checking account closure

[dopio]

What is the name of your state? California
Wells Fargo closed my checking account without notifying me on 2/14 - due to excessive overdrafts. My payroll check direct deposit, unfortunately, went in the evening of 2/14/06 - they are now holding onto over $8k of my funds - with nothing outstanding against it. How do I get my funds released.

[seniorjudge]

Originally Posted by dopio

What is the name of your state? California
Wells Fargo closed my checking account without notifying me on 2/14 - due to excessive overdrafts. My payroll check direct deposit, unfortunately, went in the evening of 2/14/06 - they are now holding onto over $8k of my funds - with nothing outstanding against it. How do I get my funds released.

Are you saying that you owe them no money but they have $8K of your money?

Why aren't you at the bank complaining (nicely of course...don't want to get arrested)?

[dopio]

well - without getting too personal - I fell off the face of the earth for a bit -cancer - and have no excuse - except I was freaking out - and not paying attention to anything. While my prognosis is now good - my credit is dead. So, do you know when I can get my money? How long they can hold it???

[seniorjudge]

Originally Posted by dopio

well - without getting too personal - I fell off the face of the earth for a bit -cancer - and have no excuse - except I was freaking out - and not paying attention to anything. While my prognosis is now good - my credit is dead. So, do you know when I can get my money? How long they can hold it???

Why aren't you at the bank complaining (nicely of course...don't want to get arrested)?

[averad]

Im suprised that the bank wouldnt mail you some information about your account closure/hold.

Call the bank and ask how long the funds will be held.

[dopio]

well - I actually called - they couldn't help me over the phone - and asked that I go into the bank - which I did. They were of no assist - and would only say - "we'll be mailing a check" - and finally gave me a number for loss control - which I haven't been able to call yet. I guess I was just looking for verification - legally - of just how long they "could" hold it. They have made a lot of money - at my expense - and I owe them nothing at this point.

[Veronica1228]

Originally Posted by dopio

well - I actually called - they couldn't help me over the phone - and asked that I go into the bank - which I did. They were of no assist - and would only say - "we'll be mailing a check" - and finally gave me a number for loss control - which I haven't been able to call yet. I guess I was just looking for verification - legally - of just how long they "could" hold it. They have made a lot of money - at my expense - and I owe them nothing at this point.

What your bank has done is normal procedure for closing out an account that has serious overdraft problems above the allowed threshold. You'll probably get a check sometime next week since it's coming from a centralized location (Loss Control) that is very likely in a different state. Also keep in mind that Monday 2/20 is a Federal Holiday and there will be no mail.

There is no banking law or Fed Reg that mandates any time limits on when the bank needs to send out your check, but In my experience, it shouldn't take longer than 5-10 business days.