Customer Dis-Service
http://donnarose.com/MyBlog/?p=98 (http://donnarose.com/MyBlog/?p=98)
7/10/2008
I have been waiting for a check that finally arrived today. Since I
haven't had a steady paycheck in several weeks these periodic payments
are my financial life blood right now, and I was ecstatic when I saw
it sitting in my mailbox. So, I drove straight over to the nearby
Wells Fargo to deposit it. That's when the problem started.
The guy at the cashier window typed in all the information but called
a customer service agent over to help. She looked at the screen and
told me, with a no-nonsense matter-of-fact face that they'd have to
put a hold on the check until it cleared - two to five business days.
I asked why. She said it was because of the record of activity on my
account (not much) and the size of the check (fairly hefty). I told
her I had never heard of such a thing, but she told me it was standard
policy and didn't leave any room for discussion. I was less than
pleased.
It is standard banking practice to put a hold on withdrawal of funds from a large check deposit. My bank puts a five day hold on anything over about $1000. Protects them from bad checks. Doesn't apply to Electronic Funds Transfers such as paychecks deposited by an employer, Social Security, etc.
Sorry
Robyn