i am currently banking with wells fargo and i deposited a check from allstate insurance company for $6500.00 and they put a hold on it and gave me $100.00 of it... now i know that the check has already cleared on allstates account so why don't i have my money yet.. I went to the bank today and he was very rude and said i have had 17 overdraft fee's in the last year and that's why there is a hold and insuance companies are notorious for stopping payment on a check and i was like well i have already spoke with an account holder from allstate saying the check already cleared.... and he said well you have had too many overdraft fee's and you have to wait.... what is the deal???
2006-12-27 09:32:36 · 10 answers · asked by lilflashinchick15 2 in Business & Finance ➔ Credit
you need to go high above that person that brought up the overdraft fees, they should of never told you about them. I would have felt humulated! They made a killing off of you for those fees now why could they not shut up and treat you like a human? that was not right,sorry. yes they should have that check cleared by friday.
2006-12-27 09:51:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
WELCOME TO WELLS F. U. FARGO BANK.
I have two more days before the hold is released on my deposit.
It's just a stupid wells fargo bank. Once the hold is off you can use the money. But check twice that it's in your account and available or they will hang you with more overdraft fees.
I've had 8 overdrafts due to checks i deposited bounced. They charged me 30 bucks for each of the checks i deposited didn't clear the other bank. I didn't know that wells fargo charged 30 bucks for each of these nsf checks, so when i wrote a check it didn't clear and then they docked me 33 more dollars for my check. This all transpired before i ever got a notice about the checks not clearing.
2006-12-27 10:12:41 · answer #2 · answered by Anonymous · 1⤊ 0⤋
1st of all, all checks from insurance companies are placed on hold to verify funds and the check's validity whether the check was drawn from the same banking institution or not. The release of just $100 instantly is common practice that the banks don't budge on. The teller should never have placed any blame on your accounts previous activity being the cause. You should have the $balance of your check released w/in two business days. There's absolutely nothing you can do about it other than wait.
2006-12-27 09:42:57 · answer #3 · answered by Diana C 1 · 1⤊ 0⤋
This is pretty typical of banks... they did it to me a couple of times and I was just as mad as you are.
They hold the check to make sure the person or company who issued the check is going to make it good.
This protects them mostly and you a little... if the insurance company did stop payment on the check and you had issued a bunch on your own checks based on that one being good it would be a huge headache for you and the bank. The hold it for 5 or 7 days to make sure it clears before you start writing checks or spending the money.
I remember threatening to take my accounts to another bank when it happened to me... then I found out all banks do that. The manager being rude is grounds for termination... find another bank where the employee wants you to be a customer.
2006-12-27 09:37:37 · answer #4 · answered by John Stamos 3 · 1⤊ 0⤋
I think you mostly answered your own question.
The bank has to wait until the check goes through the entire clearing process until they can release the funds to you.
Wells Fargo seems to believe that you are a high risk customer and so they want to be sure before they give you the cash.
A word of advice is to possible switch to another bank, or at least threaten to. That might get the wheels moving
2006-12-27 09:37:02 · answer #5 · answered by knoebelspt 2 · 1⤊ 0⤋
They have to give you the 100 hundred according to their policy. It may take about a week or so for it to clear. They will hold checks if you don't have the equal amount already in your account. The overdraft history may cause them to hold it longer, just to protect themselves. be patient and you should have the money by 14 business days (estimate). call after 14 business days.
2006-12-27 09:37:52 · answer #6 · answered by Achilles 3 · 1⤊ 0⤋
Sounds a little unfair to me. Banks can clear your check in ONE DAY, but take their time when it's time to get yours. I would play hardball here. Tell them if they don't release the funds you will get a LAWYER and report them to the better business bureau.
There is no law saying they can hold your funds once the check has cleared the other bank.
2006-12-27 09:40:14 · answer #7 · answered by Kevin K 3 · 1⤊ 0⤋
they always tend to hold checks for 5-7 business days to prevent the fraud that has recently occured. Some banks hold them a little longer than they should
2006-12-27 09:35:01 · answer #8 · answered by Anonymous · 1⤊ 0⤋
To pay down bad-credit debts incurred by the purchase of short-term bonds is my guess. Plus for profit.
2006-12-27 09:36:49 · answer #9 · answered by Garret Tripp 3 · 1⤊ 0⤋
you got trouble.Overdrafts,child support ,and owing taxes ,they will deduct every cent .you lucky if you see a dollar of that money.
2006-12-27 09:38:11 · answer #10 · answered by Anonymous · 0⤊ 1⤋