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I opened a new business account with the Laurel, MD branch of Woodforest National Bank on Friday, December 27th of 2019. During the opening process I was told they needed additional identity docs by Gayla (the relationship banker) and something with my identity was preventing them from opening the account (because of this, the back office was supposedly opening it).
I gave them a copy of my social security card but it still took the people in the branch 4-5 hours (I left and came back twice) to open the account. At the very end when Darrell Ferguson (the branch manager) gave my partner and I the docs to sign, my social security number was incorrect on the docs. The branch manager claimed they fixed it, they’d refund $45 in fees, and he’d order me a free set of business checks for the inconvenience. Of course he didn’t do that.
Days later the fees were still on the account. I went back to Darrell and asked his to reverse them and he did. I’m a Real Estate agent that owns a property management business. Between 12/27/2020 and 1/6/2020 I was in the Laurel Branch almost everyday making rent deposits, chit chatting with staff that are interested in real estate, etc.
Around 10pm on 1/6/2020 I go to use my Woodforest debit card at a restaurant and the card is declined. Of course they don’t have 24 hour client services so I was forced to wait until the next morning to figure out why the debit card wasn’t working. I called the next morning (1/7/19) and was told that my account was frozen because I hadn’t completed a “Beneficial Ownership” form. Of course I had no clue what that was since I had given Woodforest all of the docs that I had been given by the state and IRS.
A few hours later I went into the branch, the branch manager Darrell Ferguson gave me the form for my partner to sign. My partner signed the doc and we asked Darrell when the account would be unfrozen. He replied on the morning of 1/8/2020 so we left. A few hours later I called back to customer service to ask why I’d be waiting 24 hours since they now had the doc and was told the account was scheduled to be closed since I hadn’t submitted all the docs and that I would receive a check in the mail for the thousands of dollars in client funds that was in the account.
i went back to the branch, spoke to Darrell again and was told that he forgot to give me Woodforest’s Beneficial Ownership form, that Woodforest’s back office had been emailing him for days and he was just too busy to check his emails, and he had asked that the account not be closed but the back office refused. I once again spent hours in Woodforest trying to get them to release the money to me. Eventually Darrell decides to open another business account and tells me that they’ve stopped payment on the check and they’ll transfer the funds to the new account for me to pick them up today 1/8/2020. Ive been in the Branch 2 hours, Darrell is off today, and as of right now I still do not have the money.
No one in Woodforest’s corporate office will give me any real information. I called, spoke to a supervisor, and was told the account was not closed, no check was ever cut, but the account was still on hold. They all act like I did something wrong and refer me back to the Darrell and he isn’t here. I’ve had to call clients and warn them that the checks I deposited in their accounts for rent will bounce.
I have ACH payments scheduled to hit the account over the next couple of days and those will be returned since the account is scheduled to be closed.
Choosing Woodforest bank for my business put both my business and my real estate licenses (I have 5) in jeopardy. Please do not choose this bank.
Product or Service Mentioned: Woodforest National Bank Account.
Reason of review: Poor customer service.
Monetary Loss: $7000.
Preferred solution: Let the company propose a solution.
Woodforest National Bank Pros: Lol.
Woodforest National Bank Cons: Managment, Lousy support, Poor customer service.
Location: 3549 Russett Grn E, Laurel, MD 20724