Deposits and withdrawals

Note : This Complaint was also filed through the Federal Reserve Form. They claim it will be forwarded to you.

I have attached copy of a Check that a 6-8 week hold was arbitrarily placed on, claiming internal policy.

Persists in placing 6-8 week hold on a Home Equity Line of Credit without clear cause and appears to be extremely arbitrary and contradicts Regulation CC in several ways. Refuses to Disclose Policy on Home Equity Line of Credit Checks, claiming they are convenience checks-not true. My Name, address, Routing #, Account #, and the name of the institution, ( XXXX ), clearly on the check. Also, Manager claims convenience checks immediately go into collections. No minimum timely release of funds as required by the Regs according to my interpretation. In reading Wells Fargo Policy in this area, it pretty much aligns with the Regulations, just not in implementation.
Depending on whom you ask within Wells Fargo determines the many contradictory responses you received. ( Customer Service, Manager, District Manager, and now waiting on Executive Services for their take on this issue as they too were confused.

From Reg CC ; ( 2 ) Basis for determination ; ” No determination under this subsection may be based on any class of checks or persons. ”

Leave a Reply