• Report: #196717

Complaint Review: WACHOVIA BANK

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  • Submitted: Fri, June 16, 2006
  • Updated: Sat, February 25, 2012

  • Reported By:CHARLOTTE North Carolina
WACHOVIA BANK
WACHOVIA.COM CHARLOTTE, North Carolina U.S.A.
  • Phone:
  • Web:
  • Category: Banks

WACHOVIA BANK CASH DEPOSIT NOT AVAILABLE IMMEDIATELY RIPOFF CHARLOTTE North Carolina

*Consumer Comment: Wow

*Consumer Comment: the whole story

*UPDATE Employee: What's The Whole Story?

*Author of original report: Update

*Author of original report: Update

*Author of original report: Update

*Author of original report: Update

*Consumer Comment: In Response...

*Consumer Comment: I Too Know Of Bank Ripoffs

*Consumer Suggestion: Shop Around

*Consumer Comment: Just because the bank is open on saturday doesn't make it a business day...

*Consumer Comment: duh...

*Consumer Comment: I understand

*Consumer Comment: Tawanna go to a credit union

*Author of original report: Thanks for comments

*Consumer Comment: You have to understand...

*Consumer Comment: You have to understand...

*Consumer Comment: You have to understand...

*Consumer Comment: You have to understand...

*Consumer Comment: You did the right thing.....

*Consumer Suggestion: They held cash deposited at a teller?

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Today I closed my account with Wachovia bank. Last Saturday at 11:40am I deposited cash in my account. The person at the front advised me that I would not be able to use my debit card and the cash is not available for any checks coming in. I asked which day it would be available, she stated Monday. Monday morning called my available balance was there, I began to pay some bills online with my debit card. I also took a check to my electric company. On Wednesday I made another cash deposit but noticed my balance was off, I checked my account online and found that I had been charge NSO fees for every transaction done on Monday. I called because I didnt understand the issue. The representative informed me that my cash although available at the ATM was not available for debit or checks until Tuesday morning. She refunded me the NSF fees but prior to that my check came through and because my second deposit was after 4pm it was not availabe until Friday which is today, so I was charged another NSF fee. I went to the branch to discuss this and the person at the front explained that this was in the agreement that I signed and that I should go and speak to the person who told me this he also said all banks do this. I called the 800 number and someone name Laquita was speaking to me and I was hung up on so I just decided to close this account. I have never known a bank to hold cash deposits. I live in North Carolina and would like to know of any banks where cash is immediately available. I just moved form New York and never had this problem before

Tawanna
CHARLOTTE, North Carolina
U.S.A.

This report was posted on Ripoff Report on 06/16/2006 09:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/WACHOVIA-BANK/CHARLOTTE-North-Carolina/WACHOVIA-BANK-CASH-DEPOSIT-NOT-AVAILABLE-IMMEDIATELY-RIPOFF-CHARLOTTE-North-Carolina-196717. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 21Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Wow

AUTHOR: avilleneuve2012 - (United States of America)

Hey bank worker, I am sure if I deposited cash and tried to use my atm card or write a check it had better god damn be there. There is never to be a hold on small amounts of cash!!!! Im on the phone with a higher up at a bank now. Go back to your s**t bank and bark up someone elses tree.
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#2 Consumer Comment

the whole story

AUTHOR: Tawanna - (U.S.A.)

in response to your question the whole story is that my account was in a positive balance at the time I made this deposit, there were no check card holds or checks pending because I do keep an accurate account. Second, I did not yell or curse at anyone. Third, you are correct I should have made it my business to find out this particular banks policies not assume it was like other banks. But I still dont think a bank should place a hold on your cash that is deposited at the teller no matter what day or time it is. Now, I am with a bank that my cash deposited at the teller is available immediately.
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#3 UPDATE Employee

What's The Whole Story?

AUTHOR: C - (U.S.A.)

Please remember wen you are reading people's complaints in here that you are getting only their side of the story. I don't doubt that Tawana was told Monday. However, what is the rest of the story? What was the account balance at time of deposit? What items were pending from checks, checkcard purchases, etc? Did you know that GAS stations DO NOT place a hold for check card purchases? If you do not keep an accurate record then you may get bit by one of these gas purchases you forgot about.

For those who do not take time to fully understand the schedule of fees and policies that are given to them at the time they ope the account will probably have problems at some point if they do not properly manage their funds. The major cause of NSF or Overdraft is failure to keep accurate records. I have experienced NSF and Overdraft and it was, both times, attributed to my failure to accurately keep records or a mistake in accounting on MY behalf.

Suggestion, keep an accurate WRITTEN record of all deposits and expendatures on your account - EVEN IF YOU ARE WITH A CREDIT UNION. Yes, I had NSF's on my CREDIT UNION acocunt. I thought a deposit should have posted and it didn't due to a hold (Reg CC) and rather than close my account and yell like a child at the Teller or Cust Svc person, I educated myself in order to NOT have that issue in the future.

It doesn't matter what bank or credit union you go to, unless you understand the process and most imortantly, keep accurate records recording ALL credits and debits to your account and take into account any holds that may be placed, you will have problems.

I would like to know more information about THIS particular transaction. What was the balance on Saturday? What transactions were pending? How many gas purchases were pending? What checks were written? What transactions were performed by this lady between Saturday and the following Friday when she had all the problems?

Lesson - Know the policies and proceddures. They are given to EVERYONE who opens an account with a bank or credit union.

Chances are, anyone who has problems with NSF or OD at one bank, I bet within the next year, we can see that same perosn on RipOffReport.com complaining about the next bank they go to...unless it's one of those tiny little community banks that still processes things in-house and will call you if you are pending an NSF or OD. That's my suggestion...go find one of those.
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#4 Author of original report

Update

AUTHOR: Tawanna - (U.S.A.)

First my account was not in negative balance to answer that question, and second I did find a bank where my cash is available immediately. I dont think there should be a limit of availability of my cash at one bank and then when I go to a different bank my cash is available immediately when deposited at the teller. This is something that we should not accept because if one bank can do it all banks can. For everyone who stated that all banks follow this procedure that is not true and if your bank follows this one then you should find a new bank and it doesnt have to be a credit union.


I keep hearing that Saturday is not a business day so why are the banks open on Saturday, the bank process does not close, a check can post to your account 12am Sunday, that means someone is working, so I think it is bologna that my cash deposit could not be processed until Tuesday morning, the money was verified because they have to cash out at the end of the day, so it was a matter of pushing a button on a computer. I will not accept a hold on my cash, and I didnt so I just moved my business elsewhere. Thank you for all your comments.
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#5 Author of original report

Update

AUTHOR: Tawanna - (U.S.A.)

First my account was not in negative balance to answer that question, and second I did find a bank where my cash is available immediately. I dont think there should be a limit of availability of my cash at one bank and then when I go to a different bank my cash is available immediately when deposited at the teller. This is something that we should not accept because if one bank can do it all banks can. For everyone who stated that all banks follow this procedure that is not true and if your bank follows this one then you should find a new bank and it doesnt have to be a credit union.


I keep hearing that Saturday is not a business day so why are the banks open on Saturday, the bank process does not close, a check can post to your account 12am Sunday, that means someone is working, so I think it is bologna that my cash deposit could not be processed until Tuesday morning, the money was verified because they have to cash out at the end of the day, so it was a matter of pushing a button on a computer. I will not accept a hold on my cash, and I didnt so I just moved my business elsewhere. Thank you for all your comments.
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#6 Author of original report

Update

AUTHOR: Tawanna - (U.S.A.)

First my account was not in negative balance to answer that question, and second I did find a bank where my cash is available immediately. I dont think there should be a limit of availability of my cash at one bank and then when I go to a different bank my cash is available immediately when deposited at the teller. This is something that we should not accept because if one bank can do it all banks can. For everyone who stated that all banks follow this procedure that is not true and if your bank follows this one then you should find a new bank and it doesnt have to be a credit union.


I keep hearing that Saturday is not a business day so why are the banks open on Saturday, the bank process does not close, a check can post to your account 12am Sunday, that means someone is working, so I think it is bologna that my cash deposit could not be processed until Tuesday morning, the money was verified because they have to cash out at the end of the day, so it was a matter of pushing a button on a computer. I will not accept a hold on my cash, and I didnt so I just moved my business elsewhere. Thank you for all your comments.
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#7 Author of original report

Update

AUTHOR: Tawanna - (U.S.A.)

First my account was not in negative balance to answer that question, and second I did find a bank where my cash is available immediately. I dont think there should be a limit of availability of my cash at one bank and then when I go to a different bank my cash is available immediately when deposited at the teller. This is something that we should not accept because if one bank can do it all banks can. For everyone who stated that all banks follow this procedure that is not true and if your bank follows this one then you should find a new bank and it doesnt have to be a credit union.


I keep hearing that Saturday is not a business day so why are the banks open on Saturday, the bank process does not close, a check can post to your account 12am Sunday, that means someone is working, so I think it is bologna that my cash deposit could not be processed until Tuesday morning, the money was verified because they have to cash out at the end of the day, so it was a matter of pushing a button on a computer. I will not accept a hold on my cash, and I didnt so I just moved my business elsewhere. Thank you for all your comments.
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#8 Consumer Comment

In Response...

AUTHOR: Michelle - (U.S.A.)

Deposit cut off times are written in the statement of fees when the account is opened, however a branch representative simply saying that rather than giving an explanation is ridiculous. The deposit cut off time for deposits through a teller (inside or thru the drive thru) is 2:00pm in most all states, so any deposits made before that time will credit for the same day.

Cash immediately and checks with that nights processing (unless a hold is placed) which will be available the next morning and will cover items coming in that night. However a deposit after cut of time will not process until the next business days night.

Let me explain why: At the 2:00pm cut off time all credit, debits, etc get picked up (now by armored car) and sent to a central location for processing. All those items are processed for that night and will cover items coming in. All deposits made after the cut off time are not picked up for processing until the next business day (along with all the deposits that were made before cut off time that day) and sent to central processing.

Central processing enters in all the transactions and they process electronically that night between 12:00am-7:30pm Monday thru Friday. So since banks (and the Federal Reserve) do not consider Saturday a banking day, those deposits would be picked up Monday will all the deposits made before cut off time and be sent for processing that day, making the funds available first thing Tuesday morning.

I too, wish they made cash available immediately, as it would cut down on a lot of misunderstanding about cut of times. I was informed however the last time I called, this is something they are working to put into place, along with ATM machine's that scan the money when it is entered, counts it and credits it for that day. Although this can be avoided by educating yourself on your banks policies, when it comes to immediate availably of cash, the only places that guarantee it are credit unions.
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#9 Consumer Comment

I Too Know Of Bank Ripoffs

AUTHOR: Thomas - (U.S.A.)

this is not about the bank in question, but the Bank of Boston. I deposited a paycheck on Friday, and wrote a check for rent that same day, mailed it thinking it would clear by the time they got it, well it didn't. A was charged a NSF. Ok, it can happen. About 6 months later did the same, only a few days later. Was contacted by my landlord that the check bounced. I went to the bank asked what was going on. I was told my deposit was lost. I produced a receipt for the deposit, and I said I don't care where it is, here is the receipt, now credit my account. I got a big argument about that. A few weeks later they cancelled my account, and had me black-balled in all other Boston banks. Those B**tards!
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#10 Consumer Suggestion

Shop Around

AUTHOR: Chip - (U.S.A.)

The policy is different from bank to bank. If I deposit cash into my account, it doesn't matter if it's Monday, Saturday or Sunday, or 9 am or 5 pm. The cash is available that instant for MasterMoney (debit card) purchases or ATM withdrawal, though, if I deposit cash on the weekeend, the TRANSACTION DATE is the next business day (Monday). Cash deposits should always be available immediately.

However, were there any restrictions on your account? When you made the initial case deposit, was your account balance negative?
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#11 Consumer Comment

Just because the bank is open on saturday doesn't make it a business day...

AUTHOR: Leticia - (U.S.A.)

In the corporate eyes. What the teller neglected to tell you was that it would go through, at midnight on technically Tuesday morning. The bank I am with the teller told me that when I deposited money on a saturday, and that my money would not be available until Tuesday.

So I would blame the teller for NOT telling you the truth. Not the entire bank. Since my teller (at a different nationwide bank) told me exactly what to expect from a Saturday deposit.

If you deposit outside of business hours, it takes at least one business day before the money is deposited, and Saturday is not considered a business day.

I remember when banks were NOT open on the weekends at all, and I'm only 30.
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#12 Consumer Comment

duh...

AUTHOR: Bryan - (U.S.A.)

most every bank o have dealt with has bank buisness days of monday through friday. saturday isnt one of then even if they are open. look closely at the bank calander the next saturday you are in it will have monday date on it.
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#13 Consumer Comment

I understand

AUTHOR: Justin - (U.S.A.)

I understand where you are coming from, I had many problems with Wachovia as well, I also no longer have accounts with them. But now I bank with first federal, and even if I deposit a check it is available for immediate withdrawl if I need it. So there are banks out there that do have immediate availability of funds, so just when you go to open a new account ask them their procedures on when you can withdrawl your money and they have to lay it out clear for you. I wish you the best!
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#14 Consumer Comment

Tawanna go to a credit union

AUTHOR: Aafes - (U.S.A.)

Tawanna, find a good credit union and open an account there. You will be treated as a customer should and not a fee generating machine.

Making a cash deposit, at a teller, on Saturday and not having the funds available for use until midnight MONDAY is absolutely unacceptable. The teller's drawer is counted and verified almost always the SAME DAY, and certainly no later than noon on Monday. The manager or teller supervisor has to verify the funds in the drawer match both the deposits/withdrawals and the cash issued with the drawer. You can BET it was done well in advance of midnight MONDAY.
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#15 Author of original report

Thanks for comments

AUTHOR: Tawanna - (U.S.A.)

Thank you for all your responses but I have to disagree that every bank follows this practice, I have banked with Washington Mutual and Citibank and my cash deposited at the teller was available immediately for debit card purchases, checks or ATM withdrawals. And they should have just said Tuesday morning because the money is not available until 12am.
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#16 Consumer Comment

You have to understand...

AUTHOR: Alastrian - (U.S.A.)

...the banking procedures. Don't go by what Customer Representatives tell you. Either by phone or in the branch. Some of them don't exactly know how to handle an issue. There responses could be wrong due to lack of training and not misleading.

The funds, that the teller mentioned, would be available Midnight Monday, and not Monday.

She gave you a refund because you had made a deposit before, and not after, your payments processed.

Deposits are processed the next business day after 2pm in the branch and 4pm from ATMs.

The Reps will state to you that you signed an agreement if they don't have any other explanation to tell you.

If you are yelling and cursing at the Reps, they will shut there ears and just say no throughout the whole conversation. If you talk naturally, they will listen and seek any cause to solve your problem.

It doesn't matter where you come from. New York or New Mexico, all banks follow the same procedure.
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#17 Consumer Comment

You have to understand...

AUTHOR: Alastrian - (U.S.A.)

...the banking procedures. Don't go by what Customer Representatives tell you. Either by phone or in the branch. Some of them don't exactly know how to handle an issue. There responses could be wrong due to lack of training and not misleading.

The funds, that the teller mentioned, would be available Midnight Monday, and not Monday.

She gave you a refund because you had made a deposit before, and not after, your payments processed.

Deposits are processed the next business day after 2pm in the branch and 4pm from ATMs.

The Reps will state to you that you signed an agreement if they don't have any other explanation to tell you.

If you are yelling and cursing at the Reps, they will shut there ears and just say no throughout the whole conversation. If you talk naturally, they will listen and seek any cause to solve your problem.

It doesn't matter where you come from. New York or New Mexico, all banks follow the same procedure.
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#18 Consumer Comment

You have to understand...

AUTHOR: Alastrian - (U.S.A.)

...the banking procedures. Don't go by what Customer Representatives tell you. Either by phone or in the branch. Some of them don't exactly know how to handle an issue. There responses could be wrong due to lack of training and not misleading.

The funds, that the teller mentioned, would be available Midnight Monday, and not Monday.

She gave you a refund because you had made a deposit before, and not after, your payments processed.

Deposits are processed the next business day after 2pm in the branch and 4pm from ATMs.

The Reps will state to you that you signed an agreement if they don't have any other explanation to tell you.

If you are yelling and cursing at the Reps, they will shut there ears and just say no throughout the whole conversation. If you talk naturally, they will listen and seek any cause to solve your problem.

It doesn't matter where you come from. New York or New Mexico, all banks follow the same procedure.
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#19 Consumer Comment

You have to understand...

AUTHOR: Alastrian - (U.S.A.)

...the banking procedures. Don't go by what Customer Representatives tell you. Either by phone or in the branch. Some of them don't exactly know how to handle an issue. There responses could be wrong due to lack of training and not misleading.

The funds, that the teller mentioned, would be available Midnight Monday, and not Monday.

She gave you a refund because you had made a deposit before, and not after, your payments processed.

Deposits are processed the next business day after 2pm in the branch and 4pm from ATMs.

The Reps will state to you that you signed an agreement if they don't have any other explanation to tell you.

If you are yelling and cursing at the Reps, they will shut there ears and just say no throughout the whole conversation. If you talk naturally, they will listen and seek any cause to solve your problem.

It doesn't matter where you come from. New York or New Mexico, all banks follow the same procedure.
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#20 Consumer Comment

You did the right thing.....

AUTHOR: D - (U.S.A.)

You did the right thing when you closed your account, Wachovia doesn't WANT OR NEED your account with $300.00 in it since you aren't able to keep an accurate. I LOOK FORWARD TO YOUR RESPONSE.
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#21 Consumer Suggestion

They held cash deposited at a teller?

AUTHOR: Dave - (Canada)

I can understand why there would be a hold on cash deposited at the ATM until at least the next business day.

But a cash deposit at a teller should be immediately credited to your account.

If they did that to me, I'd have changed banks too.
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