Wachovia Teller claimed it cash deposits are not immediatly available nor have they ever been. Atlanta Georgia
I made a cash deposit as I typically will do to cover checks that need to be written that day, only to find out a week later all my checks bounced becuase they did not post my deposit until two days later.
Upon checking into this they said that cash deposits are never immediatly available and if deposited after 2PM the funds would be available the following business day. This was always their policy and it is because cash still needs to be posted that evening with the banking business.
I could not believe what I was hearing -- for 20 years now I have been making cash deposits and never heard that line of crap before. They were not going to refund my fees and I later found a number of these in my account. I never expect to get fees back from them as a friend of mine who use to run a Wachovia financial Center told me flat out that employees would be terminated for refunding fees more than once for a customer.
As money becomes harder to come by in this country one would think big corporations would ease off -- they all seem to be taking much much much more -- I am not sure where it all stops, and know of nobody who can take on banking or corps with unlimited funds. Might I suggest everyone in this country who does not own a bank should get together with one voice and say enough is enough -- I think what big banks are doing is borderline criminal!
Chris
Atlanta, Georgia
U.S.A.
4 Updates & Rebuttals
Customerserviceguy
Richmond,Virginia,
U.S.A.
The first 2 responses are correct
#5UPDATE Employee
Sat, July 12, 2008
Actually, the first two responses are correct.
If cash is deposited after 2pm in the branch (4pm at the ATM) they will not be made available to pay transactions until the next business day. This is reflected on the deposit receipt.
This is because the bank uses a batch processing system to calculate fees and balances. There must be some cutoff. The bank's computer takes all transactions that occurred before that cutoff time to calculate the transactions for that day.
Samsung Side By Side
Westfield,Massachusetts,
U.S.A.
i think the last 2 rebuttal people fell and bumped they're heads to hard!
#5Consumer Suggestion
Tue, July 01, 2008
every single bank i have ever done business with (eastern, sovereign, fleet, citizens, few small locals) have always made cash deposits at a teller in person immediately available i think you people are quoting the domestic orin state check funds availability clauses! cash is always immediatly available and in most cases so are treasury checks! such as rebate stimulus checks tax refunds and social security checks! i don't know what bank you use but if cash isn't available immeddiatly you are being screwed!
Ken
Randolph,Massachusetts,
U.S.A.
Nancy is correct
#5Consumer Comment
Tue, July 01, 2008
And to just add to that, if you deposit through an ATM, it adds an additional day to the process.
Things to consider... if you are making the deposit after the bank's daily cutoff time, you don't start counting until the next day. Your deposit receipt will reflect the date that the transaction is posted.
Saturday and Sunday are not banking days, even though a branch may be open. This means that if you deposit after cutoff on a Friday, your deposit is part of Monday's work. This means it hits your account on Monday night, you see it as available on Tuesday. This also means, however, that no checks are hitting your account on Saturday or Sunday, so if you are getting overdrafts, it would seem likely that you are negotiating checks before you make the deposit.
Checks clear faster and faster these days, you will do yourself a great favor to not try and play the float game on checks. It's a no-win situation, they have way better technology than we do.
Nancy
Steilacoom,Washington,
U.S.A.
this time the teller is right
#5Consumer Suggestion
Tue, July 01, 2008
Cash is not processed until the night with ala the rest of the bank transactions.
Here is the banking regulation.
229.10 Next-day availability.
(a) Cash deposits. (1) A bank shall make funds deposited in an account by cash available for withdrawal not later than the business day after the banking day on which the cash is deposited, if the deposit is made in person to an employee of the depositary bank.
(2) A bank shall make funds deposited in an account by cash available for withdrawal not later than the second business day after the banking day on which the cash is deposited, if the deposit is not made in person to an employee of the depositary bank.