AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
On July 11,2009 I had a 12mo cd mature with Wachovia Bank. I called before the 11th asking if I could give oral or written instructions to have a check mailed or deposited in my bank account since I didn't want a rollover. I was told that I had to wait until the 13th to call since the bank did neither of the above. The 11th fell on a Saturday so I could not do business until Monday the 13th. I called on the 13th and said I wanted my check mailed ( since they won't do direct deposit). I asked how soon this would be sent out and was told "maybe" the check would be cut on the 15th and the check should arrive in 7 to 10 business days. I felt this was unacceptable but there didn't seem to be anything I could do about it. It is now the 24th of July and no check. I called and was told that it was just 7 business days days and "maybe it would be 10 and these would be business days. This made no sense if the check was already in the mail. I am not able to go to one of their banks since I am in Ma and there are no branches here. I would like to know if it legal for a bank to hold a customer's money for this lenght of time. Since there has been a lot of tap-dancing I am not even sure my check is in the mail at this writing. I will have lost a month's interest by the time this check arrives( if it does) Never again will I go with Wachovia/Wells Fargo.
Thanks for any help
Answer Ann, Unfortunately poor service doesn't usually rise to "illegal". I suggest writing the bank and demand immediate payment. Be sure to include as much factual data as possible dates, conversations, etc. Sorry I was tardy in responding, been out of town. Jim
