eBay Suspended & PayPal Limited Forums - Woodforest National Bank

Hey Jeff, Woodforest is mostly in Walmart stores and grocery stores, they target lower income & second chance customers. (It is one of the only banks that will allow someone to open a checking account despite being delinquent on another checking account: Wikipedia)

I assume this is why they might impose holds on large transactions, or any transactions that they might think is "high risk" (sorry for the PP reference, I just had to throw it in there).

A $1,000 EFT is considered a large transaction???? I can't imagine making a thousand dollars a month and having that money on hold every single month for a couple of weeks at a time.

First Edition

10-12-2010 02:09 PM

for someone who is a sub prime customer, yes.....

jeffweico

10-12-2010 06:32 PM

Quote:

Originally Posted by First Edition (Post 173511)

for someone who is a sub prime customer, yes.....

But wouldn't they differentiate? My FICO's are over 800 I know this because I got a mortgage about a year ago and pulled my scores before I applied.

I was even approved for the mortgage with NO JOB! And thst is saying a lot in 2009!

Now, had I walked in there with a check for $100k, THAT I could have understood.

No wonder poor people don't want to use banks.

smithgroup

10-12-2010 08:02 PM

Quote:

Originally Posted by Ballsack (Post 173456)

A $1,000 EFT is considered a large transaction???? I can't imagine making a thousand dollars a month and having that money on hold every single month for a couple of weeks at a time.

Yes, I am from the "hood", most people I know that still live there have either Woodforest, a Greendot "account" or just use Walmart money services.

I personally know $1000 is more than most of them make a month, so yes a $1000 EFT going through a sub-prime bank is high risk.

AND JEFF go get an account a Chase and stop complaining!:violin:

BTW congrats on your mortgage, that's great. One day I'll be there.

MtnDew

10-12-2010 11:56 PM

Hitch...That's a load of bullpucky! I got a little pissed at his first post too first edition. you wont win an argument with first :)

Especially now I know she is a woman. Funny I like First better now I know that...:FF:

anyway...seems somewhere someone in this thread did confirm woodforest bank works with diff. name and does instant verification. Saving time for those looking for the reason for the thread. :)

hitch

10-13-2010 12:51 AM

I don't use my PP account attached to woodforest too often however, for the sakes of this thread:

I have a standard account and:
1) I was able to instantly verify
2) I was able to transfer more then $1,000 without a hold
3) The account is linked with a PP account in a different name, and that makes no difference.
4) WF account links with mint.com no problem.

As with most banks, if you show to be a good customer you can get limits removed. Just don't expect them to remove it within the first few weeks of you doing business.

imthatguy

10-13-2010 01:53 AM

Quote:

Originally Posted by jeffweico (Post 173568)

They figured if you got it like that then why are u using a sub prime bank for the poor

First Edition

10-13-2010 10:20 PM

Quote:

Originally Posted by jeffweico (Post 173568)

Right.... and you're not who they market to... at all. :pop2:

surcerouche

02-24-2011 01:04 PM

Hi,

I just went to Woodforest yesterday-2/23/11. It was easy and simple to open their checking account. You need a minimum of $25.00 and for a savings account you need $100.00. Took about 20 min, and I walked out with routing and account numbers.

Red X

02-24-2011 11:48 PM

I called today, and it is still $1.00 for checking, and $200 for Savings to keep them from deducting fees.

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