?? for the Bankers on here

[UltraLucky]

Who decides to put a hold on a check? This on a Wells Fargo Buisness account.
Tellers never put on holds. Last week a manager processed the deposit and I end up with a 2 day hold.
Today I make a deposit for less (same manager) and I end up with a seven day hold. Who controls this? They act like it is a big mystery and they have no control over it. We have never had a deposit (in the 20+ years we have been there) un honered.

 

[Lunatic Fringe]

This will tell you what you need to know. The banks are quite familiar with the maximum allowed days to hold deposits.
http://www.federalreserve.gov/pubs/regcc/regcc.htm

 

[Motor Boater]

Who decides to put a hold on a check? This on a Wells Fargo Buisness account.
Tellers never put on holds. Last week a manager processed the deposit and I end up with a 2 day hold.
Today I make a deposit for less (same manager) and I end up with a seven day hold. Who controls this? They act like it is a big mystery and they have no control over it. We have never had a deposit (in the 20+ years we have been there) un honered.

Thats a great question and the best thing I can tell you to do is find a good wells "business" banker and talk to him. Might even have to tell them you are moving your accounts to get any traction. I had my business account with them for several years and finally gave up and moved it to my credit union. They would hold everything, my partner had a cashiers check issued by wells held once??? We were like.... isn't that certified funds as in same as cash? Anything I deposited after 4:30 on a friday wouldn't hit my account until end of business monday. Even when my business partner gave me a check from his wells account they would hold it for a day. A business banker told me to go to the counter and cash the check, then ask them to deposit the cash. I told him we have always been in good standing with the bank and I'm not interested in playing silly games.

To be fair I have told this story to several people who bank with wells and have been told they have had nothing but great service, no holds and no issues for years. To your point maybe its the manager or specific rules at that branch.

 

[UltraLucky]

This will tell you what you need to know. The banks are quite familiar with the maximum allowed days to hold deposits.
http://www.federalreserve.gov/pubs/regcc/regcc.htm

Thanks for the link. Gives some good info. The Check I gave them today was from the State no reason for a seven day hold.

Thats a great question and the best thing I can tell you to do is find a good wells "business" banker and talk to him. Might even have to tell them you are moving your accounts to get any traction. I had my business account with them for several years and finally gave up and moved it to my credit union. They would hold everything, my partner had a cashiers check issued by wells held once??? We were like.... isn't that certified funds as in same as cash? Anything I deposited after 4:30 on a friday wouldn't hit my account until end of business monday. Even when my business partner gave me a check from his wells account they would hold it for a day. A business banker told me to go to the counter and cash the check, then ask them to deposit the cash. I told him we have always been in good standing with the bank and I'm not interested in playing silly games.

To be fair I have told this story to several people who bank with wells and have been told they have had nothing but great service, no holds and no issues for years. To your point maybe its the manager or specific rules at that branch.

I have had periodic problems with this local branch since I moved the buisness out of Pasadena. Looks like I will be driving to Pasadena to talk to "buisness"
banker tomorrow. I have done the check cash thing with them and BofA.

 

[ChumpChange]

Thanks for the link. Gives some good info. The Check I gave them today was from the State no reason for a seven day hold.

I have had periodic problems with this local branch since I moved the buisness out of Pasadena. Looks like I will be driving to Pasadena to talk to "buisness"
banker tomorrow. I have done the check cash thing with them and BofA.

PM me the branch. I still know most of the managers around us from when I worked there ten years ago. It's sad they're still there but can give you a nice local intro.

 

[UltraLucky]

PM me the branch. I still know most of the managers around us from when I worked there ten years ago. It's sad they're still there but can give you a nice local intro.

PM Sent

So who makes the hold decesion?

 

[ChumpChange]

PM Sent

So who makes the hold decesion?

Computers but they can make a decision to override. The length of hold is determined by the routing number on the check in relation to your office which is lame since Check21 was passed years ago.

 

[TX Foilhead]

That's BS, they can and will take it out of your account instantly. They just want some interest while the hold your money hostage.