This is ridiculous, Wells Fargo!

Wells Fargo hasn't been in business that long - I bet they're trying
to make a quick buck and get out of the country!! - either you are
exaggerating or the banking system as we know it is doomed...

Truly, 16 business days is out of compliance with Reg CC. Eleven days
is the maximum for non-local check exception holds. However, unless
there was a reason to be suspicious of the availibility of those funds
represented (such as excessive overdrafts, or possible fraud), a
non-local case-by-case hold has a maximum of 5 business days.
Ultimately, it is up to the bank (and not the client) to determine the
risk involved in realizing funds on said check. But the amount of
time is explicitly clear for holds. Reg CC is protection for the bank
in order to see if checks will clear, but it is also protection for
the individual--so that they will have (semi-timely) access to funds.

Alerting Reg Authorities to the situation may get results, but it
might not be the best way to go about things in this
circumstance--expecially if you generally like your banker. I think
the best thing would be to alert your personal banker to the situation
and explain the seriousness of your concern. If he is good, he will
take initiative to fix this problem--without any unnecessary heat from
Reg compliance. I'd use the letter to Reg authorities as my last
straw. (Right before leaving to another bank).

This is a good letter. I agree with you that 16 days is too long. I
wish you luck.

This is from the Federal Reserve Bank's compliance page, in regards to
funds availability:

For certain types of deposits, Regulation CC permits financial
institutions to delay, for a "reasonable period of time," the
availability of funds. A "reasonable" time period is generally defined
as one additional business day (making a total of two business days)
for on-us checks, five additional business days (total of seven) for
local checks, and six additional business days (total of eleven) for
nonlocal checks; your institution may impose longer exception holds,
but you (the bank) may have the burden of proving that they are
"reasonable."

If they truly did place a 16 day hold on your funds, they are not in
compliance with the law, and I would bring this to their attention in
a heartbeat.

Reg CC (the laws dealing with this) also require that you recieve a
notice when funds availability is delayed, stating the reason for the
delay, and the date when funds become available. If they did not hand
you this notice, there too they are out of compliance.

If you really want to bust their chops, file a complaint with the
Comptroller of the Currency for non-compliance with Reg CC. That'll
get their attention for sure!

16 days is nuts! I recently got a letter from my bank, telling me that
because I've been such a good customer, they have given me a special
privilige (not sure if that's the word they used) and I now only have
to wait two business days instead of five for out of state checks. So,
banks do have some flexibility. Hopefully after receiving your letter
they'll review your account and take your request into consideration.

Sixteen days is excessive. Especially if the check is drawn on the
same bank. (Unless they are having problems with that clients
account).

Why do you have all the numbers in parentheses??? The only reason I
can think is that you're only doing half of a standard. An example of
the standard would be "... and I am unhappy with the sixteen (16)
business day hold."

Your way is weird.

Nice letter. I agree that 16 days is an unreasonable amount of time.
If you have enough in your other accounts, maybe they will let you
deposit a check as cash against those accounts, especially the ones
you consider zero risk.