I have been a customer of Wells Fargo for many years. I have had instances where my checking account was negative and learned that it's their policy (like the most banks) to place a hold on any checks deposited on negative accounts for five business days, until it is clear; of course this then results in further outrageous overdraft fees that the bank benefits from. Anyways, never has a problem ever occured with the clearing of any of my paychecks or personal checks clearing.

I have a savings account at another bank and wanted to transfer a large amount of my funds from it to my checking account at Wells Fargo. Not wanting to carry this large amount in cash, I opted to take it out as an official check. The definition of an official check is a check that is GUARANTEED by the bank, to be treated as cash. When I went to Wells Fargo to deposit my paycheck and official check, I was told that both checks were going to be put on hold. I understood, and anticipated, that that would happen with my paycheck. However, I was very upset to hear that they were doing this with the official check. When I asked the tellers why they had to place a hold on the official check, they said it was because of that status of my account, which is negative $100. I told that that I understood official checks were to be treated as cash and that's why I got one for this deposit, so I wouldn't have to worry about a hold. They just told me they still had to put the official check on hold.

I was in the drive-thru and didn't want to hold up the line. So I proceeded with the deposit and drove off. I figured I could call a banker at Wells Fargo and talk to them about it in length. I got the same response from that banker too! No one could explain to me why an official check, which, again, is to be guaranteed by the bank and treated as cash, was put on hold. I have a friend that used to be a banker at Wells Fargo, and he stated that they could have worked with me but chose not to.