Wells Fargo & Company Bank Account Or Service Complaint

Savings account Deposits and withdrawals

Wells Fargo & Company Bank account or service department,

Savings account Deposits and withdrawals Arizona

I deposited what turned out to be a fraudulent check drawn on Wells Fargo Bank by mobile deposit to my savings account at Wells Fargo on -/-/2017 at - Pacific time for $2400.00. They gave me full availability of the $2400.00 on -/-/2017 at which time I withdrew $2200.00 and Wells Fargo then charged back the deposited check on -/-/2017 creating an overdraft in my account of over $2000.00. A Wells Fargo representative explained that they do not process mobile deposits until late the night one banking day after the deposit is made due to a Federal Reserve Bank regulation. This means they honored the withdrawal request before they processed the transaction. That gave me the false assurance that the deposited check was good. The cash is gone to the perpetrator and now the bank wants me to cover the overdraft. I am a - and do not have the money. The fact they wait a whole banking day before processing these deposits is for their convenience and the consumer should not be held accountable for the consequences of this self-imposed delay. Also, the Uniform Commercial Code ( UCC ) 4-301 ( b ) addresses the final payment of on-us checks deposited and states that the payor bank has until midnight of the next banking day to decide whether to honor the check. If they do n't act by the midnight deadline, they lose the right to dishonor the check UCC 4-214 ( c ), 4-301 ( b ). The mobile deposit confirmation states " The following mobile deposit was made on -/-/2017 at - Pacific Time '' and my account statement shows the deposit under the posting date of -/-/2017 so they obviously processed some part of the transaction on -/-/2017 in conflict with their stated practice of waiting one banking day. Therefore, under UCC 4-301 ( b ), the deposited check drawn on Wells Fargo Bank should have been returned and charged back under the posting date of -/-/2017. It was not. The charge back is posted under the banking date of -/-/2017.

Wells Fargo & Company customer in Arizona
Mar 13, 2017

* Source: CFPB Complaint Database

Wells Fargo & Company response to complaint:
Closed with explanation

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