Wells Fargo Bank Fees/deposits pending?

[beautyofchico]

What is the name of your state? california
We are a VERY small business and wells fargo is our bank. We make deposits once a week, usually cash. Because we are so small, we struggle just to pay the bills. THe account is usually very low before a deposit is made. Since most of the money we deposit is cash or money order, why can the bank say deposit pending for two or three full business days before our account is credited? Is this legal? Because of this practice, we are constantly being charged $33 overcharges on money that the deposit would cover. Obviously, being so small, we cannot afford always paying these fees. And because of bad credit, we don't think it will be easy to open up another account at another bank.

 

[ashhnyctt]

I own a business as well and use Wells Fargo as my bank. I have found that you MUST deposit with a teller and if it is done by 4pm then it is credited at midnight. However, the money is not technically yours until it is posted to your account. So, I believe that they are right and you cannot write a check until that amount is actually "in the bank." Hope this helps!