Wells Fargo banking problem?My husband has had repeated problems with Wells Fargo and will now be switching banks. The final issue happened last week when he deposited his payroll check and it bounced (this has happened before - awful employer but a good job). Because he doesn't trust those checks, he didn't spend any money from the... |
There is no reason that a bank should be taking money from your husband's accounts in the situation you describe.
It is customary for a bank to hold a check for collection if there is not a compensating balance in the checking or other accounts (enough money to cover the check if it bounces).
But, you have stated that your husband hasn't attempted to draw any funds against the check he recently deposited.
Is it possible that a payroll check he previously deposited has bounced, and it's only now being deducted from his account balances? This seems to be the more probable explanation. Often, a bank must make available the funds from a deposited check, by law, before the checks actually clears.
You do have recourse if the bank acted improperly. Contact your state's office of financial institutions (or the equivalent) and file a complaint. In Washington State, for example, you would contact the Washington State Division of Financial Institutions. You can also file a complaint with the national regulator. I'm not sure which regulator would oversee Wells Fargo. It depends on their charter, and whether they are a member of the Federal Reserve. So, try these contacts for filing a complaint, and they will be able to tell you if Wells Fargo comes under their jurisdiction:
Federal Reserve
www.federalreserve.gov
Division of Consumer and Community Affairs, Mail Stop 801, Federal Reserve Board, Washington, DC 20551
Or call 1-202-452-3693
Federal Deposit Insurance Corporation
www.fdic.gov
Division of Compliance and Consumer Affairs, 550 17th Street N.W., Washington, DC 20429
Or call 1-800-934-3342
Comptroller of the Currency
www.occ.treas.gov
Customer Assistance Group
1301 McKinney St., Ste. 3710
Houston, TX 77010
Or call 1-800-613-6743
In August I opened a PMA Premier checking account. This was done to get a lower interest rate and allow for automatic deposit. Unfortunately, Wells Fargo fell through as a lender and we went with another bank. We decided to use the Wells Fargo account as a savings account with our equity. That was one of my tasks to do during Spring Break, but I find the account has been closed and I owe $70.00 for maintenance fee s. How did I go from $50 to minus $70? Apparently, the account has a $30 a month administration fee after a 3mo. introductory period I was never told about! Who charges $30 a month? And what service are you providing for that?....besides, " you haven t any activity on this account." And why wouldn t you stop charging me once the account t went to zero? PMA user s, realize when your balance drops below $25K these fee s kick in!
You statement is contradictory. You say he had enough in the account to cover the check if it bounced, then you say he didn't.
If the bank credited the check to his account and it then bounces, yes, they will reverse that deposit back out. ALL banks will do that. If that then results in a overdraft, fees will apply. It appears that the real problem is his employer.
