Justin
Lancaster,#2Author of original report
Wed, March 02, 2005
No, that's not the issue here. I deposited the check on Friday, it was avab on Tuesday. I'm fine with that, that makes perfect sense. I understand that. What I don't understand is Tuesday AM the funds were there, Tuesday PM, they were gone after I spent only approx $100. I called, they said the check was placed on hold for 7 additional days. Noone could explain how funds show up on the account, then disappear later in the day. To me it looks like the funds were deposited and then at the end of the day someone came back and yanked the check for a hold, esstentially withdrawing everything from my account. Now the weird part is, when I checked my funds this morning, the check is deposited again. So much for the 7 day hold, which I had two bank reps till me was in place? Will after bank closing today will my funds be removed again? Again for those who browse over it quickly. I understand it takes several days for checks to be deposited. I understand but don't agree with check holds. None of these are the issue. The problem is Wachovia is approving the funds, thus my balance shows up correctly online and on my ATM recipets. Several hours later they revoke the deposited check and when I'm out spending money and writing checks assuming my balance hasn't changed I'm overdrawing my account.
Justin
Lancaster,#3Consumer Comment
Wed, March 02, 2005
No, that's not the issue here. I deposited the check on Friday, it was avab on Tuesday. I'm fine with that, that makes perfect sense. I understand that. What I don't understand is Tuesday AM the funds were there, Tuesday PM, they were gone after I spent only approx $100. I called, they said the check was placed on hold for 7 additional days. Noone could explain how funds show up on the account, then disappear later in the day. To me it looks like the funds were deposited and then at the end of the day someone came back and yanked the check for a hold, esstentially withdrawing everything from my account. Now the weird part is, when I checked my funds this morning, the check is deposited again. So much for the 7 day hold, which I had two bank reps till me was in place? Will after bank closing today will my funds be removed again? Again for those who browse over it quickly. I understand it takes several days for checks to be deposited. I understand but don't agree with check holds. None of these are the issue. The problem is Wachovia is approving the funds, thus my balance shows up correctly online and on my ATM recipets. Several hours later they revoke the deposited check and when I'm out spending money and writing checks assuming my balance hasn't changed I'm overdrawing my account.
Robert
Wallingford,#4Consumer Comment
Wed, March 02, 2005
You should have read your deposit account contract when you created your account (you may have to dig around a bit on their web site, but it can be found). Most of the bank's rules and schedule of availablity of funds are spelled out there. Unfortunately, most people don't bother to read it. You would have also learned that checks deposited via ATM are usually not considered received by the bank till the next business day if deposited after a certain time. You might consider having you pay check direct deposited into your account. The funds are available quicker and you can usually save on month fees.