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Lengthy Hold On Check?

carly
  |     |   43 posts since 2011

I recently ended my relationship with Melrose Credit Union. I had to mail them a letter to request the proceeds of my CD and savings account, and recently received the check in the mail.

I took it to my regular bank--Wells Fargo--and they REALLY didn't like the check. (I've cashed many much larger checks there before.) They had to debate at length, go get a manager and then finally told me there would be a full freeze on the entire amount of the check. Fine--I'm just going to eventually get another CD anyway, so a week or so wouldn't really matter. As I left, the teller was RUSHING to the xerox machine to copy the check.

Since then I've received an email from the bank to tell me they've placed a freeze on my account for that amount and telling me they're also mailing me a letter to say the same thing.

I'm starting to feel like they know something about Melrose that I don't.

Has this happened to anyone else?

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me1004
  |     |   1,381 posts since 2010
Well, I don't know enough details. But a week is routine for a check of over I think its $5,000. And a very large sum might get longer, and new accounts will get longer int he first 30 days. By law, smaller amounts must be freed up soon, the first so many dollars available same day, more the next day or two.

And I have told every for 25 years now to stay away from Well Fargo, they are dirty. In recent time, everyone has learned what I already knew.

But what concerns me here is that you say you had to MAIL in a letter to close your account. That is unjustified delay of a week or even more to get your money -- well, depending where you are mailing from (3 days there and 3 days back if a long distance, and they won't get it in the mail back to you without a day or two delay). That seems pretty onerous and unconscionable if just trying to close your account with the minimum $25 in it.
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carly
  |     |   43 posts since 2011
I spoke to Melrose and that's the only way they will disperse a CD or close an account--regular letter. Then someone called me wanting to know why I wanted my money back. Glad to end that relationship.

I've been with Wells Fargo checking for many many years--never a problem. I recently bought a chunk of their stock while they're in their pitiful phase to hold long term.
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