Wells Fargo 13 day state government check deposit hold Internet

You still have failed to explain that if your goal was to educate how come you didn't mention a single thing about Regulation CC, you being a Senior Associate(in what), or your education(that seems to just keep expanding) in your original post?  It's really not important anymore as people can read into that what they want..it is just an interesting question to think about.

The ironic thing in all of this is that if you are being totally up front and sincere we are actually on the same "side" to educate.  Where if you go through these posts..Ken and myself actually did more education on the regulations than you did, and would thank Ken to post the link that anyone can read.

The date I gave in the second posting was confusing, I do apologize to those consumers following this issue....I rewrote the date in response to your correct revision...I deposited the check on a Saturday, which meant that it would post the following Monday. I have not "spun" anything.

The bank credited the money on Oct. 5, 2012. The money was going to be held until October 11, 2012. If Wells Fargo was not at fault, they would not have issued an apology, etc. I also received a call back (after the credit) from the Exec. Complain office because this is the second time this has happened to my account. I am an dependable consumer of Wells Fargo products (mutual funds, mortgage...) They want to keep me happy. However, I should not be treated better/worse because of my investments, loans, checking accounts.

The bank was not within regualtion limits because of the financial institution releasing the funds was a state treasury (should be deposited within two buisness days). The deposit risk department is fully aware of this and made quick strides to resolve the issue. I should not have to remind the bank of rules and regs. Believe it or not, human eyes do see the check for longer than 10 seconds in excess amounts and actually they pay more attention to check "supposedly" written by state treasuries because their security is much more lenient than others money institutions. There have been an excess number of cases not only in Md, but other states where  fraud (in relation to state treasury accounts) is UP.
 
Yale Business School gave me some business credibility, but Rutgers Univeristy was the school of hard knocks and taught me street sense. You need a bit of both when dealing with the banking world's heavy hitters. No one is trying to skewer the banks, as I mentioned before I give advice to financial institutions and am pretty good at what I do. I am a senior associate and have done so but navigating the waters of both worlds (banking consumer/banking advocate)

Your humor is amusing. Continue to be a financial policy/regulations wonk. It suits you.

 always with the negative attack when you are questioned and can't win

Hey you may think you want to educate consumers, and that is all well and good.   But it seems as if you keep adding a nice spin each time you post, so I wonder when you really got your education on this.

No, the date of the corrections October fifth 2012
- Then why did your previous update state it was fixed on 9/29?  Does Yale use a different calender than the rest of the world?

In case you forgot what you wrote...
Saturday, September 29, 2012...
The bank realized their mistake and apologized.

I really wish the average consumer had the knowledge that I have.
So I really just have one more question which  you never cleared up.  If you have all of this knowledge and your goal was to educate consumers.  How come there was not one mention of this knowledge in your original post? 

No, the date of the corrections October fifth 2012. It was a human error because they looked at a copy of the check which showed itcwas from a state government and still saidcthe hold stood. That is when I had to threaten them with an OCC filing. This is actually a pretty habitual thing with big and small banks. There would not be regulation rules if everyone followed the rules. Please think before you write. I know all the mistakes in life big banks should try to pull. I can soap big banks all the time in my line of work. I really wish the average consumer had the knowledge that I have. That is why a majority of my money is in the credit union.
#yalebusinessgraduate

No where in your original report did you state that it was already corrected almost a week before you posted it(Sept 29th).  So if there is any RipOff it is by not reporting the entire story in the beginning.  You only posted what makes your side look good...based on your logic who cares the reason or if they actually corrected it or not.  Your desire wasn't to inform people of Regulation CC..because in your original post you made NO mention of it.  Your only desire was to give a negative review of a business.  Oh and here is a shock..big banks are not immune from making mistakes..it is what they do to correct the mistakes when they happen that matters

You should just be glad that this was a "big bank" and not some mom and pop company where an incomplete post like yours could be devastating to their business.  Well at least you had a moment of conscience to "come clean" and give the rest of the story.  But I really wonder if you would have updated it if there were not other posts?

As to what probably happened in this "mistake".  You deposited the check in an ATM, and it was very unlikely that the check was even seen(well maybe for not more than about 10 seconds) by an actual human.  So the hold that was placed was probably an automatic.  As soon as you went to them, as I suggested BTW, they realized their MISTAKE and corrected it.

 team rebutt is making a habit of double teaming their rebutts

Saturday, September 29, 2012...

The bank realized their mistake and apologized. The hold was lifted because of the following:
1) I am very familiar with Reg CC and the policies, procedures, rules, etc.  I am a financial risk analyst for a large financial firm. Many people do not know or understand Reg CC and what it has set in place to safeguard both consumers and banks.

2) I had to make the bank aware of the check  being written by a state gov't. This is why I filed a consumer report. Many people do not know the rules governing banks and and their behavior. It was not until I threatened to file a complaint with the OCC that things were done for me.

3) The hold had nothing to do with my personal account history. Since graduating college 3 years ago, I have had a continous positive balance of $2-7K each month.

If you are having any issues with Wells Fargo, please use the following numbers to assist.
Deposit Risk Managment --> 1.877.230.8708
Office of Executive Complaints (Wells Fargo): 1.800.853.8516

You decide if what they did was right or legal... http://www.fdic.gov/regulations/compliance/manual/pdf/VI-1.1.pdf

First of all the 28th was Friday, not Saturday. 

Banks do not process or post transactions on weekends or holidays.  They also have specific cut off times for deposits.  So even if you did deposit it on the 28th if it was after the deposit cut-off time it would be posted on the next banking day.  Stay with me and see how this is important as I talk about it at the end.

In your case your deposit would be considered as being done on Monday, and with no holds would be available on Tuesday.   This is 4 days with no holds at all.  There is then another weekend, and Federal Holiday.  If you account for those your hold was only 7 banking days, which is actually in line with a standard hold for the amount of money.  Especially if you have a poor account history such as a overdrafts in your recent past.

Now with all of this said..do you have options. YES.  Regulation CC(the regulation that governs the holds) has some exceptions to this rule.  If the check was written from a Government Agency the funds must be released by the first business day following the deposit.  So what you need to do is go into the bank and make sure that they are aware of this.