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  1. #1

    Default Bank is Withholding Funds Even After the Check Cleared

    My question involves personal finance in the State of: CA

    So I really need legal advice. I recently started a business and went to Wells Fargo to open a business account. I got a large investment, $100,000.00 to be exact from my uncle in the form of a cashier's check. My uncle was in town for the holidays from the Bay Area a couple weeks ago when he got the cashier's check from USE credit union and went with me to Wells Fargo to deposit it into my new account. They accepted the check with no problems and didn't even need to speak with my uncle. Fast forward three days later and the check has cleared, and I went to the bank to withdraw $10,000 cash to purchase a van I found on craigslist for my business. The lady had the money all counted out but needed approval from her assistant manager to give it to me. The assistant manager pulls up an image of the 100k check and says she needs to verify it. So she calls USE who the check was written from and even the banker who opened my account for me to verify everything was legit. When everything came back good, I guess she still thought something was up so she informed me I would need to actually bring my uncle into her branch to prove that the check was for me, even though it is clearly written out to my business with my uncle listed as the remitter. I feel like they are wrongly withholding my money and this is causing a lot of trouble for me and not allowing me to open my business. It really makes me mad because my uncle came with me to deposit the check in the first place in case they needed to talk to him and they didn't even ask! Then they informed me that there is a hold on all debits/withdrawls two days ago after I have written two checks on the account already (for small amounts, but still). I am very frustrated with wells fargo and feel like they are just trying to keep my money for interest. The customer service line told me I would have to snail mail a letter into some corporate office to resolve this. I have talked to a couple lawyers and other bankers and they say that they have never heard of anything like this. I feel like this lady is out to get me or something, she is so rude and disrespectful towards me and she put a note in my account saying she is the only one I can deal with! I looked at yelp and apparently this branch has tons of complaints about the management and this employee in general. Is there anything I can do to get this hold lifted off my account and be able to use my money? Doesn't Wells Fargo have an obligation to pay a check they accepted that is clearly made out to the account holder and legit? I am confused and I am very angry with the way I have been treated. I do not deserve this! Please give me any advice possible. I will pay an attorney well if anyone thinks they can help me.

  2. #2
    Join Date
    Sep 2011
    Posts
    23

    Default Re: Wells Fargo Wrongfully Withholding Funds

    Can your uncle come and verify if for you? If he can take the money and go to a different bank. How about going to another Wells Fargo to withdraw the money? Yes, they have to give you the money but with all the money laundering in the U.S. they are being careful or jerks.

  3. #3
    Join Date
    Sep 2005
    Location
    California
    Posts
    20,594

    Default Re: Wells Fargo Wrongfully Withholding Funds

    Perhaps you should move the funds to another account.

    The problem might well be that you deposited the check a few days ago and it may be that they have to confirm the transfer of funds before they are willing to take a risk on releasing $10,000 to you until they have the funds in hand.

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