Woodforest National Bank Oppressive Policies for Consumers Plano, Texas

I have been a Woodforest customer for nearly six years.  Now I'm a BB&T customer because after my debit card number was scammed by someone in the Phillipes last month, when I reported it to Woodforest HQ on the morning I found out, I was treated like I was the criminal!  Then over a week later I receive a new PIN for a new debit card - but 2 weeks after that, I still had no card.  I contacted the local branch last week and the very next day, I saw a $10 charge for a replacement debit card - THAT I NEVER RECEIVED.  As luck would have it, I had already opened an account with BB&T since my new employer banks there and it's right across the street.  I have transferred everything to that new account and I've told Woodforest to pack that $10 fee FOR A CARD I NEVER RECEIVED into whatever place in their office where the sun doesn't shine.  I can't close the account with that "out there" and I just don't give a rats' butt!!



The only thing Woodforest has going for it is the fact that when you have a direct deposit, it is posted to your account as soon as the electronic notification comes in - not the next day.

Woodforest National Bank is dedicated to providing quality customer service and we would appreciate the opportunity to speak directly with you.  Please contact our Customer Care department toll free at 1-888-224-0132 or email your contact information to customerservice@woodforest.com.

There is a set of regulations known as the Expedited Funds Availability Act, or Regulation CC.  These are regulations that every bank and credit union must follow to determine when they must make funds available.

In short there are cases where they can hold a check for an extended period of time.  There are several factors that would cause a 7-Day hold.  These include the amount of the check, your history with the bank(such as recent overdrafts or being a new customer), or if they suspect they will not being able to collect on the check.  Since you say you are an existing customer with no overdrafts it seems to come down to the amount and/or how collectible it is.

Now, one reason for these regulations is that there are many scams that send checks asking people to cash the check and send them back money(for some reason) by MoneyGram or other untraceable source.  Unfortunately if the bank releases the funds before it clears the other bank, the person usually sends the money off.  Only to find out a few days later that the check was either stolen or counterfeit.  This leaves the account holder "holding the bag" and is the one who has to pay back the bank.  So I hope this is not your case.

I would suggest you read over Regulation CC and if they are not following the regulation and you are 100% positive the check is good, print the following page out and take it down to the manager to get them to explain why they are still holding your funds.

http://www.federalreserve.gov/pubs/regcc/regcc.htm