• Report: #1087151

Complaint Review: Wells Fargo Bank

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  • Submitted: Wed, September 25, 2013
  • Updated: Wed, September 25, 2013

  • Reported By: HG Star — Desert Hot Springs California
Wells Fargo Bank
14000 Palm Drive Desert Hot Springs, California USA
  • Phone: (760) 329-2981
  • Web:
  • Category: Banks

Wells Fargo Bank Wells Fargo Cripples Small Businesses with Ridiculous Holds on Deposits Desert Hot Springs California

*Author of original report: In all fairness...

*Author of original report: only cowards start swearing "online"...

*Consumer Comment: Please..

*Author of original report: Sure...it's probably our fault...

*Consumer Comment: Actually..

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Clearly, Wells Fargo bank is willing to cripple a new business.  I woke this morning to find that Wells Fargo placed a nine (9) day hold on a deposit.  We've had no bad checks ever.  I am so angry and frustrated.  SuperStar Painting is a new start-up business located in Desert Hot Springs, CA.  We opened a business account a few weeks ago at the local Wells Fargo branch.  We're new, and cash strapped.  So, I was very pleased when one of our clients walked into a Wells Fargo branch in Yorba Linda, CA., and made a deposit into our business account, to help us with overhead, gas, expenses.  The deposit was in the form of a business check drawn on another major US bank.  This is 2013: what could possibly take nine days to verify?  Checks clear overnight in this modern age of technology.  I can understand a new account being required to submit to a hold of a couple days...even then, it's not like Wells Fargo couldn't electronically clear the deposit immediately if they wanted to.  It's just easier for them to hamstring us, the new small business, and hold on to our money for 9 days!  I will blog everyday about how we, the little guy, are crushed by unreasonable Wells Fargo policies, and then when the hold is lifted, I'll gladly close this account and find a decent bank that actually likes small businesses. 


This report was posted on Ripoff Report on 09/25/2013 05:10 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Bank/Desert-Hot-Springs-California-92240/Wells-Fargo-Bank-Wells-Fargo-Cripples-Small-Businesses-with-Ridiculous-Holds-on-Deposits-1087151. 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:
3Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

In all fairness...

AUTHOR: HG Star - ()

We marched in to the branch, explained how much a 9-day hold would hurt us as a business just getting going.  In all fairness, the Wells Fargo branch manager requested an image of the check (inter-bank), and released the funds.  Again, I'm not sure why I had to wake up, check my balance, and start my day off so annoyed with the realization that our funds would be held for 9 days (which sent me through the roof :)).  But, after making a trip to the bank, they did release the funds, and actually made a point of stating that that they want to keep our business.  I feel a little better, obviously.  I'm updating this for anyone interested because I am an honest person, and Wells Fargo did work with us, and with no hassle.  And for my little "smart-alec" buddy (who doesn't work for a bank...but understands all of the in's and out's of banking procedures...) keep this in mind: "People who think they know everything are a great annoyance to those of us who do."  I have a feeling the humor might be lost on my little friend :)

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#2 Author of original report

only cowards start swearing "online"...

AUTHOR: HG Star - ()

Clearly, you represent the banking industry in some capacity.  Good for you.  But, I can promise you this, if you were standing in front of me, you wouldn't tell me to "take your head out of your "a#@!"  I'm the kind of person who would probably react to that.  But, it's typical for a coward to talk tough online.  As a banker, do you make those kinds of suggestions to your customers?...figures.

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#3 Consumer Comment

Please..

AUTHOR: Robert - ()

Take your head out of your **s and learn to read.  Sorry to be so direct but gees.....

No where in the report did I say that you bounced a check.  I have no idea of your history, nor do I really care as I am just giving you possible reasons and things to think about .  That is why I said IF that applied to you it is a common reason.  Whether or not you have bounced a check it doesn't change the fact that people that do bounce checks are going to be subject to additional holds regardless of what bank they are at.

And since I don't want to "insinuate" anything that may not apply to you, I won't insinuate that you actually went into the branch and talked to them personally to see if they can remove the hold. 

In the end if you have a problem with the length of the hold take it up with your Represenatives in Washington because they are the ones who implemented the regulation. 

Oh and no I do not now or have I ever worked for any bank.

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#4 Author of original report

Sure...it's probably our fault...

AUTHOR: HG Star - ()

I'm sure what your relationship is to Wells Fargo, or some other bank, but, obviously you're a big bank defender.  I like your insinuation that maybe we "bounced a few checks."  It must be our fault, right?  Well, let me make this clear:  we have not bounced any checks.  Your "big bank" friends should make it clear when we open these accounts that "for the first 6 months to a year we may hang on to your money for a week or two...until we get to know you.  Instead of using the same technology used to actually verify, clear and cash a check, we'll just make you wait a week or two.  What the heck...it's your problem, not ours."  I enjoyed your hypotheticals, but bottom line: a 9 day hold??  Who could start a business with that kind of a hurdle?

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#5 Consumer Comment

Actually..

AUTHOR: Robert - ()

 The "policy" they are following is the policy every other bank would follow because it is Federal regulation.

Take a look at what is known as Regulation CC(Expedited Funds Availability Act).  It specifies how much of a hold and under what circumstances a bank can place a hold on funds. 

The reason for your hold is probably a combination of a few things.  First you are a "new" account and as such do not have a history.  Oh and you saying that you haven't had a bad check yet.  Well not saying you will, but the short time really doesn't prove anything.  The other factor is probably the amount as well as the location of their bank.  If they are not serviced by the same Federal Reserve bank they are considered out of the area and as such a longer hold can be placed.    Another common reason for holds is if you have bounced any checks.  If this applies to you, this alone could have caused an extended hold especially if you have had a couple or they have been for a significant amount.

Now, what I would do is take a look at this policy and see if the hold time they put on it is allowed for your situation.  If not then go into the branch and let them know that they are not holding the funds per Regulation CC and that they need to make the funds available. 


Oh and as an FYI, even if they make the funds available..the check could still be invalid and come back as bad.

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