Woodforest National Bank woodforest bank\direct deposit accounts houston, Texas

First: Social Security or any agency doing a direct deposit DOES set the date of payment. The information comes through saying pay this person this amount on this date. For instance, my wife is disabled and gets her payment on the third Thursday of each month. Woodforest actually makes direct deposits available the day before, meaning we have complete access to her payment on the third Wednesday of each month. The money is available on that date for use for any use.

Second: Wood forest doesn't "owe the community" any money for overdraft fees. The fees were paid by account holders not the community. And actually, Woodforest reached an agreement with the federal government and sent checks refunding a portion of the overdraft fees charged to their account holders.

As for your direct depsoit- is this by chance the first time? If so, then it may take a while for SSA to initiate it. But once established the amount they say will be available in your account the day before you would get it in any other bank that I know.

Your report lacks details as to an actual situation and you are pretty much all over the board as to who you blame.  But if you are saying that they are holding a Direct Deposit for an extended period of time they could be in violation of Regulation CC.  Specifically

Sec. 229.10 Next-day availability.

b) Electronic payments--(1) In general. A bank shall make funds received for deposit in an account by an electronic payment available for withdrawal not later than the business day after the banking day on which the bank received the electronic payment. (2) When an electronic payment is received. An electronic payment is received when the bank receiving the payment has received both-- (i) Payment in actually and finally collected funds; and (ii) Information on the account and amount to be credited. A bank receives an electronic payment only to the extent that the bank has received payment in actually and finally collected funds.

If they are in violation and they can't show that it was not intentional you can go after them in Civil court for actual damage you can prove as a result of them holding the funds and other damages up to $1000.