Wells Fargo sucks!

[Bobstandard]

Wells Fargo not only waited until the 17th to release the ARP money they were to distribute (so they could make money on the “float”, of course), but they have also placed a hold on it. Seriously. The money is there, but it’s shown as a “pending” transaction. Presumably they’ll release it at midnight. But who knows?

You know that if my account was down to zero and I wrote a check against it that they were able to process today, they’d charge me an overdraft fee. I wonder how many folks this will happen to.

One thing I do know is that Wells Fargo, a corporate entity that has paid millions and millions in fines for fraud on an epic scale, has never had an executive go to jail for any of their malfeasance. They’re a “person” for political donation purposes, but otherwise,., they’re a chimera.

Wells Fargo sucks.

[lagomorph777]

1. Why do you have an account there, after the massive criminal scandal?

That's a really bad idea.

[mzmolly]

2. Placed a hold?

https://www.federalreserve.gov/pubs/regcc/regcc.htm

They should allow your deposit to be fully available to you, by tomorrow AM.

When they remove the 'hold' I'd pull out every time and find a local Credit Union.

[Tree Lady]

3. Years ago they sent me checks after I specifically

Said no checks for money market account, so I had zero idea that they sent them and someone stole out of my mailbox and started writing checks. Thousands were taken out of account by time I checked my savings account. I filed fraud claim and got money back but immediately closed all accounts and tell everyone to stay away.

[marble falls]

4. W-F is the worst, ABC is right there with it and Chase is no slouch either ...

W-F once held onto a check for three or four weeks to me from a Canadian company I consulted for, drawn from a bank in Dubuque, Iowa in $US as a foreign check requiring an international exchange.

I finally got it back from him and took it to a bank across the street and got it cashed in 10 minutes.

Fortunately it seems the Feds fine W-F and Chase millions each year.

[CatWoman]

5. some good info here

https://www.democraticunderground.com/100215228867

[obnoxiousdrunk]

6. Not that

float theory again.

[Hugh_Lebowski]

7. I don't think any bank was allowed to let people take the money before the 17th

From what I understand WFB (in this instance) just did what they were supposed to do, per the Federal Government.

When in the day it becomes available on the 17th will likely be whatever time of day they normally process transactions.

[FSogol]

8. Move your money to a local credit union. You'll be much happier. n/t

[sarcasmo]

9. Run to the nearest Credit Union and open an account. Close the Wells Fargo account, Stat!

[mtngirl47]

10. Ditto!

The money STAYS in your community. You are a voting member and they are much easier to work with for auto loans or mortgages.

[SammyWinstonJack]

11. Anyone else bank with USAA and didn't get their stimulus yet?

[Azathoth]

12. Deposits always work that way

The banking system is still stuck in in the 19th century when all transactions got posted and the books balanced at night.

WF usually include pending direct deposits in their calculated Available Balance so you can use the money right away before it formally hits your Posted Balance. Overdraft penalties are assessed during the posting process, so you wouldn't risk a fee unless the withdrawal charge posted on a given night but the associated deposit didn't for some reason.

That stuff usually only comes into play with unsecured deposits like personal checks, where the funds remain pending until the bank decides the check has safely cleared. With a direct deposit received from the IRS before closing time, it's highly unlikely a bank would try to ding you for an overdraft since the bank can't argue that the funds haven't arrived.