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Woodforest National Bank

Woodforest National Bank review: massive overdrafts 98

K
Author of the review
10:09 am EDT
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We've been hit with about 15 overdrafts by this bank totaling 500 + dollars in the negative towards our account. EVERY pay check we've been getting further and further in the negative causing us HUGE financial troubles. Some how despite having a negative balance while any other bank debit/charge card would stop working this bank continues to allow transactions upwards of being over 200 dollars negative on the account. I've never heard of a bank allowing this before, though they claim they have no control over it. I think its just a way for them to get rich off other peoples hardships.

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98 comments
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axlaws
Kingwood, US
Sep 22, 2009 11:36 am EDT

I read the comments about woodforest bank, all I can say about your situation is try to be nicer when you approach their employees.
I have nothing at this time other than kudos for this bank. If they continue on the same customer satisfaction with me, I will be their customer for life.

Allen Laws

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upset parent
Kingwood, US
Aug 18, 2009 10:50 pm EDT

I have had good experiences with this bank. However, when I tried to open an account for my 17 year old in a state where one is not an adult until age 18, I instructed they were to not issue her a debit card and I selected the "totally free checking". They refused to let me read any of the material or detail on her account. I insisted I had the right, but they said I did not because it was "her account". Then when she was all alone with them to read the information and sign, they read to her certain sections and told her it was totally free, but did not give it to her to read. They kept telling her it was totally free.
When she came out with the paperwork, it was full of potential charges for a debit card, fees, checks, and fees if she closed the account in 6 months.
When I asked why she didn't challenge it she said the guy told her he would be keeping a close eye on her account to see if she was trying to pull something illegal with the account and it intimidated her.

This jerk is named Derek and is at the Kingwood Texas West Lake Houston branch. I'm going to give him a piece of my mind in the morning.

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KES
Spring, US
Aug 11, 2009 2:30 pm EDT

I have had numerous bad experiences with WF and now they have closed my personal account for no apperant reason ( will not even discuss it with me!) and are debiting my BUSINESS acct for the money they say I was over drawn. I was overdrawn at one point but I deposited enough money to cover it . ( I don't know where the other poster got their information, BUT, WF WILL NOT refund ANY charges that they decide to put against your acct.), OD, COD ? SOL! you get to bite the bullet and pay out the a$$ for it.
As far as the 11 day hold, I have gone in and deposited a Certified Cashiers Check ( already paid for and verified by the issuing bank) and they put a hold on it (why? that way they could use the money and make money off of it before giving it to me! and YES this does happen!) I had a wire transfer done INTO my acct and I knew exactly when the money was accepted by WF due to the fact that the sending bank notified me that the money had been accepted by WF, BUT they DID NOT show it as being in my acct for almost 3 days after that (the money arrived on TUESDAY) thereby causing several checks and payments to bounce at the rate of $35 per item (this has happened several times with my direct deposit payroll also), So to the poster that said they show transactions in the order they are received is full of it.
Asap I am opening an acct at another bank and closing the remaining accts I have at WF.

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should know better
, US
Aug 01, 2009 8:51 am EDT

I am not even a customer of this bank, I am a store manager for a major retailer, I was contacted by a customer of this bank and the bank itself, about a charge made in my store, mind you my store is over 12 hours away and they claim they were never in my buisness. I spent over two hours trying to find this transaction for this person with no help from the bank, not a date or transaction number. The bank is telling this lady that her card (which she has in her possesion) was copied and used other places a.k.a. my store 12 hours away and mind you no other charges were made to he card anywhere between there and my store, , , no gas no food, no other uses, they just copied her card drove 12 hours and spent 10.00 in my store...ok...they only other charge was pizza and that was made close to her. I had no transactions in that amount for the days givin and could not help, , so the bank personel and the customer said I was rude and unhelpful and called my corperate office...see what you get when you try to help. This is the banks job to solve this for her and my assets protection told me its probably a scam. I do not shop at wal-mart for any reason and remember why now...just one more reason why you should not trust your life savings to the same people you buy your milk from!

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darrr
Normal, US
Jul 24, 2009 10:30 am EDT

No they are not that bad at all. They do charge some fees that i feel are stupid like 12.00 for a debit card each year. But really in all honesty its not that bad. They are friendly and if you accident over draft you account your account as long as you can make a deposit to cover it that day before they close the branch you will not have to pay the fee. They are open later on most days than regular banks and i see many Fridays they are open to midnight. I will not say that any one who has posted a bad experience didn't have it happen but i have not had one yet. And as for service fees if you do not have the money in you account to cover them it will not over draft you account... i have second chance checking because of an issue with a local bank and a buisness and them not stopping an automatic withdraw but that does not mean it is not partially my fault. Ne ways if i only have 2.30 in my account and they take out the monthly service fee of 9.95 my account will just be in the negative on my next deposit they will not include over draft fees.

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Emansmommy
Cleveland, US
Jul 23, 2009 8:20 pm EDT

OMG. I'm a little concerned now. I just opened an acount with them today. I had a bad experience wiht US Bank and decided to give them try. WTF?! Are they really that bad?

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cmurphy252
Charlotte, US
Jun 30, 2009 12:12 pm EDT

I bank with Woodforest and my complaint is that they hold EVERY SINGLE transaction from the debit cards a MINIMUM of 5 days. Then they "order" the way that they post the items (not in the order that the transactions occur) in an attempt to cause the account to be overdrawn so that they can increase their revenues from the NSF charges. When I use my card, I have enough in my account at the time to cover the expenses at the time - I still have an item "pended" on my account that has been pended nearly 1 week! I called customer service to complain about the practice and was told that "the merchant has not collected on the transaction - basically its the merchants fault". You mean to tell me that EVERY SINGLE MERCHANT who accepts my card is waiting 5 - 7 days to collect their funds - I DONT THINK SO!

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Outraged Mom
Suffolk, US
Apr 09, 2009 1:20 pm EDT

Is there any way to stop the daily charges for an overdrawn account? My daughter worked for WalMart and opened a WoodForest account. A really big mistake for such a young person. This was her very first account and she was so excited about getting a job and having a bank account. She deposited $200 cash and the next day wrote a check at WalMart to cover her lunch. Bad idea! She has been in the negative almost the whole few months she has had the account. Her paycheck was being directly deposited and so she never had any money after being paid. She stopped working due to an illness and charges have recked up to over $600. Insane!

And for the person who said they charge $3 per day that's incorrect! It's $5 per day and I got that directly from Wood Forest customer service and they won't close the account without all charges being paid. I am going to try and help my daughter by talking with the bank manager and reviewing her account. I hope we can get this resolved because I can't afford to pay this account to close it and neither can my daughter. And this bank is not the norm! Whoever keeps chiming in for Wood Forest should just stop. Everyone has problems one time or another with their bank account. Getting an overdraft fee is expected but getting daily charges is absurd! In these times of financial hardship and with the economy the way it is WoodForest should remove this requirement or at least change it so that it doesn't take money out of the pockets of its customers when its hard enough already to make ends meet!

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keepinit2real
Rocky Mount, US
Apr 07, 2009 4:49 pm EDT

Woodforest might not be the only bank that charge overdraft and NSF fees, but they are the only banks that charge a continious overdraft fee. Everybody has or had a different experience with woodforest. I had a woodforst account and I never had a problem with them, but I left my state and moved to Atlanta, Georgia where they didn't have any woodforest locations, so I closed my account with them and opened up a Wachovia account. I also have a BB&T account. I moved back to NC and now my fiance' has woodforest and makes alot of money. Woodfrest has been d**king him since he had them and they also has new employees and not the same employees that were there when i had my account. Woodforest OD, NSF, and COD fees has increased. So let's not call names such as ###s, ignorant, stupid and whatever others are saying towards other comments. If something don't sit right with you about your money that you have tied up in a bank account, then always investigate, but if you get there and they act like they don't know what you're talking about, then curse everyone out in the bank and contact your lawyer and file suit, because these banks got their hands in the cookie jar and that is why all of these merger and all this bailout mess. These banks has been ripping us off for years and still insist on taking taxpayers money. How can you charge an OD fee on a pending transaction if you already got that amount on hole and out of my bank account? All banks!

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wildcat0908
Houston, US
Apr 05, 2009 11:38 pm EDT

cheryl if there is a hold on a check it's 11 BUSINESS DAYS...sat and sun don't count (and holidays) don't count. also, if you overdraft your account, woodforest will give you a courtesy refund the first time and will always refund your cont. overdraft fees ($5 a day after the 8th day) if you make up the difference (i.e. the amount that you owe). seriously. i know at other banks like us bank, they charge you a continous overdraft fee after the first day and it's more like 8 a day vs. wf's 5. if you overdraft your account, you should be held responsible, yet woodforest will give you a courtesy refund anyway.

also, about holding checks, you do realize that this is done for YOUR protection as well as the banks. i read somewhere on here about a complaint about holding an 11, 000 check. you do realize that if that check came back, YOU owe woodforest the 11, 000, right? it's as much protection for you as it is for the bank. also, cheryl, woodforest does NOT hold direct deposits, because the funds are already verified, you must be mistaken.

i do realize that woodforest specializes in 2nd chance checking, so a lot of you are at woodforest because you have unpaid closures and open disputes with other banks, who i'm sure also screwed you over. complain all you want about woodforest's fees, but if you manage your money, don't write bad checks, and spend less than you make, you will never get any of their od and nsf fees.

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cheryl
New Bern, US
Mar 07, 2009 4:55 pm EST

I cannot wait to get out of Woodforest! I have a checking account in New Bern NC. While I understadn that someone is saying there is not a minimum balance, you are wrong, according to Woodforest, there is. I have been charged so many random fees. (I have looked over through online banking in the last year.) Some months they charge me $7 and change, sometimes $13 and change, and sometimes $5 and change. The charges are always listed as 'service fees' I have also noticed that the bank intentionally holds our pay checks (direct deposit) whne there are other transactions (autamatic payments, that are always set for the same day. For example, I get paid the last day of the month. I have 2 bills set up to come out on the 3rd. Every month for the last 3 months, I have been charged overdraft fees for those payments, even though my pay check is far greater than those two bills. According to the bank, those transactions are charged because Woodforest enters them in the system automatically a few days before they come out...immediately before entering my paycheck, usually just an hour apart. I asked if I could change the payments to the 5th to avoid this, they said they would continue to enter them in the order that they do now. Sounds like a ploy to get money from me every month. Also, their fee for these charges went from $32 to $35 without notice.
We have dealt with their holding checks as well, when we have checks to deposit, regardless of the amount, they will hold it until they feel like putting it in. While they tell us 10 days, it is generally more like 15. This is by far the worst bank I have dealt with, and as soon as I can change my husbands and my direct deposit info into the new account I opened elsewhere, I will leave Woodforest. If you are considering opening an account there, don't waste your time.

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warg
Beckley, US
Mar 07, 2009 2:34 pm EST

Bought MasterCard giftcard from Woodforest for 100.00(they charge 5.00 for the card). Since they are open much later than the Chase bank, where I purchase Visa giftcards, I decided to try this option. Bad mistake! The first attempted transaction was an international purchase that was denied. The terms and conditions say that even though it is primarily for use in the U.S., it can be used outside the country. I understand that under the terms and conditions I am liable for the exhange rate and the exchange rate ajustment fee or fees. All of this doesn't matter because it is denied 3x by the company outside of the U.S.. Fine, this card is not the same as Chase's Visa giftcard, but the manager on duty told me I could get a refund if the card did not work in the capacity needed. When I tried to get a refund the next day, a different manager told me I would have to send the card back to the main office with a written request to get my money back. And the fee for this? It would be 15.00usd to get my money back. The manager then told me he could transfer the funds to a different card that might work for 10.00usd! What! He flat out refused to refund my money. He then made several calls to people higher-up on the food chain, but ultimately said that he could not give my money back. I decided to just keep the card and use it for other purposes-gas, food, etc. I tried to use the card at a gas station, took the card to the cashier, and it was denied after 3 attempts to verify it. Now I'm really getting mad! I call the number on the card and make sure there is 100.00usd on it, which there is. This time I was going to get my money back! I took the card to Wal-Mart where this little bank is located and tried to buy a box of corn flakes. Guess what? Denied again! So, with this new information I go back into the bank. This time the manager that assured me I could get my money refunded when I purchased it was on duty. After 15 minutes of trying to figure out why the card would not work, he refunded my 100 plus the 5 it cost me. Why did the other manager give me such a hard time? Why did he have to make 2 phone calls to this guys 0? The guy that gave me my money back wanted to do the right thing, and did. The other guy assumed that I was ignorant of the terms and conditions of the card, and was more concerned about making a profit off of me. A 5 dollar, 10 dollar, or a 15 dollar profit, he wanted something for somebody instead of returning what rightfully belonged to me. Thank you Josh, for giving me my money back. Nathan, learn from Josh. Provide good customer service when it will not cost you or your bank a penny.

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FactJack
Seattle, US
Mar 01, 2009 7:21 am EST

You should have opted out of your overdraft protection (you signed for it when you opened the account). Also, you signed for the daily overdraft fees which were also in your disclosures. You should go by the bank (not call, but physically walk in) and sit down with someone and they can help you. Banks can do a lot if you ask them for help first and not get angry after the fact.

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Friend
Asheville, US
Feb 27, 2009 8:48 pm EST

The Mrs...
I find it hard to believe what you are saying...I doubt that there is anyone working at woodforest that doesnt know the difference between a DL and a SS number..Expicially since we open 5-10 accounts a day..so i doubt that yours would have been the first...I also know that cash is never put on hold..I open plenty of accounts everyday, and it takes about 15 min to open an account on average...Most of these complaints are foolish..To blame a bank for giving you a fee when it is your fault doesnt make sense...If you keep up with your account and know how much money you have, it shouldnt matter how long it takes for the funds to clear from your account, bc you have already taken that into account...I know that sometimes there are holds on checks, but that is because we have dozens of bad checks that come in every day...EVERYDAY...so it is smart to hold them considering most people blame the bank for this...My advice for you is to compare Woodforest to other banks..I have worked for Wachovia and RBC bank and our policies are no different..They also put the largest items through first, and charge NSF fees...But when comparing banks, we are open a few hours later every day, and open 364 days a year.. We make everyday is a business days, and make "most" deposits available right away...Every bank is going to have customers that are irresponsible and blame the bank for their mistakes..

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donna allison
Gaffney, US
Feb 19, 2009 2:46 pm EST

i had a very large su m of money in my account, and because of a bank mgr.by the name of daniel white at the gaffney, sc branch had a dispute with my daughter, he put a negative balance on my account and stole my money.he said he wanted to get my attention, he got it and also my money.do not put any money in that bank, they are crooks, also the people in texas told me they would fix it but never did and they will not give you thier last names, afraid of a lawsuit.

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TheMrs
richmond, US
Dec 23, 2008 1:55 pm EST

Well people, here is my experience and this just happened not 20 minutes ago! I went to the Woodforest in the Walmart in Mechanicsville Va to open a secondary account as I have a joint account with my spouse with a larger bank. Prior to visiting the bank, I reviewed the disclosure and requirements on line so I went in knowing exactly what I wanted/needed. I simply wanted to open a checking account. I brought in all the indentifying information necessary to establish the account. Who knew that it would take the entire staff to open this account! First, the teller said she couldn't verify my identity because my Drivers' License number wasn't my social security number...YOU IDIOT, ITS MY DRIVERS LICENSE NUMBER! so she then proceeded to get someone whom was suppose to be a "lead teller" to assist. This lead teller person explained to the young lady the different between the numbers and why the didn't match (wow) however she also told me she couldn't verify my identity because my work ID did not have the name of the company that I worked for on it. This is when I really began to get frustrated. I finally asked to speak with the branch manager. I spoke with this male whom identified himself as the manager and was finally able to verify that I am who my driver's license, social security and work ID say I am. Once the account had been established, I proceeded to make my initial deposit which was a cash deposit in the amount of $250.00. At this point, I was a little frustrated that it had taken almost 2 hours to get this account set up but hey, it was finally done. I walked out of the store with the account, starter checks, and a few free gifts. Once I got to my car, I proceeded to put my new account information away. Something made me look at the deposit receipt that I was given...THESE IDIOTS PLACED A 10 BUSINESS DAY HOLD ON MY DEPOSIT! meaning that if I needed to access these funds, I would not be able to do so until 01/09/2009! I immediately returned to the branch and asked the branch manager the reasoning for the hold. He explained that with all new accounts, inital check deposits are placed on hold while the funds are verified and if possible, he would be happy to release the hold prior to the 9th if they were able to verify the funds prior to that date. I stated to the branch manager that his statement made 100% sense to me on a check deposit...BUT MY INITIAL DEPOSIT WAS CASH, WHY WOULD A CASH DEPOSIT BE PLACED ON HOLD? This idiot proceeded to tell me that all new accounts have a standard hold in place to verify funds regardless of the method of the initial deposit. So I asked this idiot standing in front of me, how do you presume you will be able to verify if my CASH DEPOSIT is any good? With a blank face, he just looked at me and said we will verify it again funds within the bank. I WAS FLOORED! I immediately requested to close my account and have my $250.00 of unverifiable cash returned to me. I've read alot of the comments posted and I agree that alot of the errors are not the bank but the consumer, but all of you Woodforest supporters, you tell me, how in anyway was this my error with the exception of considering this bank as an option?

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A Guy From Texas
Fort Worth, US
Dec 23, 2008 12:56 pm EST

Look, whomever the bank serves is their right as a bank and the customers right to choose.
I'm know bigger banks that serve the same type of people and worse types of people.
With CEO's that are draining the banks they serve, I'm completely happy with a smaller bank with a good set of books.
Everyone has the option to choose a bank, so if you dislike Woodforest choose someone else.

All banks asess charges to accounts that rightfully deserve to be charged, it's ridiculous to think that a bank sporadically charges erroneous fees.

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JayB
Kingston, US
Dec 23, 2008 9:55 am EST

I totally agree that these nim wits are ###s. what are the qualifications to work here? Breathing? I had a transaction go thru my account 9 times from a company. the bank paid it. well in that sense it caused everything else to overdraft. the company returned the funds BUT the bank still screwed me over with over draft fees etc etc.I think im better off putting my money in a coffee can and burying it in the yard.

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jkl_86
Mesquite, US
Dec 16, 2008 5:55 pm EST

Really people. Everything I have read so far sucks. Woodfrest is like any other bank. Actually they charge less than other banks... Haven't you heard other banks and about to be changing their rates to 40+ dollars. Woodforest is staying in the low 30s. All these complaints are YOUR doing not the banks. The bank works with you when they can. I have seem some poor managers at other banks too. Also, other bank are way less personable. What bank can you go in to where most the staff knows you by name?

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Harold E. Edwards
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Dec 04, 2008 9:35 pm EST

A bank charging their customer to use their own ATM, is a bad sign!
for worst things to come.
A bank that charges you a fee to help you correct problems that are there fault, is definately a bad sign.
A bank that takes money from you by any means under-handed, is opportunistic!

Don't like them!, take the rest of your money out
& run like hell!

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seriously?
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Nov 30, 2008 3:29 pm EST

Nope. It shouldn't. Any sane bank would put an 11, 000 dollar check on hold. Can I ask what your average collected balance is? Probably way less than 11k. It's just the way it goes. IF you wanted it cashed quicker you should have gone to wichovia. It's a very large check. Any bank would have put it on hold. That's how the business runs. All banking. Not just Woodforest.

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M Kaiser
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Nov 28, 2008 7:30 pm EST

This bank is ran by totally incompetent people! I went to my Woodforest Branch in Brownsburg, Indiana Wal-Mart on Monday 11/24/2008 in order to make a deposit. The teller at the counter, Matthew Wittmer, took one look at the check which was for $11, 000.00 and said he didn't know how to do this so he got the Branch Manager, Nick Banks to help. It took 40 minutes to make this deposit. I was not trying to withdrawal one dime from my account only deposit the check. Mr. Banks actually asked me what the check was for! (It was an insurance settlement as if it was any of his business!) I actually had to produce a copy of the settlement agreement which he took "in order to verify funds". The check was drawn on Wachovia and was a computer generated check (still attached to the payment stub). Several minutes of these people typing into their computers, checking a microfiche computer and running into the back room with their cell phones while I continued to stand at the counter. Mr. Banks then informed me they could not "verify funds" and they would have to put an 11 day hold on the check (which was acutually 2 1/2 weeks!) They actually printed out a form that said they did not feel the check would clear since they couldn't verify funds! The next day I called the Customer Service line and first spoke with Andre and then Toni who assured me someone would get back to me within 24 hours. About 2 hours later Brandy Smith called telling me she was a regional manager and when I explained it had taken a ridiculously long time to just make a deposit - not to make any sort of withdrawl she promised she would counsel the employees and explained to me when the check clears the hold would be lifted from my account. She said the employees would continue to "try to verify funds" so the hold could be lifted and would follow up with me on Friday (Thursday was Thanksgiving). Friday afternoon at 4:06pm Nick Banks called and told me he was following up as his boss Brandy Smith had instructed and told me he and his employees have tried every number they have for Wachovia and could not "verify funds". When I asked how will they know if the check clears he said they wouldn't- they would just have to wait for the 11 days to see if Wachovia sends a notice the check will not clear so therefore they will not be able to release the hold. When I t0ld him that was ridiculous he told me I was welcome to try any of the numbers he had to try to see if I could do any better! When I hung up the phone I sat down at my computer and punched in Wachovia and got their home page which had their customer service number on it. I called their 800 number and spoke with a Michael who gave me the business accounts toll free number. I immediately called that number and since I was smart enough to have made a copy of the check before taking it to Woodforest I was able to give Rich the account number and the check number and he was able to "verify" the check actually cleared 11/25/2008 -24 HOURS AFTER I DEPOSITED IT IN WOODFOREST BANK! So I called Nick Banks back to tell him the information I was able to get in about 5 minutes and told him the telephone numbers etc to call so he could do his "verification". I gave him about 10 minutes and called back. He said he had talked to Michael at Wachovia and found out YES INDEED the check cleared Wachovia on Tuesday 11/25/2008 and he was going to put a call in to Brandy Smith to see about having the hold lifted from my account and assured me either he or Brandy would call me back. I actually had Brandy's number and left a message on her voicemail stating how quickly I could find out the check had cleared and it took her inept employees four days! Needless to say I still haven't heard back from either Nick Banks or Brandy Smith regarding the lifting of the hold from my account. Talk about poor customer service! Woodforest has $11, 000.00 of my money and refuses me access to it! If you hold people hostage you go to jail - shouldn't this be a crime as well?

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seriously?
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Nov 16, 2008 6:37 pm EST

Nichole? Are you kidding me? Seriously? That kind of comment is inappropriate and not called for on a site like this. If your husband had half a brain he would have gone over her head to the regional manager, and actually as assistant manager that would be his job. This has nothing to do with customer service, this is a personal issue within the employees at the bank, of which you aren't even one. Sounds to me like you're jealous of this manager. Think maybe she's having an affair with your husband too or something? Grow up. These kinds of slanderous posts are high school material. I can only hope your husband, as assistant manager, is not as childish and immature as you.

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Nichole
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Nov 14, 2008 6:07 pm EST

My husband started working at this bank as a career change, he had previously been prosperous in his last career. He was somewhat excited due to he had always wanted to pursue the banking industry and there was a management position open with this company and he was coming from a management position in a different field. The branch opening was the first in our area so we really had not much knowledge about the bank itself. I am here to tell you this bank is a nightmare. The branch manager that he was working under was the worst example of a manager I have even seen. The first time I met her she showed up 1 1/2 hour last for dinner and was dressed completely inappropriately. She would show up on most days at 1 and 3 pm when on the schedule for 9am. As assistant, my husband was told it wasn't any of his business what time she came in because she didn't answer to him. Things got really bad when he discovered the manager was having an affair with another employee there. It was at that time she wanted him out, she stated nothing was going to make her lose her job. So if this is how the manager is operating, can you imagine the branch. You're only as good as your leader. Not much else to say! She is still the manager!

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shelley
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Nov 12, 2008 10:10 pm EST

I LOVE WOODFOREST. I have 9 accounts with them and have had nothing but excellent service. My account got overdrafted during the recent hurricane bc i couldn't get internet to transfer money. I emailed them and the next day the money was in my account. I have my personal, business, savings, children's savings accounts and my merchant service account with them and have never, ever had one single complaint with them. I have been banking there for about 10 years. I refer/recommend them to everyone, and they are all satisfied. Usually any unfortunate incidents are usually the customer not paying attention to their own accounts or details. At one time I transferred my merchant account to chase bank bc of promises of lower rates...NOW THERE'S A SUCKY, SUCKY, SUCKY BANK/COMPANY. I would not recommend Chase to anyone. They are pitiful, pathetic, and a bunch of idiots. I do, however, LOVE WOODFOREST!

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cheryl
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Nov 10, 2008 3:41 pm EST

Woodforest National Bank gives automatic overdraft protection to its clients. That's why they kept approvinig the charges, however, if you did not want to keep getting hit with the charges you should have STOPPED spending when you knew you had no more money available.

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Brandon
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Oct 30, 2008 9:23 am EDT

Molly,

I disagree with what you have wrote.
When I lived in California more than 3 Years ago I was a customer at Washington Mutual.

I went over draft several times for good reasons and always paid off my debts.
They only Charged me my over draft not any other fee's and I still have copies of my account ledgers to prove that.

I was stuck in Calgary AB, Canada and needed money I went negative 600+ in the hole it took me 2-3 months to pay it off and put my account back in the positive and never once did I occur a over draft fee.

Woodforest along with F&B, M&T and a few other banks are just money hungry people.

I had a money order from my parents signed by my mom and attempted to deposit or cash it at the above banks listed,
They told me that they would have to hold it for more than 7 days...IMO thats BS they just wanted to collect any interest that it may have generated while they were holding it.

I have never had a bank in California that held a money order period no matter the amount a money order is pretty much as good as cash.

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Shon
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Oct 28, 2008 3:07 pm EDT

I don't disagree with any of the previous statements...whether they agree or disagree. I would just like to add that Woddforest is not the only bank that has irresponsible, uneducated, and unprofessional people working for them. They may be in the top 5 but Wachovia fall surpasses them. The only difference is that Wachovia has a bit more man power to cover up their junk.

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John G.
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Oct 07, 2008 7:10 am EDT

Cathy Dailey, your banking experience must have been in the mail room. Blank cashier's checks aren't just handed to people who ask for them. Formal request for them must be completed. The check itself, being an official check of the bank, must be signed by an authorized employee of the bank. Sounds like your mom has other problems besides the bank involving theft of her identity.

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Molly
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Oct 06, 2008 4:08 pm EDT

Keeping track of you ledger is the customers responsibility. It is not only Woodforest who gives you fees for going into the negative, every other bank does this and not only do they do it but they wont even work with you. You should be an adult and keep track of what you are spending.

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Taylor
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Oct 03, 2008 10:29 pm EDT

You should keep a register but have you spoken to a Personal banker to see if you can get set up on a repayment program?
And you should cancel your debit card until you have learned to manage your money.

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gfreely
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Sep 29, 2008 11:28 am EDT

I do not like these practices and have been victimized by them at several banks in the past. What was described regarding Woodforest happened to me at Wells Fargo and SouthTrust (now BoA). So I must give Confused acknowledgement that a lot of these complaints are not specific to any bank, but rather general practices throughout the industry.
I *completely* understand the concept of banks holding out for the NSF charges. I part ways with Confused on that point. I have seen it many times and even been told such by a branch manager of an institution I formerly banked with. The banks are in business to make money. A few extra NSFs may bury one of us individually, but it's like skimming pennies off the top to these huge companies. And when they do it a few million times, it adds up to a tidy side income. (ala Superman 3)
I, for one, am just about fed up with these institutions who run so much of our lives, yet leave us with so little control. I am about ready to forgo the whole industry and work with cash and a reloadable debit card. But like everything else in this country, it is almost impossible to survive without them. It's almost like this years election, choosing between sticking your head in the toilet...or straight into the sewer...you get S%*& on either way, only one is a little less drastic.

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Caroline
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Sep 22, 2008 10:47 am EDT

Do you people not realize that a bank is not there to give you a loan just because you have an account with them. You are only allowed to spend what you have put in. Not more.
I agree with Josh.

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Caroline
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Sep 22, 2008 10:45 am EDT

YES, other banks operate the same way. Actually, most other banks have raised their overdraft fees to at least $35 while WF has kept there's at $32. No bank closes an overdrawn account just because you tell them to. The wait on that is usually 30-60 days. Advice to the lady that let her friend borrow her card, go to small claims, because as far as I know the bank does not have to give you your money back when you LET someone dishonest borrow your card. The ignorance is yours.
Most other banks have the same hold policy on large checks as well. It's policy, to keep themselves from getting screwed. Which I would say is admirable. Look at all the other financial institutions going under. While Woodforest, only a couple months ago was named one of the best by FOX BUSINESS along side Wells Fargo.
My husband and I have been with WF for almost 3 years. The bank staff has always been nice and knowledgeable. The only screw up we've had to deal with was when I re-ordered my debit card to say my new last name, the main branch kept sending me one with my maiden. But I can honestly say after watching them order it 3 times, it wasn't the local crew, it was the main office.

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Friend
Asheville, US
Sep 21, 2008 3:15 pm EDT

It really cracks me up to see these complaints... Woodforest National Bank is no different than any other banks...NSF charges are $32 there, where almost all other banks are $35.. If you overdraft your account, then it is your falt, not the banks... When you open an account it is explained to you that if a check is out of state or a large amount, there can be an 11 day hold... This is because people try to cash checks where the funds are not available very often, and it isnt very smart to just cash checks without verifying the funds... Most of the Woodforest banks are new, so the tellers must get an override from the managment, bc they have a $500.00 limit to start with... I havent read a good complaint yet. It sounds like everyone is not paying attention to their accounts, and then blaming it on the bank..One last thing..It is not the banks responsibility to watch over everyone's account...I have an account there and they are very convenient, and all seem pretty nice, I havent had any problems..

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Josh
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Sep 20, 2008 10:22 pm EDT

Why are you using your debit card/writing checks if you don't have the money to cover it? Learn some personal financial responsibility and stop blaming the bank!

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CarolWilk
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Sep 16, 2008 4:43 pm EDT

We opened a credit card acceptance account for our small business with Woodforest Bank. I told their sales rep that under NO CIRCUMSTANCES would I sign a contract for more than 6 months. We opened the account in Oct. 2007. I closed the account in Sept. 2008 and they charged me a $375.00 early termination fee. Even after their sales rep agreed that my contract would not be for more than 6 months! I am so angry that I will complain to every governmental office, BBB, that I can find. On our contract it does not say anywhere that we have a 2 year agreement, they told me that I should have read the "Terms and Conditions" on their website. That the 2 year agreement was not on their contract.

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Frank Narish
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Sep 11, 2008 12:06 am EDT

In response to Annoyed, above, no, NOT "...any other bank operates the same ways, with the same fees." Sounds like the sort of notion that would be preached at an indoctrination or orientation session for new employees, and perhaps it isn't in this case, but this much is certain. Woodforest National Bank certainly IS NOT "user friendly." New depositors need to watch them like a hawk to familiarize themselves with the numerous loopholes they have that trigger fees of some sort or another, and just learn to dance around them. It takes time, and the caveat is that Woodforest does seem to operate legally. New depositors should also get used to going in with a check and coming home with the same check, as there are many reasons they will decline cashing one on the spot. Depositors should know this, in the event they REALLY need to walk away with cash. Some banks may do as Woodforest does, perhaps, but my other banks don't. They just aren't open as late as Woodforest, so Woodforest serves a need. I guess for me, they all serve a need and the need is different with each. As I became/become familiar with Woodforest's operating peculiarities, I'm learning to sidestep the fees. Let Woodforest BE Woodforest. Not ALL banks are like Woodforest.

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SLD
Stowe, US
Sep 08, 2008 7:12 pm EDT

Yes, but any other bank operates the same ways, with the same fees.

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Frank Narish
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Sep 04, 2008 11:08 pm EDT

Woodforest, above, responded to Frank by saying he doesn't even realize he has a savings account, not a checking account. Woodforest, above, obviously has the mentality of a turnip and the reading skill of a passing cloud, since Frank clearly states he opened a SAVINGS account, not a CHECKING account, with thoughts of opening a checking account "a few months later." Woodforest then closes by advising "ignorant people" (how many depositors fall into that category, in Woodforest's collective aristocratic mind?) to closely monitor the balances in their checkbooks (which Frank doesn't have), or they'll "get fees for borrowing the bank's money, " which Frank didn't borrow a dime. Woodforest attempts to portray this complaint as a personal attack by Frank against individual people, when it is, in fact, fair and just criticism of a somewhat fouled up and often confusing operating system, aggravated by struggling ineptitude from well-meaning but inexperienced Woodforest employees, and his own issues of bad timing of deposits and withdrawals, as well as failure to CATCH Woodforest imposing those fees EARLIER by monitoring his monthly statements more closely. If someone is putting their hands in your pockets, month after month, and taking out money to benefit themselves at your expense, and you don't STOP them by whatever means you can, then yes, it can rightly be said the loss is your own fault (for "allowing" it to continue). But as an honest person, I have a BIG problem, explaining to myself, why the hand persists in digging into my pockets, month after month, in the first place? Woodforest cannot exonerate itself by saying that all depositors are forewarned that its right to pick pockets (and levy fees) is explained in its "disclosures." Let Woodforest BE Woodforest. Let the public be forewarned that it IS what it IS. Deposit your money where you wish.