Expert: Jim Meadows - 7/24/2009

Question
Hi Jim,

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