Deposited $4,700 Wells Fargo check put on hold for 10 days ! ( per maximum 10 business days, allowed by federal law

I've been a member with USAA since 1998 and have for the most part, enjoyed great customer service up until now. Within the last six months, I've had a negative balance about three times, no greater than $10.00 and when I catch it, rectify the issue to put my account back in good standing. This was largely due to being placed on worker's comp. by my employer after suffering a major wrist fracture while on the job. Recently, my supervisor advised me I could borrow against my 401k. Great idea, until 5 BUSINESS days later after despositing the ENTIRE amount of $4,700 has yet to be released, mind you it is a check issued by Wells Fargo. When calling customer service and in addition to speakng to an accounts resolution specialist, the best answer they could provide was that it is a federal hold and that they had no control in releasing a portion of the funds as a courtesy, keep in mind I am current on my taxes and don't pay child support, etc. With that said, this has further exacerbated m financial issues. Additionally, in my personal opinion, I feel this hold is being placed as a retaliatory move because of my account history. Seriously USAA, THE ENTIRE check on hold, and for this length of time possibly 10 business days? I will be closing my account with USAA once I have verified my direct deposit has taken effect at another bank.


Yep, page 20 of the Depository Agreement and Disclosures states:


Longer Delays May Apply

Generally, if the funds from your deposit will be available later than the times shown above, FSB will notify you at
the time you make your deposit and will tell you when the funds will be available. If your deposit is not made
directly to a FSB employee or if FSB decides to take this action after you have left FSB ’s office, FSB will send
notice no later than the business day after the day of deposit.
For deposits made by check, availability of the funds may be delayed for a longer period under the following
• FSB believes a check you deposited will not be paid.
• You deposited more than $5,000 on any one business day into all of your accounts.
• You redeposit a check that has been returned unpaid.
• One or more of your accounts has been overdrawn repeatedly in the last six months.
• There is an emergency, such as failure of computer or communications equipment.
FSB will notify you if FSB delays your ability to withdraw funds for any of these reasons and will tell you when
the funds will be available. Funds will generally be available no later than the seventh business day after the
day of your deposit.


This is pretty much standard for all banks.  Keep in mind that your account management history can be reported and obtained by any bank (usually through the Chex system), so you might want to check that the other bank will let you open an account first.


Thanks DS Texas. That puts things in perspective a little better Hoping that my check will clear soon !


If you give us a call at 1-800-531-8722, a banking specialist can explain (by checking your accounts) why you are experiencing a hold. Thank you for posting!