In case you are doing any planning please keep in mind that Wells Fargo does not include Fridays, Saturdays, Sundays or Mondays in their business plan. A really weird place to do business with.
Need just one example. The boss is scheduled to receive her SS check on the third Wednesday of the month. I’m supposed to receive my SS check on the fourth Wednesday of the month. Oh, by the way, we don’t get a paper check. Sorry the amount gets deposited in our checking account. Anywho the amounts routinely arrive at Wells Fargo on Friday and sit there in a pending account for 5-6 days. Neither the boss nor I are dependent on SS but one has to ask “Who’s making money on this money while it sits in the pending account?”
This topic brought up because the boss elected to use a Friday as the day to pay a bill and with WF’s bankers hours I had to turn sleuth to figure out what was going on.
It wouldn’t take much effort to switch the deposit of your Social Security checks from Wells Fargo to your brokerage checking account. Loss of customers is the best wake-up call to an unsatisfactory business.
Business days are Monday - Friday, except federal holidays.
No one should have a SS deposit on hold for 5-6 days. I think you may be mistaken. In fact, your SS is likely normally scheduled to arrive on that 5th or 6th day and your bank is letting you know in advance that it is on the way with that “pending” status.
I have long NOT BEEN a fan of Wells Fargo for other reasons but this does not seem to be a Wells Fargo issue.
Maybe it’s just a “hold” of some sort? In other words, the money is deposited into your account, and is earning interest, but you can’t withdraw it until the hold is released. Why there would be any sort of hold on money deposited by the US Treasury is very odd though. They are the very basis of the money, so there can’t be any risk of the money not really existing (unlike cashiers checks, ACH transfers, even wires, etc).