Mike
Cleveland,#2Consumer Comment
Sun, March 21, 2004
If you would really like to know what is happening to your account when checks are not posting the same night aas your ATM withdrawl, it is as follows: Most bank allow you to have what is called "Overdraft Privilage", or in Fifth Third's Case, "Matrix". The function of this account feature is to allow the customer to have accsess to funds on "float" (waiting to clear the other bank). Under normal circumstances, this permits the customer to spend his or her money without ever having known that the check was on float. However, if you do a poor job of managing your money, this same feature will allow you to overdraw the account. Bottom line is keep good records and you will know when your account is overdrawn so you can kick yourself before the bank does.
Melinda
Somerset,#3Consumer Suggestion
Fri, March 19, 2004
I certainly don't think Fifth Third Bank is a very good bank at all, but the problem on the ATM withdrawal is not their fault. The reason your ATM withdrawal was allowed, is because most banks have nightly processing to clear any checks that post against your account, so your outstanding check(s)would not post against your account until they process. For example: If you have $40 in your account and you withdraw $20 before nightly processing is done, then your account would show enough money to withdraw $20. However, if you withdraw that $20 and you have an outstanding check for $20.95 that clears through your account when the nightly processing is done, then your account is overdrawn $.95. The best advice on not having overdraft charges is to keep your check book balanced. Then you would have known that your outstanding check could have cleared your account before you made a deposit to cover it.