Customerserviceguy
Richmond,#2UPDATE 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,#3Consumer 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,#4Consumer 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,#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.