Wilmington Trust

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Theft Of Savings Investment
Posted by on
DO NOT GIVE THESE PEOPLE YOUR MONEY!!! I am currently working in China and had a few thousand dollars to invest in a safe, accessible venue. I found the high interest savings account online and decided to invest 12,000 dollars. This account was supposed to pay a premium rate as long as a I kept at least 10 thousand in the account. I was also supposed to be able to transfer funds between approved accounts. I found that I can transfer money into the account no problem but when I try to transfer funds out of the account it gives me a vague error message. I called the customer support line two weeks ago and their reply was "we have passed this onto our IT department and we will get back to you" I'm not a computer guy but two weeks seems like enough time to figure out a computer error. I decided to close the account but the only way to do this is to TRANSFER FUNDS OUT (which is my original problem)

Do not believe [snip] when she tells you she will take care of anything. I am looking into the possibility of filing criminal charges because they basically stole my money.
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Anonymous on 12/10/2008:
Can you spell D-R-A-M-A? There is no theft here, and you are pretty irresponsible in throwing that word around. What there is, is a problem with their online transfer, which they acknowledged. Did you ask the CSR to initiate a manual wire transfer to get your funds? Did you ask her to cut a check and mail it to you? Did she actually say to you "we're keeping all your money and you'll never get your hands on it again"?
Your legitimate complaint is that your funds transfer is delayed. Go with that, you'd get a whole lot more sympathy.
Anonymous on 12/10/2008:
Boy if some bank wonk told me I was robbed of access to my money because of a computer glitch and slow responding IT department I'm sure I would be able to spell D-R-A-M-A and O-U-T-R-A-G-E-D and P-I-S-S-E-D O-F-F.

No doubt if somebody complained that a bank teller shot a them in the face for coughing in line some fine my3cents member would spin the blame to the OP for not taking mucinex.
Anonymous on 12/10/2008:
I think if I had lost control of $12,000 (even temporarily) I would be a little dramatic too. The CSR should have offered options to the OP regarding manual transfers or suggesting a check be sent out. Even another simple email with a status update regarding the glitch in the computer would have been something.
Ponie on 12/10/2008:
Ya' know, if someone has enough moola to invest twelve thousand--ONLINE--I'm sure that investor can afford to wait a couple more weeks for the computer glitch to be worked out. If it isn't resolved to your satisfaction, then I guess it wasn't such a 'safe' venue after all, right? I won't even order a $9.99 item online (unless it's a company with which I've dealt with successfully in the past) because I won't give out a credit card number to some place I found 'online.'
Anonymous on 12/10/2008:
John, my issue is with the word 'theft'. The only legitimate complaint is that the online transfer is broken. There are other means to get the funds, just not as convenient. We don't know what other options the CSR might have offered, but I am betting she didn't tell him 'tough luck' in any form.
Anonymous on 12/10/2008:
Oh yes once again bad customer... bank can do no wrong.. worst case assumptions for the OP and rose colored glasses for the bank. blah, blah, blah.

tommygun311969 -- I can highly recommend Capital One online savings account. I've been a customer for years. The online interface is the best I've come across. The transfers in and out are trouble free and quick. It's very easy to add and delete (unlike emigrant bank) linked accounts. They also pay a very competitive rate. You might want to check them out.
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Late Posting of Deposits
Posted by on
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.
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Anonymous on 03/21/2008:
What type of ACH deposits are these? You haven't given enough information to demonstrate that your concern is legitimate. For instance, a payroll direct deposit has an effective date attached to it. The information is transmitted to the bank prior to that date, and is generally (but not always) 'warehoused' and automatically posted on the effective date. For payrolls, this matches the date of the pay stub.
ACH is fairly complex, you need some more detail here.
forcomplaintsonly on 03/21/2008:
I know with large deposits, when you deposit them through a money machine, the bank will only release up to what you already have in your account, till the check clears. For example, when we sold our home, we were going on a trip and wanted to go ahead and deposit the check, I don't remember how much it was, but for this I will use the figure of $10,000.00. we had around $1,000.00 so it only showed that we deposited $1,000.00, and the rest was frozen, until the check cleared. I do not blame the banks for doing this, because there are so many crooks out there. For the average honest citizen, they don't mind, because they know it is for their protection.
Cyane on 03/21/2008:
If you make a deposit that has a hold placed upon it, you do earn interest for the amount that is placed on hold. You just don't have access to negotiate those funds.
Anonymous on 03/21/2008:
Whether or not interest is paid on uncollected funds is a policy of the individual bank. Some do, some don't. It's the kind of question you might want to ask before you open the account.
KathyS on 03/21/2008:
KenPopcorn - The ACH deposit was a transfer from our checking account. It was an immediate (overnight) transfer. In my dealings with other online savings accounts (ie, emigrantdirect and ing) the deposit has always posted into the savings account with the same date as the withdrawal from my checking - not 3-5 days later. ACH is a clearing house, they do not hold anyone's funds.
forcomplaintsonly - the deposit was ach (automatic clearing house) online & electronic, which means available immediately.
Cyane - the deposits didn't have holds on them, they weren't posted to the account. I spoke with WT Direct and they confirmed they were not paying interest on the deposit until they posted to my account, 3-5 days later.
KathyS on 03/21/2008:
KenPopcorn - they are not uncollected funds. Those funds are in the custody, care and control of WT Direct. There are very specific rules and regulations regarding electronic funds transfers. To my knowledge there are 2 systems for handling electronic transfers. Here is a link to one of them:


You seem knowledgeable and have some good thoughts!!
Anonymous on 03/21/2008:
Kathy... was the transfer internal to WT or from one bank to another? If it is bank-to-bank, I would expect to see two different dates, since there is a period of at least one day when the funds are in the clearing house. 4 days (your first example) would raise my eyebrows. Tell us more about what the transfers were, and how you initiated them.
forcomplaintsonly on 03/21/2008:
Even though it is done eletronically, there is a chance there is some other checks and charges pending, therefore, they do this as a safety precausion. Still will be great to check with your bank and see what their policies are for all types of transfers, just for your peace of mind.
KathyS on 03/22/2008:
To KenPopcorn - the transfers were initiated by me, online at WTDirect.com, from the WT Direct Savings account that is linked with my checking account at another bank. I believe that falls under your "raise my eyebrows" scenario. It certainly upset me, which is why I posted the information here. I just went online and checked the activity I've had between my checking account and emigrantdirect.com. I made two recent transactions 3/17/08 and 3/19/08 - in both those instances the funds are posted to both accounts on the same day (ie the withdrawal from checking and deposit into savings are posted on the same date in both accounts). It is my understanding the rules for ach clearing say all interbank transfers are to be posted as of 8:30 am (which explains why the dates should be the same). The clearing house does not keep any funds - they are not permitted to.
KathyS on 03/22/2008:
forcomplaintsonly - electronic transfers are either accepted or rejected, there is no between (Aren't computers wonderful). I am sure they could be returned, the next day, in case of an unusual circumstance. If I had put the monies in emigrant, ing or my local savings account I would have been earning interest for an additional 5 days on one deposit and 3 days on the other. This would have resulted in only $30 more income to me, but imagine how much money WTDirect saves EVERYDAY by delaying the posting of deposits of all its customers!!!
KathyS on 04/28/2008:
Just want to add an update. The Office of Thrift Supervision, Department of the Treasury is currently investigating the complaint. I specifically am concerned they have violated Consumer Affairs Laws and Regulations, Section 1335, Payment of Interest, Section 229.14.
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