Wells Fargo Bank California Complaint - I was "fired" as a Wells Fargo customer
CALIFORNIA -- On 7/24/2007, on advice of my legal counsel, I deposited 2 checks payroll checks totaling $4000 from an ex-employer. A hold was placed on the checks. It turns out that my ex-employer closed the account and the checks were returned on 7/27/2007. My account was credited the $4000, but the original $4000 debit was still on Hold.
The $4000 credit caused my overdraft protection to be activated, thereby taking $50 from my saving account and leaving it with a $0 balance and taking $1625 from my Visa credit card leaving it with $0 balance, not to mention my checking account which was still overdrawn by -$2,331.18. My Wells Fargo Visa account subsequently exceeded its credit limit because of previous charges, which resulted in an "over the credit limit" charge.
I called Wells Fargo customer service and was told by both the initial customer service agent and the shift supervisor that I would have to wait until the "hold" came off the original $4000 debit on August 2, 2007 before I would have any funds available. They said that I would have to go the branch that placed the original hold if I would have any change of the debit being released any earlier.
I can understand the reason for the original hold being placed on $4000. In fact I never expected to receive any funds from the checks. I had to show that my ex-employer had written bad checks. But I never expected to have the $4000 credited to my account and wiping out any available funds from my other Wells Fargo accounts while the original $4000 debit was STILL ON HOLD. There is absolutely no logic to this!!
On Monday July 30th, Wells Fargo removed the "hold" on the original $4000 deposit. When I tried to transfer the $1625 back to my Wells Fargo Visa card, I was unable to. I called Wells Fargo customer service and I was told that Wells Fargo has placed a "hard hold" on all my accounts preventing transfers. I was also told that Wells Fargo was cancelling both my checking and savings accounts and that I could not open any other Wells Fargo accounts.
When I inquired why they would do this, the response was that Wells Fargo considered depositing two checks against a closed account as fraud.
I was then told that I could not gain access to any of the funds in my accounts for 10 days, l August 9th, 2007. They would mail me a cashier's check for the balance of my accounts.