- Report: #792315
Report - Rebuttal - Arbitrate
Complaint Review: Woodforest National Bank
Woodforest National Bank425 Coit Road Plano, Texas United States of America
Woodforest National Bank Oppressive Policies for Consumers Plano, Texas
*Consumer Comment: Woodforest - SSDD
*UPDATE Employee: Woodforest Customer Service
*Consumer Comment: Regulations
I deposited the check 5 business days ago - One Week in Actual time. I just went over to Woodforest and asked if the check had cleared. Now the Mgr tells me that there is no way for them to determine if a check has cleared the other bank or not. I spent a half hour waiting while Mgr called Risk Mgt, other Mgrs, only to get the same double-talk. When asked why I was told that the money would be released before the 7-day hold if the check cleared, the Mgr told me that it was impossible to determine whether the check cleared, so I "couldn't" have been told that by anybody at Woodforest.
I've had this account at Woodforest for over 10 years, never had an overdraft, and have my monthly payroll AND benefit check electronically deposited to this same account. This specific check and Woodforest's "HOLD" on deposits has really made me upset. I'm moving my accounts over to my husband's bank - which is actually a credit union and changing my e-deposits. With less money in his accounts and a shorter account duration, his bank held a check from the same person and same bank for only 2 days before determining it had cleared the bank it was drawn upon.
Woodforest has oppressive policies which penalize clients and the customer service is horrible. Personnel have no authority or knowledge about policies - demonstrated by Mgr. "Frank" when he told me one thing the money would be released when the check "cleared" and then when I went back a week later he told me there wasn't any way to determine if the check had cleared and that I'd just have to wait the extra time. That means - in real terms - that I deposited the check on a Wednesday and the money wasn't available until 11 days later (5 "business" days - which involved two weekends.
Woodforest Board of Directors are banking a nice bonus from holding your collected funds, wouldn't you rather do business with a bank or credit union that gives YOU the benefit of your money?
This is scandalous.
This report was posted on Ripoff Report on 10/26/2011 09:27 AM and is a permanent record located here: http://www.ripoffreport.com/r/Woodforest-National-Bank/Plano-Texas-75075/Woodforest-National-Bank-Oppressive-Policies-for-Consumers-Plano-Texas-792315. 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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