I really like the way the passive voice is used to deflect blame. "It didn't get uploaded" indeed. Not "we didn't upload it", no. Apparently the "it" uploads itself, and when it doesn't, well, who is to blame but "it", over which we of course have no control.

I had a similar experience. They put a hold on all my checks when I opened a new account. I got a paycheck they put a 10 day hold on. I wasn't going to be able to pay my rent and other bills on time if the hold were not removed. I talked to the branch manager and she said they did that because I didn't have a banking history with Wachovia yet. Now my paycheck was from SunTrust. She told me if I went to SunTrust, I could cash the check since it was from their bank. So I replied with "If you don't release the hold on my check, there won't be a banking history." I also asked what was keeping me from closing my account and switching to SunTrust. That's when the hold was released by her personally. Although, since then, I haven't had any problems with Wachovia.

Short of marching in the branch office with a large club, moving to another bank is the only way they will notice your displeasure and their mistake. Sadly.

Here here! Agreed 100% with Cory. Also agreed on the Check 21 note-- I love how Check 21 only works in their favor but never in our favor.

Looks like someone should find themselves a Credit Union. Some place with an online bill paying service and 24 hour telephone account service. Setting your accounts up for transfers via any of these services should be easy, no need to deposit checks from one account to another.

I've only experienced one hold for a check over $2500 and it took 4 days to process. I love my credit union.

Correct me if I'm wrong, but why go through all the hassle of writing a check, depositing it, etc? Shouldn't you be able to just do a simple (and instant) transfer from one account to the other?

And yet another reason I do all my banking with USAA. Anytime I request a funds transfer (up to 8pm CST) it is instantly and available in the account that I specify. Plus their over the phone CRs are extremely helpful!

so you deposit a check into an ATM machine and are surprised that it takes a few days for the funds to clear?! i dont think the woman, nor the bank owe you an apology here. checks take time to clear, and ATM transactions can be even longer. ive seen delays of several business days for checks, regardless of which bank issued it.

I haven't had any problems with Wachovia.

Anecdote: One time they had processed a check for $500 more than it was written for (someone got a 2 & 7 mixed up on my car payment) which ended up causing multiple NSF charges. One phone call & it was fixed the next day with all NSF charges being removed immediately.

Ugh. So frustrating and yet so typical of CS nightmares these days. Big props to Consumerist for relentlessly staying on top of these kinds of issues.

To Cory - without assigning any blame to you - not sure why you wrote a check from one account you own to the other - there are usually many more efficient ways of transferring funds. I am not sure about Wachovia, but Citi lets you transfer from accounts which you own electronically, and almost any bank would let you do a wire transfer.

Sorry for the bureaucratic mess just the same.

I've been with a local bank for years in St. Louis, only about 8 branches or so. Because of that you have to pay a fee at most ATMs for withdrawls (so I plan ahead instead), but the customer service is totally worth it.

Anyway, I'd recommend you find a smaller local bank.

(And for those of you in the St. Louis area, it's Pulaski Bank. They're awesome. - Not a paid endorsement!)

Just Stay away from Bank of America...and Commerce...and Washington Mutual.

May I suggest Fat Tony, he doest appologize either or a shoe box.

That's the fundamental problem, right there. Of course they reserve the right to hold your check for any reason, but they should know better than to be assholes about it. This guy had every right to an apology from the woman who put a hold on his check (and from the person who successfully removed it after someone told him they'd already done it but didn't really do it), but they refuse to relinquish their power for even a second and just admit there was a mistake. Good luck finding a bank that doesn't do this, and if you do please post it here, I want to know so I can go there, too.

Banks can and obviously do whatever they want, whenever they want, period. The problem is they won't say that when you sign up. I think your problem is not enough money. I know you have a business account but unless its a multi-million dollar/year business, they still don't care so I wouldn't expect much more from any other bank. We should boycott them altogether and use credit unions or just hoard it all under our mattresses.

I had been considering wachovia for some of my business. After a story like this, they have also lost a prospective customer. I don't need BS like that in my life.

All this guy wanted was an apology: basically some assurance that this was a mistake and wouldn't happen again. What he got was some lady telling him it would happen anytime she felt like making it happen.

Why shouldn't he change banks when he's just been told he can't expect his deposits to be made in a timely matter?

CREDIT. UNION.

good for you cory, by taking your money elsewhere. it's the only real power we have against these bozos... now finding a good bank is a whole other story.

max hold leangth is a week, if my dad is correct. over $10,000 it goes to 2 weeks.

if you knew you needed the money, why not just walk into the branch, and make sure that it hit within the minute while she processed it?

and bank tellers can override system holds for amounts under $1,000...or at least that it how it works at National City (my bank of choice).

@kerry: yes, but federal law limits the max hold time on checks now...so she was lying when she says that it can be held "as long as they want"

Two years ago, I created a Wachovia checking account using their online service, which did not work to say the least. But that's another story.

Anyhow, I deposited a payroll check on a Friday night. Come Tuesday afternoon, I went to a ATM machine and checked my balance, the funds were there! I made a $40 withdrawal and went about my day. Wednesday morning I checked my account, and they had placed a hold on the payroll check late Tuesday night. Thus creating a negative balance and overdraft.

I called them up, tried to explain my problem and how the funds were there, they were no help.

A week later after the funds posted I went to cancel my account, I was told I would need to pay a ETF of $50 since my account was not six months old. I refused. The teller said I could get around the fee aslong as I made a formal complaint against something. I made a complaint against the customer service phone reps, and I've never step foot on any Wachovia property since.

just quote Truth in Lending. Banks are not allowed to place holds on their own items. They can only verify funds and call the issuer. I dont normaly say this, but this would be a good time to email the higher ups. What they did is unacceptable.

FWIW, I love Commerce Bank. I don't think they're nationwide, though.

When I move to Colorado, I'm going to need a new bank, and I'm going to be sad to leave Commerce. I've been banking with them for over 10 years now (switched after another bank wronged me in a way I find more disgraceful than this story here) and never had a single problem. In fact, any story I have regarding Commerce is a good one.

So, yeah, switching won't be easy. I guess I'll look into this thing called a Credit Union which people seem to snobbily always mention here, in addition to reminding us peasants how awesome they are for using one, but never seem to provide any kind of useful information regarding how we might possibly one day become as awesome and enlightened as them.

I'll Google it when I need it, I suppose. For now, Commerce loves me and I love them.

Funny, I've been a Wachovia account holder for 8 years, have 2 personal checking accounts, and 1 business checking account with them. I don't think I've ever had a single problem anything like anyone in comments or the OP has described. My dealings w/ Wachovia have been nothing but positive.

They identified fraudulent activity on my debit card and re-issued me a new card and put the money back in my account within 24 hours.

I've moved funds from my business acct to my personal acct via check deposit at an ATM hundreds of times, nary a problem.

The point is that there are bound to be problems with any bank. I don't care about an apology. What is this, pre-k? I understand that there might be issues, and as much of a PITA it is, as long as they fix it and I get the money, fine. Problem solved.

Customer service could have handled it better, I suppose, but ultimately the dude got his money.

Holds are the new profit machine for banks. Check21 only seems to apply when you take money OUT. Write a check? It's gone in minutes. Deposit a check? Wait a week.

I assume there are tens of billions of dollars in held checks at any given moment. That means banks have a few billion extra to play around with while you wait on your money.

And to top it off they then slap on their bonus by charging an ODP fee if you happen to use any of that money too soon...

These games cost Chase my business account when they took a check for over $25k, cleared it instantly, then put a hold on it after 2 days. They repeated this game 4 times with the same check. When I closed the account they didn't understand I wasn't amused by the way they played with my hard earned money.

I've used a major bank ONCE in the last ten years, only because I couldn't find a credit union in San Diego (it was BofA, fwiw, and it sucked). Find a credit union, and - if you're in a military family - USAA for credit cards. Checks post to my credit union account the next day, I can pay my USAA bills online directly from checking, and I NEVER get hassled. It's totally worth the rare times I have to pay for an ATM.

Scoobydoo nailed it: Check21 only seems to apply when you take money OUT. Write a check? It's gone in minutes. Deposit a check? Wait a week.

Check 21 is going to continue to be a problem for consumers and a profit machine for banks.

That being said, I've been a long term customer with Wachovia (multipl accts) and I've generally had good results with local and company customer service.

Meat_Shield, some banks don't even care if you leave. They have enough customers, either way. It's really frustrating.

@kastickboy: I agree! I

@: ATM transactions shouldn't take any longer to process than a deposit performed at the branch. ATM deposits are emptied out of the machines every business day before the cutoff time and processed by the tellers before their proof work is collected for the day. The deposit is actually processed by a teller whether it's through the drive-thru, the night drop, or the ATM.

On another note, it is possible to transfer funds between a personal account and a business account. However, the only way that is possible is if the business account is a DBA or other unincorporated business. Once the business is incorporated, as Cory says their business is, the account is no longer listed in the computer under the same customer ID as the personal account, making an electronic transfer impossible.

This is FWIW, coming from a former SunTrust teller. At least with that bank, we had to call any depositor when we put a hold on an ATM deposit to notify them, plus send notice in the mail. Someone at Wachovia screwed the pooch on this one.

Wait, I don't really get why you're getting mad at the bank. If you REALLY wanted that money to be available immediately you should have deposited the check in person, not at the ATM.

ATM deposits usually take 1-2 days. Teller deposits are immediate.

I've worked at a bank for 5+ years and been around the industry my entire life (family business). Whenever I see other banks screwing up it makes me happy, because it gives us a chance to move in and provide better service.

His situation may have been unavoidable, though. I know that with ATMs, deposits made through them are subject to some delay, due to the fact you're not handing your transaction to an actual employee. While ATM deposits credit your account immediately, the ATM doesn't know where the check comes from or the amount. The hold may have been placed on automatically by the system when it saw a large, uncoverable amount coming into the account. I know our system doesn't do this, but Wachovia's may.

There is no way for banks to 'profit' off of check holds. Holds are only in place during the time it takes the check to circulate back to its originating bank, and funds are collected on it. As soon as the funds come in, the hold drops off and the account is credited. This is only to prevent fraud, as many criminals in the past have used check float to rip off banks for countless millions. You are suggesting that banks collect on the check and hold it anyway, which does not occur.

Check 21 is simply a new method which the feds use to transfer checks between federal reserve branches. Instead of shipping checks across country, checks are all sent into the fed, and then electronically sent to other federal reserve branches. They are then printed and distributed to their originating banks. It can reduce check float time, but not eliminate it, since there are still alot of non-electronic elements.

Don't get me started on credit unions. Basically they are a institution with a government mandated advantage in the market, backed by powerful lobbyists in washington. They pay no income tax, which is our number two expense.

Sorry this turned out so long!
Bob

Consumerist, have you considered a post about credit unions? Where to find one, how to join one? Seems there's enough interest out there.

I dropped Wachovia the time they somehow mixed up my account with my sister's. Everytime I bought something with my debit card, it came out of her account. This was after us both having separate accounts with them for more than five years. How they confused the two, we never figured out.

@Asvetic: I just love (not) how people blindly throw out the phrase "credit union". I travel. I like having access to my money, without BS ATM fees, when I do. That's just one reason I don't use a credit union.

That phrase isn't the magic answer to everything.

I made a deposit before the cutoff time into a Wachovia branch ATM

Cory's expectation that the funds would be available over the weekend are unfortunately incorrect. Deposit regulations for ATMs are different than teller deposits.

This is the same for every bank, as these are federal regulations. If his deposit was made on Thursday, his deposit should have been available on the second business day after his deposit. That would be Monday.

As to what happened on Monday, he may have a complaint there. That being said, some of this story doesn't add up to me: his card was declined over the weekend, but his overdraft kicked in as well. It sounds like Cory was threading a very tight needle in terms of getting some bills cleared. I'm just not clear on what the situation with his account was by the time Monday rolled around.

Unless some other details come to light, it sounds like either Cory is partially wrong or maybe just wrong.

@lawnmowerdeth: I'm in St. Louis, but I'm with a national bank (which one isn't relevant to this argument) and I must say that while others have complained about the bank I'm with (as is the case for any bank, really) I haven't had any problems; all NSF fees were really my fault through accidental goofs that I don't do now that I watch for them, the phone reps have been polite and helpful, and I haven't had any shenanigans pulled on me.

If I ever do, of course I'll consider switching, but honestly, as long as a business treats me right and is helpful when I need it (when I called in to make sure the bills would still be covered the one time I overdrew the account a few years back they were quite helpful, explained the process and told me I had nothing to worry about) and I can find an ATM of theirs pretty easily most of the time... but for now I'm happy with that bank.

What I really don't get is ... what's with Brentwood Blvd. being turned into the Vegas Strip of banks? 4 banks within 1/4 mile... and I STILL have to drive way out of the way to deposit a check on the rare times I get paper checks! (I'm paid via direct deposit). Our post office was ripped down and turned into a bank. We have no post office. The TGI Friday's got ripped down and is being turned into another bank. I'm surprised the abandoned gas station turned into a Starbucks instead of a bank, to be honest.

All the older people in the area who used to walk to the post office now can't, but if they need a bank, no problem ...

@Seth_Went_to_the_Bank: Not necessarily. My bank has signs on the ATMs stating that if you deposit before the cutoff time the funds will be available that night for use the next day. That's a valid expectation. If you have said signs, you should indeed clear the money -- especially if it was your own freakin' check!

@ladycrumpet: Seems to me more like a ton of people who blindly throw that phrase out as the magic answer to any banking problem ... which it is not. Plenty of regular banks, including the national ones, can and do have good service and don't screw everyone over. It's always the dissatisfied people who yell the loudest and the vast majority of satisfied customers stay silent.

Buran, if his bank has a sign that says ATM deposits will be available the next day, then they would have to be available to the next day.

But I think you are misreporting or misremembering the signage on your bank, because certain checks will never be available the next day, whether by teller or ATM. Unless your bank is willing to clear any check in 24 hours...

@Seth_Went_to_the_Bank: Just about all banks at this point have their cutoff time for ATM the same as it is online and through teller. And since it was a check from their own bank there should never have been a hold.

can't you just transfer your funds electronically?

@Buran: Of the several different places I've had accounts, it was ONLY the credit union that did not charge me fees for using an ATM outside the U.S. One needs to shop around for a credit union as much as one needs to for a bank.

I'm still pissed at Wachovia for the completely bogus Microsoft Money fee (they now charge if you use Money or Quicken on their supposedly FREE checking).

How about an alternative (other than a CU, which I don't want) anyone?? Maybe USAA (I am a member) but I want good ATM access. Anyone have anything good to say about Suntrust??

I must emphasize others' support for Credit Unions. I really can't quite figure out why anyone does individual checking at a bank anymore.

Tip: Try to get a Credit Union that is a part of the Co-Op network (http://www.co-opnetwork.org). That way, you can use all Co-Op ATMs in the entire U.S. completely free (no fees on either side!). You can use Co-Op ATMs for deposits to your CU as well. It's awesome.

In my case, I did an internship in NYC (I'm from the west) and just about every ATM in all the McDonald's there were Co-Op! I never had to pay ATM fees.

ExecutorElassus: How long ago since you were in San Diego? I currently live in San Diego County and the Credit Unions are everywhere! I could easily name 4 or 5. I do agree, though, about USAA. Those people make life much, much easier.

As for Wachovia, you have me worried since I just set up a new car loan with them. Anyone who treats their everyday banking customers that poorly makes me think how they treat those with things like car and home loans, who they don't see.

On Monday, I called back and waited 30 minutes to get a live individual, as Ms. T was out of the office. The woman handling the call said she couldn't see why the hold had been placed, but eventually, I convinced her to drop the hold and restore the funds. She said she'd do it immediately.

I used to work at First Union/Wachovia about 5 years ago and, unless things have changed, if he called the customer service line or the branch, they should have been able to tell that the funds were in fact available and taken the hold off the account. A CSR can usually get a hold released if the funds can be verified - they can either call the other bank or check the other account.

IMO, it was ridiculous that it went that far. Sure he could have done things a little different (like go inside the branch and request for the funds to be made available immediately), but there's no reason that a competent CSR couldn't have taken care of his problem Saturday - apologized for the inconvenience and gotten a fellow CSR to follow-up with the branch and customer on Monday.

Well... that's what I would've done.

@Jabes: Excellent response Jabes. Buran sounds pretty defensive. my guess, he's with Wackovia.

What I don't understand is, why was Cory depositing a check to himself? If he shared accounts couldn't he have them connected and then transfer a balance from one account to the other and vise versus? Especially if those accounts are in the same bank.

A small correction. I download from Wachovia into Quicken and pay zero fees for the service. We've been a Wachovia customer for about three years now (since they bought out First Union), and the customer service has always been first rate.

About four months ago, we had to close out our account and open a new one on Saturday morning. It was a security concern, we thought we'd had our info compromised online. We walked out that day with checks, ATM cards, and the full deal, all at an hour before closing - on a SATURDAY! (sorry, it still gets me amazed). I was truly floored (yet happily so) that a bank could work so well.