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Thequeen
Registered User
Username: Thequeen

Post Number: 2
Registered: 08-2003
Posted on Friday, August 08, 2003 - 12:55 am:   Edit Post Delete Post Print Post    Move Post (Moderator/Admin Only)

Username: Thequeen

Post Number: 1
Registered: 08-2003
Posted on Thursday, August 07, 2003 - 06:50 pm:

--------------------------------------------------------------------------------

HI EVERYONE
I'M SO GLAD I FOUND THIS SITE.I'VE BEEN GATHERING IMFORMATION TO MAKE WELLS FARGO PAY BACK FUNDS THAT WERE TAKEN FROM MY ACCOUNT DUE TO THEM PLACING A 10 BUSINESS DAY HOLD THEY PLACED ON MY CHECK.
First of all I deposited 450.00 in my account on June 29,2003 from another account I have with first bank.First bank paid the check on july 3rd.
also on July 3rd my SS disability check posted.I have had this account for over 5 years,I over drew my account the month before because my account showed an available balance of 125.00,but actually pending charges from June 19th which were listed at the time and minused from my account.When I checked it on July22 I was showing 60.00 available which I spent,but according to WF I was at a 0 balance end of business friday July 20th.why they allowed the transactions I dont know,but I bounced 4 checks OUCH! I dont know but it took awhile before I discovered this weird practice WF has.
If you make a purchase with your atm card on monday for 100.00 and u have 500.00 in your the account the pending charge is posted that day and minised from your account.The next day the pending charge is gone and the funds are back in your account as available balance and if your not watching carefully you'll think the charge has been paid and that your available balance is free from pending charges which is what WF States in its policys ,IT'S NOT TRUE ,so be careful.
BUT this is a minor irratant next to my major upset
Because of the bounced checks WF had grounds to place a hold on my check(I was not awhere of this nor was I notified of) which was deposited at a atm on June 29th.when 9 checks were presented on July 3rd they bounced and returned all of them,and bounced my rent check on july 9th and charged me 299.00 when the held check cleared July 3rd.NEEDLESS TO SAY I HIT THE ROOF!!!!!
AT FIRST THEY SAID TO BAD THEN I CRIED AND TOLD THEM THIS WIPES ME OUT,I'm a handicapped woman raising a grandchild ON A LIMITED FIXED INCOME AND YOU NEVER TOLD ME YOU WOULD PUT A HOLD ON MY CHECK.I've had this account for over 5 years this has never happened before.so they finally refunded .Then I said what about the 9 returned checks they want 30 bucks a pop for them?They said they would send out letters stating bank error. Well the companies, Firepay and Netteller dont accept letters ,don't care,and boom 125.00,120.00 and 50.00 late rent .$295.00,gone,I call them again and they say they dont refund 3rd party charges,I was devestated,couldn't fix my car,late on all my bills and depressed.
I just couldn't believe that they could get away with it.
I Started looking for anything that might help me fight.
I found this statute at the federal reserve
system.Federal Reserve System § 229.16
1 A bank that distinguishes in its disclosure
between local and nonlocal checks based
on the routing number on the check must
disclose that certain checks, such as some
credit union share drafts that are payable by
one bank but payable through another bank,
will be treated as local or nonlocal checks
based upon the location of the bank by which
they are payable and not on the basis of the
§ 229.16 Specific availability policy disclosure.
(a) General. To meet the requirements
of a specific availability policy
disclosure under §§ 229.17 and 229.18(d), a
bank shall provide a disclosure describing
the bank’s policy as to when funds
deposited in an account are available
for withdrawal. The disclosure must reflect
the policy followed by the bank in
most cases. A bank may impose longer
delays on a case-by-case basis or by invoking
one of the exceptions in § 229.l3,
provided this is reflected in the disclosure.
(b) Content of specific availability policy
disclosure. The specific availability
policy disclosure shall contain the following,
as applicable—
(1) A summary of the bank’s availability
policy;
(2) A description of any categories of
deposits or checks used by the bank
when it delays availability (such as
local or nonlocal checks); how to determine
the category to which a particular
deposit or check belongs; and
when each category will be available
for withdrawal (including a description
of the bank’s business days and when a
deposit is considered received);1
(3) A description of any of the exceptions
in § 229.13 that may be invoked by
the bank, including the time following
a deposit that funds generally will be
available for withdrawal and a statement
that the bank will notify the customer
if the bank invokes one of the
exceptions;
(4) A description, as specified in paragraph
(c)(1) of this section, of any caseby-
case policy of delaying availability
that may result in deposited funds
being available for withdrawal later
than the time periods stated in the
bank’s availability policy; and
(5) A description of how the customer
can differentiate between a proprietary
and a nonproprietary ATM, if the bank
makes funds from deposits at nonproprietary
ATMs available for withdrawal
later than funds from deposits
at proprietary ATMs.
(c) Longer delays on a case-by-case
basis—(1) Notice in specific policy disclosure.
A bank that has a policy of making
deposited funds available for withdrawal
sooner than required by this
subpart may extend the time when
funds are available up to the time periods
allowed under this subpart on a
case-by-case basis, provided the bank
includes the following in its specific
policy disclosure—
(i) A statement that the time when
deposited funds are available for withdrawal
may be extended in some cases,
and the latest time following a deposit
that funds will be available for withdrawal;
(ii) A statement that the bank will
notify the customer if funds deposited
in the customer’s account will not be
available for withdrawal until later
than the time periods stated in the
bank’s availability policy; and
(iii) A statement that customers
should ask if they need to be sure
about when a particular deposit will be
available for withdrawal.
(2) Notice at time of case-by-case
delay—(i) In general. When a depositary
bank extends the time when funds will
by which
they are payable and not on the basis of the
location of the bank whose routing number
appears on the check. A bank that makes
funds from nonlocal checks available for
withdrawal within the time periods required
for local checks under §§ 229.12 and 229.13 is
not required to provide this disclosure on
payable-through checks to its customers.
The statement concerning payable-through
checks must describe how the customer can
determine whether these checks will be
treated as local or nonlocal, or state that
special rules apply to such checks and that
the customer may ask about the availability
of these checks.
delay—(i) In general. When a depositary
bank extends the time when funds will
be available for withdrawal on a caseby-
case basis, it must provide the depositor
with a written notice. The notice
shall include the following information

(A) The account number of the customer;
(B) The date of the deposit;
(C) The amount of the deposit that is
being delayed; and
(D) The day the funds will be available
for withdrawal.

12 CFR Ch. II (1–1–03 Edition) § 229.17
(ii) Timing of notice. The notice shall
be provided to the depositor at the
time of the deposit, unless the deposit
is not made in person to an employee
of the depositary bank or the decision
to extend the time when the deposited
funds will be available is made after
the time of the deposit. If notice is not
given at the time of the deposit, the depositary
bank shall mail or deliver the
notice to the customer not later than
the first business day following the
banking day the deposit is made.
(3) Overdraft and returned check fees.
A depositary bank that extends the
time when funds will be available for
withdrawal on a case-by-case basis and
does not furnish the depositor with
written notice at the time of deposit
shall not assess any fees for any subsequent
overdrafts (including use of a
line of credit) or return of checks or
other debits to the account, if—
(i) The overdraft or return of the
check or other debit would not have occurred
except for the fact that the deposited
funds were delayed under paragraph
(c)(1) of this section; and
(ii) The deposited check was paid by
the paying bank.
Notwithstanding the foregoing, the
depositary bank may assess an overdraft
or returned check fee if it includes
a notice concerning overdraft
and returned check fees with the notice
required in paragraph (c)(2) of this section
and, when required, refunds any
such fees upon the request of the customer.
The notice must state that the
customer may be entitled to a refund
of overdraft or returned check fees that
are assessed if the check subject to the
delay is paid and how to obtain a refund.
(d) Credit union notice of interest payment
policy. If a bank described in
§ 229.2(e)(4) begins to accrue interest or
dividends on all deposits made in an interest-
bearing account, including cash
deposits, at a later time than the day
specified in § 229.14(a), the bank’s specific
policy disclosures shall contain an
explanation of when interest or dividends
on deposited funds begin to accrue.
[53 FR 19433, May 27, 1988, as amended at 53
FR 31292, Aug. 18, 1988; 53 FR 44324, Nov. 2,
1988; Reg. CC, 54 FR 13850, Apr. 6, 1989; 60 FR
51671, Oct. 3, 1995; Reg. CC, 62 FR 13810, Mar.
24, 1997]
§ 229.17 Initial disclosures.
Before opening a new account, a bank
shall provide a potential customer with
the applicable specific availability policy
disclosure described in § 229.16.
[Reg. CC, 60 FR 51671, Oct. 3, 1995]
§ 229.18 Additional disclosure requirements.
(a) Deposit slips. A bank shall include
on all preprinted deposit slips furnished
to its customers a notice that
deposits may not be available for immediate
withdrawal.
(b) Locations where employees accept
consumer deposits. A bank shall post in
a conspicuous place in each location
where its employees receive deposits to
consumer accounts a notice that sets
forth the time periods applicable to the
availability of funds deposited in a consumer
account.
(c) Automated teller machines. (1) A depositary
bank shall post or provide a
notice at each ATM location that funds
deposited in the ATM may not be available
for immediate withdrawal.
(2) A depositary bank that operates
an off-premises ATM from which deposits
are removed not more than two
times each week, as described in
§ 229.19(a)(4), shall disclose at or on the
ATM the days on which deposits made
at the ATM will be considered received.
(d) Upon request. A bank shall provide
to any person, upon oral or written request,
a notice containing the applicable
specific availability policy disclosure
described in § 229.l6.
(e) Changes in policy. A bank shall
send a notice to holders of consumer
accounts at least 30 days before implementing
a change to the bank’s availability
policy regarding such accounts,
except that a change that expedites the
availability of funds may be disclosed
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
The bottom line is, they placed a very long hold on a local check that had never bounced before and was paid on the 3rd,they never informed me in anyway that the check was placed on this long hold,and therefore they are responsible for all charges and debits to my account that occured as a direct result of the hold.
Before I formAlly complain to the federal reserve I need to make an attempt to resolve the matter with WF.
Who do I SEND MY LETTER TO?WHAT ARE MY CHANCES OF THEM REFUNDING ME?DOES ANYONE HAVE ANY ADVICE FOR ME?
THANK-YOU FOR LETTING ME VENT
Debbie




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Christine
Board Administrator
Username: Christine

Post Number: 1248
Registered: 09-2002
Posted on Friday, August 08, 2003 - 01:25 am:   Edit Post Delete Post Print Post    Move Post (Moderator/Admin Only)

I THINK they should have notified you of the hold, don't banks normally do that?????

I remember having holds on big checks sometimes, but they always told me.

10 days is an EXTREMELY long time!

I would write to the branch manager or the legal department, and copy the OCC.

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Thequeen
Registered User
Username: Thequeen

Post Number: 3
Registered: 08-2003
Posted on Friday, August 08, 2003 - 09:26 am:   Edit Post Delete Post Print Post    Move Post (Moderator/Admin Only)

Hi Christine
Yes according to the federal reserve system WF has to notify you in writing 1 business day after atm deposit,if they fail to do so they cannot asess fees for overdraft,returned check fees or any debits that occured as a direct result of the hold.They credited the overdrafts but said they don't refund third party fees,they only send out letters if the party dosen't accept them too bad.
This is in direct violation to the federal reserve statute.
I will try to get a face to face meeting with the branch manager and see if I can get a fair shake,lol
After reading the horror stories about WF at rip-off,I'm spreading the word to get out of WF ASAP.
THANKS
Debbie
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Christine
Board Administrator
Username: Christine

Post Number: 1249
Registered: 09-2002
Posted on Saturday, August 09, 2003 - 04:48 am:   Edit Post Delete Post Print Post    Move Post (Moderator/Admin Only)

Good luck with your meeting, and please let us know how it goes.

And keep in mind that it's not just WF, just about all the big banks are like that.

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