Wachovia Corp Complaint - Reg CC Much? - Checking Accounts
ROSSLYN, VIRGINIA -- I too was subject to a hold on a cashier's check. The amount was for $2000.00 The teller said there was a hold because I did not usually make deposits of that amount. I suppose that deposit over 10,000.00 a few weeks ago via my direct deposit didn't count.
At first I thought this was only a minor inconvenience and declined to have the check deposited. I decided I'd just go back to the credit union where the cashier's check was drawn and get the cash. However, as I sat at my desk working, something kept nagging me about the transaction at Wachovia. I googled and found Reg CC which provides rules for availability of certain types of funds including cashier's checks. So I went back down to Wachovia (with low expectations) and asked the branch manager why they had specifically disregarded Reg CC for my $2000 cashier's check. I got no clear answer from him as he only sought to absolve himself personally from the whole incident. He eventually mentioned something about 2 overdrafts. Two sneaky overdrafts that I still believe were incorrectly assessed as my account never - NEVER - showed a negative balance. I stated that two overdrafts (which they paid) was not excessive - "excessive" being a good reason according to Reg CC. He then proceeded to print out their schedule of fees for me as he could give me no further explanation, and suggested that I complain. HA! This was wholly unsatisfactory and I will be going back to banking with Wachovia's biggest competitor, who incidentally has redeemed themselves by correcting a few bad practices. Wachovia, you blew it!