A weep screed having an elongate substantially planar back flange and an elongate upper flange extending outwardly from an outward side of the back. Apertures formed in the upper flange allow water to drain. An elongate bottom flange section extends outwardly from the back flange below the upper flange and has an upper member extending outwardly and downwardly from said back flange and an outer edge spaced from the back flange. Also provided is a method of applying a veneer finish using the weep screed.