Standard Banking Practice?

[jmcoreymv]

Heres the story:

My mom had about 16k of my money in a CD account in her name with BofA. She decided she wants to put it back in my name at Wells Fargo. So we take out the 16k in a BofA cashiers check and close the CD. I goto Wells Fargo WITH my mom (whos name is on the cashiers check), and tell them we want to open up a CD in my name with it. They say they cant do it because my moms name is on the cashiers check (even though she is right next to me approving it). So instead what we had to do is deposit the check into one of her wells fargo accounts and then the teller said wed have to wait a week for the cashiers check to clear (I didnt even know cashiers checks had to clear). So in a week my mom has to write me a check for the amount, and I have to goto Wells Fargo and try to open up a CD with it.

Is this standard practice for all banks? Or was the telling trying to be a pain in the @ss?

 

[Spikey289]

I'm surprised they didnt ask her for id that she was the person who signed the check.

 

[jmcoreymv]

She showed them her drivers license, but it didnt matter, it had to go into an account with her name on it.

 

[crystal]

They need to make sure that check clears first, i.e., she has enough money to cover for that amount.

 

[XMan]

Originally posted by: crystal
They need to make sure that check clears first, i.e., she has enough money to cover for that amount.

Yeah, but it's a cashier's check. That's basically the same thing as a money order.

 

[fr]

Sounds right to me. If the CD is in only your name, I don't see how they can take a check with her name and put it in your account.

 

[tk149]

1. Tellers are at the bottom of the bank food chain. Don't expect too much from them, since they don't have the training to handle certain items.

2. The teller probably did not realize that he/she could have called Wells Fargo and verified that the check was good, OR

3. There might be a fraud alert out in the area for forged cashier's checks. Criminals sucketh.

4. Check back tomorrow to see if the funds have cleared yet. If both banks are in the same state, funds may clear within two days.

 

[GasX]

Originally posted by: X-Man

Originally posted by: crystal
They need to make sure that check clears first, i.e., she has enough money to cover for that amount.

Yeah, but it's a cashier's check. That's basically the same thing as a money order.

better - it's like cash