- Report: #1173365
Complaint Review: Woodforest National Bank - Houston Texas
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Woodforest National Bank
Houston, Texas, USA
Web:
www.woodforest.com
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Woodforest National Bank Predatory Banking Tactics Plano Texas
Woodforest National Bank is located in the Walmart Store here in Plano, Texas. It preys on low income and Senior Citizens by holding direct deposits from Social Security Administration.
Today, for instance, is August 30, 2014. My disabled daughter received a direct deposit to her account at Woodforest from SSI yesterday (8/29). Woodforest however isn't posting the account until September 2 because "We aren't legally required to post the deposit until the first business day following the direct deposit." (Quote from Branch Manager). This means that Woodforest, not my daughter, will have use of these funds for their investment purposes for four days. Multiply this time by all the disabled and Senior Citizens this bank aggressively recruits and it's a lot of money Woodforest puts in its pocket while the account holders have to wait for their funds.
I will be moving my daughter's direct deposit to another bank which doesn't prey on disadvantaged account holders. This is outrageous behavior on the part of Woodforest and I'm writing my Congressman with the specifics. Woodforest is only a mid-sized bank but has had huge regulatory fines levied against it for other instances of "stretching the rules." I hope this practice of holding deposits from the Federal Treasury will be yet another instance where Woodforest will be spanked for their bad behavior.
3 Updates & Rebuttals
Woodforest Customer Service
The Woodlands,Texas,
Woodforest Customer Service
#2REBUTTAL Owner of company
Mon, October 27, 2014
Woodforest National Bank is dedicated to providing quality customer service and we would appreciate the opportunity to speak with you directly. Please contact your local branch or our Customer Care department toll free at 1-888-224-0132 or email [email protected].
LBorn
Plano,Texas,
SSI deposit was sent to Woodforest on 8/26
#3Author of original report
Sat, August 30, 2014
I was very curious about this issue also. I spent about 4 hours on the phone with Social Security Administration who (finally) advised that the direct deposit was sent to banks on August 26, 2014 for deposit on August 29, 2014.
When I contacted Woodforest and spoke with customer representative "Tracy" she advised that the deposit (already in their system) was not scheduled to be deposited until September 2, 2014.
The SSA representative advised that a banking service called "Netspend" credits the SSI deposits as soon as they are received. I contacted Netspend who advised they credited the Sept 2014 deposits on August 26, 2014 to account holders. Obviously, Netspend is going to be getting future SSI direct deposits for my daughter - and Woodforest can work its miserly tactics on people not bright enough to figure it out.
Striderq
Columbia,South Carolina,
Something else going on here...
#4Consumer Suggestion
Sat, August 30, 2014
Wood forest policy is to make the direct deposit available the day BEFORE it's scheduled for deposit. My Friday pay is available on Thursday. My wife's deposit is vailable the day before also. The bank can NOT "hold" any direct deposit.
What date was the deposit scheduled for from SSA? If it was the 29th, the money should have been available the 28th. If the bank is saying it'll be there the 2nd it sounds like it was scheduled for the 3rd. What date of the month has she received her previous deposits?
