On Monday this week, I deposited three checks to my WaMu checking account. The counter receipt reflected no holds and that the deposited funds were immediately available. I used my debit card several times that evening and the next morning.
Tuesday afternoon I logged into my on-line account information and noticed a negative balance. My subsequent investigation revealed that WaMu decided sometime Tuesday morning to place a hold on the three checks. The purported reason was because one of the checks was "flagged" as a possible insufficient funds check.
WaMu would not disclose which of the three checks is purportedly dubious. Neither would they explain why it was necessary to place all three checks on hold when only one might be questionable. And, finally, WaMu would not explain why the check only became questionable some 15 or so hours after I left the branch.
I have been told that I will be responsible for any return fee charges as a result of using my debit card between Monday after my deposit and until such time of the official hold on Tuesday morning. So in other words, because they didn't notify me of the hold at the time of the deposit, and I subsequently used the debit card, I'll be held accountable for the fees.
Hmm. Its shady practice folks. Run from these guys as fast as you can.
Monetary Loss: $100.