Robert
Wallingford,#2Consumer Comment
Wed, November 01, 2006
If so, those funds are placed on hold, meaning they can not be used to pay any other debits that may post for processing against your account for a certain period of time (I think it is 3 days but am not certain). The bank does not actually pay out those funds until it receives a conformation from the merchant for the purchase. That can take anywhere from a day to weeks depending upon when the merchant process their transactions. After a certain number of days, the bank may release the hold if they have not received a confirmation for the transaction and the funds can be used for other debits. However, when the bank finally receives the confirmation, if the funds are not in your account to pay the transaction you would also end up paying a NSF fee. Read through your account terms and conditions. There should be a detailed explanation of the banks policies for check card transactions. As a suggestion, don't rely on your online account information for an accurate balance. Keep you own account register. You will know exactly what your balance is.