Robert
Buffalo,#2Consumer Suggestion
Fri, September 19, 2008
""Like any college student I was down to my last $5...I deposited my payroll check for over $400 from a national retail chain and then proceeded to get gas and groceries. All in all I used my check card a total of 4 times that day-starting 3 hours after my deposit and ending 5 hours after deposit. My total spending for that day was $119.00. Guess what? I got dinged with 3 $21 overdraft fees. Yep that is right."" Posting order is debits first and then deposits. When you make a deposit and then make withdrawels on the same day, you will indeed be assessed OD/NSF fees because the credit will be posted AFTER the debits. This is NOT new-been this way for many years.
Matt S
Camby,#3Consumer Comment
Fri, September 19, 2008
They got me too... My available balance was around $200. I deposited a Paycheck on Sep. 17th at 10:30am in the amount of $1400. I made a debit card purchase on Sep. 17th at 5:30pm for around $100. I had pending charges from the 16th of around $150. The bank charged me 4 overdraft fees totalling $100. The pending charges from the 16th are still pending... I work in retail and have worked in the restaurant industry, the pending charges are merely pings to see if the account is valid and may not reflect anywhere close to the amount that is ultimately charged. This is theft plain and simple. The check deposit "Posted to the account" on the 17th... When did it become ok to take out debits before deposits?
Bankworker
PITTSBURGH,#4Consumer Suggestion
Mon, February 04, 2008
Deposits are normally processed on "business days" which are M-F. Not Saturday, Sunday or holidays. If you make a deposit, normally most banks will allow for the first $100 or $200.00 for use (as a courtesy) until the entire deposit clears which depending on the bank can be anywhere from 1-8 business days. You are able to use your card but how much you use can be the factor. If for example you have 0 dollars in your account and you deposit $600, you may have $100.00 available to spend for 3 business days until the $500.00 clears. If you spend more than that initial $100.00 (checks presented, debit/credit card transactions, preauthorized debits) before the deposit clears then you'll overdraw your available balance and when the deposit clears you will be hit with unavailable funds fees because you should've waited for your deposit to clear. This is explained in the account agreement. I'm sorry that the teller didn't advise you of the funds availability policy, but it's really not a rip off because it is a practice that all banks/credit unions use.
Ken
Randolph,#5Consumer Comment
Mon, January 28, 2008
When a bank processes a check, it is read by machine. The amount and routing and transit number is read, and a hold is calculated based on those factors. Payroll checks aren't special, and they don't get or deserve any special considerations. They clear like any other check. If you do your banking at a community bank, or better yet, at a credit union, you may find that they are willing to override the float and let you have faster access to the deposit.