Woodforest National Bank
6000 Coit Rd
Plano Texas 75023
United States of America
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- Phone: 469.467.6833
- Web:
- Category: Banks
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Woodforest National Bank Excessive Delay for Checks Deposited Plano, Texas
*Consumer Comment: Employees of Woodforest Posting Rebuttals
1Author
3Consumer
2Employee/Owner
I Googled Woodforest for an issue I'm having with a deposited check and found the report by Plano Teacher which is almost exactly the situation I'm having with a nearby branch of Woodforest Bank. I've been with Woodforest for about 9 years, no overdrafts, have both business and personal accounts there. I deposited a local check from a bank about 4 miles away from the Woodforest branch and was told there would be a 7 business day hold. The check was for just over $1000. As the poster below noted, this translates to about a week and a half in real days.
I've read the reference below to the Federal Reserve Board rules and also the Consumer Union rules for availability of funds for deposited checks. Woodforest obviously doesn't follow (and doesn't care) about following the regulations for funds availability.
The only thing worse than the excessive delay which generates interest from the daily float for Woodforest, is dealing with the tellers. The bar isn't set real high for employment at Woodforest. The first teller I spoke with said "I don't know where the Federal Reserve Bank is at, I work here at Woodforest." There's usually at least one person at the branch who is reasonably competent, but the IQ superiority of the Walmart clerks is readily apparent. (Woodforest branches are located in Walmart stores).
More a matter of principal than necessity for me, the long delay of making funds available is just another example of Woodforest's "take advantage of the consumer...because we can" attitude. News reports routinely have stories about well-known banks like Bank of America and Citibank taking advantage of consumers. Woodforest policies and practices clearly illustrate that it's not only the large well-known banks that people need to call into question. This has been an eye-opening experience for me.
Click Here to read other Ripoff Reports on Woodforest National Bank
REBUTTALS & REPLIES:
1Author
3Consumer
2Employee/Owner
Updates & Rebuttals
#1 Employee
AUTHOR: Woodforest Customer Service - The Woodlands (USA)
SUBMITTED: Thursday, October 27, 2011
POSTED: Thursday, October 27, 2011
Woodforest National Bank is dedicated to providing quality customer service and we would appreciate the opportunity to speak directly with you. Please contact our Customer Care department toll free at 1-888-224-0132 or email your contact information to customerservice@woodforest.com.
#2 Employee
AUTHOR: ~ Sexy Angel~ - (United States of America)
SUBMITTED: Friday, January 20, 2012
POSTED: Friday, January 20, 2012
I am an employee for Woodforest and our holds policy is within regulation. If the check has never been through our system we have no way of knowing if the check is good since there is no history. Also if it a high dollar amount that may indicate "unusual activity" on your account and therefore a hold will be placed. Lots of people complain about a hold until it saves them from owning money back to the bank.
Angel
#3 Consumer Comment
AUTHOR: Jeanski - Buffalo (USA)
SUBMITTED: Saturday, January 21, 2012
POSTED: Saturday, January 21, 2012
Nice try, "Sexy Angel" but it doesn't wash. My bank did something similar to me, although the check was for substantially more (about $15,000). However, this occurred in a small town where everybody knew everybody else, and the law firm that gave me the check was well known. The issuing bank was across the street, so I was able to get a letter that the checked cleared THE NEXT DAY and present it to my bank. They still held firm to the idea that "screw the customer and use their money" was the way to go. I still had to wait the requisite time before the funds were made available.
It may be legal but it isn't good customer service.
#4 Consumer Comment
AUTHOR: cjones@otl-upt.com - Houston (U.S.A.)
SUBMITTED: Saturday, January 21, 2012
POSTED: Saturday, January 21, 2012
I have had an account with Woodforest National Bank for over 10 years, and in that time have never had an overdraft, or free of any kind charged to my account. I have had checks that were held for about a week, but knew this would be the case when depositing them because I read my contract when I opened the account and this is how all banks work. I am not an employee of this or any other bank and have no vested interest in writing this report other than to say that the service I have received from Woodforest has been excelent. Holding the check is for your protection and if you need the money and can not waite you could have cashed the check at the bank it was drawn on and deposited the cash. In both instances the other bank was just down the road or across the street.
#5 Consumer Comment
AUTHOR: PlanoTeacher - Plano (United States of America)
SUBMITTED: Tuesday, January 24, 2012
POSTED: Tuesday, January 24, 2012
Since I first filed this report about Woodforest, I've learned more information.
The largest Governmental fine in history against a bank was against Woodforest Bank for charging excessive fees. This is a fact. The President of Woodforest publicly stated "I feel the fees are within reason and good business practice."
Woodforest in the only bank in the area who hires High School graduates without a college degree. This is part of their business strategy - the less employees think about how they're ripping people off, the better they will sleep at night. "Sexy Angel" is undoubtedly among these hires. With no real world experience and not many prospects of working at another bank, these employees are grateful to have a job and are the "Miller Light Girls" pushing Woodforest Banking products and policies.
Woodforest Bank is basically a group of Houston oil people who felt that they could dip into the financial market and use that income to even out the oil market high and lows.
I've since switched my account to ING Direct and my deposits are ALL credited within 5 days. There are no overdraft fees, check fees or debit card fees which are charged by Woodforest. What I appreciate most is that ING doesn't pile on the BS like Woodforest.
