ED Magedson – Founder
Wells Fargo Bank14000 Palm Drive Desert Hot Springs, California USA
Wells Fargo Bank Wells Fargo Cripples Small Businesses with Ridiculous Holds on Deposits Desert Hot Springs California
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/reports/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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