I’ve had my Wells Fargo checking account for about seven years. I usually keep a lot of money in it, but lately I haven’t had more than $10,000 in there. I wanted to pay down a large portion of my mortgage, and so I needed to put the money in my account to do so. I wrote myself a check from my business account (at Bank of America) and deposited it in my Wells Fargo account. Checked a couple of days later and the deposit had gone through fine. Eleven days after the deposit I was ready to send the Wells Fargo check to my mortgage company, and I happened to go on my Wells Fargo account again, and the money was gone. It showed a reversal of $80,000. I called them up to see what the problem was, and they said that the only reason in their system was “Miscellaneous”.
I had been about to bounce an $80,000 dollar check, and all they could say was “miscellaneous”!! They had absolutely no idea why they had reversed my check without notifying me. I asked them what to do in the future to avoid their miscellaneous problems, and they said do not deposit large checks. Instead deposit in cash or by wire transfer. I’m not going to walk around with $80,000 in my purse, so that’s out. Wire transfers are very expensive, and you usually have to go in person to the originating bank to send one. That’s quite inconvenient, especially when I am half the world away from the nearest branch. This was all just too inconvenient and too risky, never knowing what deposits they will accept. I closed my account and am currently looking for a new bank.
