Striderq
Columbia,#2UPDATE Employee
Sun, November 18, 2007
Jim, Thank you so much for your comments. I truly enjoy reading them. Just one slight correction I would like to make if I could. The posting order for Wachovia is; 1. Deposits/credits for that business day 2. Debits for that business day (yes, largest to smallest) 3. Service fees for that business day 4. Deposits for the next business day (cash deposits made after cut off time or direct deposits) Checks will not credit to the account until the appropriate business day at midnight when we begin our processing. Other than this I'd like to say that I always find your information clear, concise and very insightful.
Nikki
Coconut Creek,#3Consumer Comment
Thu, November 15, 2007
Too bad your wife didn't see the sign. Usually the bank has a sign up stating that deposits made after 2:00 will be credited the next business day. Since Mon. November 12 was a holiday, your deposit should have been credited at around midnight, Tuesday, November 13, available to be used Wednesday, November 14. Had she made it to the bank before 2:00, the deposit would have been credited Friday, November 9, at around midnight, for use on Saturday. This is their rule and the way they make money. Yes, in a sense they are screwing you, but not in a way that you can fight to get your money back.
Jim
Anaheim,#4Consumer Comment
Wed, November 14, 2007
Alfredo, ALL banks have cut-off times for receiving deposits even if the deposit is for cash. You ran into an unfortunate situation in that you made your deposit (1) after cut-off, (2) on a Friday, and (3) where Monday is a Banking Holiday. So your Friday deposit would be pending all the way to Tuesday late evening/Wednesday early morning. The other thing to consider is another thing all banks do which is to post all checks or debits to your account first - before any deposits or credits. Yes, this is to max all fees and income to the bank and is part of the account agreement with the bank - legally they have the right. So your deposit ends up posting on early AM November 14 because of the holiday. The NSF's are legit. I understand it seems unfair - but this is the way banks operate and many people do not understand it and believe it to be a rip-off. Unfortunately, it is legal and allowed.