I have an account at Woodforest. I was also attracted to it by the $1 account thing.
After I lost my job, but before I got back to selling online, I was living on unemployment, my 401k and money from my brokerage account.
So, I took $3k from my 401K, they sent a check. This was from Fidelity, a HUGE firm.
Deposited it in the bank, but the manager told me that since the account was new, and the amount of the deposit was over $2,000 there would be a 7 day hold on the money. Turned out to be 7 BUSINESS days, which actually means an 11 day hold. But OK... Whatever...
Two months later, I did the same thing with a $2,000 deposit. This time, they told me the hold was "discretionary". I then received a letter from them informing me they were holding the money because they did not believe that Fidelity would pay them. GGGRRR!!!!
Last month, I needed a new roof. I had most of the money, but I transferred $1k from my brokerage account - ELECTRONICALLY this time. And guess what? ANOTHER FU**ING HOLD!!! For an electronic funds transfer!
I am a homeowner without a SINGLE LATE PAYMENT on my credit report. I have never used more than 10% of my available credit. My FICO score is over 800. So it is not like I have bad credit or anything. This is one ANAL bank, or at least one anal branch.
So I never thought of using them for stealth, as the way the were acting led me to believe that any deposits would be rejected, even if the entire name was off by only one letter, much less using a stealth name.
But if I'm wrong, they could be a nice resource, since they are local to me.
My question is: Has anyone successfully reecived funds into a Woodforest account when the names do not match?
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