with all the bs that goes with changing banks (autopayments, linked accounts, etc).
Its not right and there is nothing I can do about it.
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