Late Posting of Deposits
BALTIMORE, MARYLAND -- Below is an excerpt from a letter to the Chairman of Wilmington Trust FSB (WT Direct is their online banking arm). I am sure they are doing this to everyone, not just us. As a result they are possibly avoiding paying interest for 3-5 days on every deposit they receive. This is a consumer rip-off and a huge money maker for them.
We are writing to you at the suggestion of the Office of Thrift Superverision, Department of the Treasury, as a prelude to filing a complaint regarding banking practices involving WT Direct, the direct banking arm of Wilmington Trust.
Our complaint is that WT Direct did not post funds received to our savings account in a timely fashion in order to avoid paying interest on those funds.
Two specific examples are listed below:
Date Requested Date ACH processed Date posted to account Amount
3/13/08 03/14/08 3/19/08 100.00
3/14/08 3/17/08 3/20/08 6000.00
We should have been paid interest for the entire time WT Direct had possession of our funds. I can’t imagine walking in to a bank with a savings deposit and being told interest would not be paid for the next 3 to 5 days. Yet that is exactly what WT Direct is doing.
We should be paid interest for the entire time WT Direct had possession of our funds.
If you are a WT Direct or Wilmington Trust customer and wish to complain about this policy you can call them at 800-523-2378 or 877-982-5483.