Banking Question for Anybody With Bank Knowledge

[Robin Hood]

made a mid week deposit prior to the shut off time that would cause deposits to be posted a day later. Half an hour later, I made some electronic purchases. I did everything timely and correctly. The bank reversed the deposits and transactions, actually making the deposit post the next day. Then I received a notice saying that I was overdrawn but that they took no action against me; ie: they were kind enough not to charge me. I called to explain and requested that they correct their records and they refused. According to the man with whom I spoke, the records show that no action was taken and so that makes it OK. But, just for the record, I want my deposit posted before the actual transactions against it are posted because that is how it happened.

I have my deposit slip and the transactions which all show that the timeliness is correct and I will file them with this baloney notice; however, is it possible to push their buttons and make them correct thier records for accuracy? It is bothering me and I think I should just get over it because it's just little ol' me going up against the system and it could very well be a big waste of time.

[A.J. at J.A.]

I would say you are wasting energy on this. ((hugs)) I know it is upsetting, but in my opinion, by not charging you any fees they are in effect saying they were wrong and recognizing their error. It would be a total waste of their man-hours (and whomever would get assigned to the job) to reorder the time-frame, and in some software systems it would be very very difficult.

:0)
Angela

[Mrs. H.]

Non-cash deposits (any form of check, even a payroll check) aren't considered "instant" deposits, which means if I deposit Dh's paycheck at 10:00 Tuesday morning, it's not considered "real" money until Wednesday morning, even though it will show up on the 'available balance'. Cash deposits go in immediately.

Electronic transactions, including check/debit card purchases, transfers, and atm withdrawals come out instantly, which means I have to make sure that there is enough money actually in the account to make those transactions, not rely on the fact that because I deposited a check before I picked up the pizza, it should all work out.

This is just how our bank works.

[LMA]

It depends on what you deposited. Did you deposit something that was to be credited that day, e.g. cash or U.S. Treasury (SS, IRS, etc.)? All deposits at our bank are available the next day or later (depending on the source of the deposit) except for those two items. Since the bank took care of it, I wouldn't worry about it.

[BMC]

one that actually makes sense.

When I worked, we would transfer over work without closing the branch. Bringing "down" one teller at a time to change over to the "next" day. Sometimes customers would agree to make the deposit at the "least popular teller" because the line was shortest there (ie the one on "tomorrow") and then complain when something "went wrong". It doesn't sound as though this is what happened to you.

What could have happened:
the teller was supposed to be on tomorrow, but hadn't adjusted her date, however her work was turned in on the following day for processing

the teller made some sort of mistake that delayed the processing (ie turned her work in late) and they are absorbing the error, but couldn't stop the notices from going out to the customers

In any event although they paid everything, I would at least require an explaination other than, "well we paid everything for you". You could always approach then from the angle that you want to prevent the difficulty in the future.

Oh and get names of everyone you talk to so that IF it happens again, and you do get charged, you have ammunition.:)

[BMC]

for use, the deposit should have appeared on the day deposited even if the funds were held (not made available). The bank either has a policy that ALL checks regardless of size or origin are held (and that would be in the account agreement that you should have received upon opening or when the policy went into effect) OR they are required to tell you when the funds are available (you should receive the notice when you deposit the checks with a live teller - ATM deposits are processed later/differently and the hold notice is not given at the time you receive the receipt from the machine.

And speaking of deposits done at an ATM, the machine is frequently changed at a different time than the rest of the branch. (We changed the ATM first, then closed the branch to switch over to a new day. Later, when the branch no longer closed between processing days, the ATM continued to be done first. The receipt would show the processing date however.)

[Holly IN]

Actually my bank operates on real time so if I deposited my money at 10:00 it will post on my account immediatly. There are banks that do this. (not all of them do but the ones that do are out there) I recommend that you find a bank that operates on real time.

Now in your case there are no fees charged by the bank. So I would let it go. Your records are no indication of this. Believe me I know this because I worked in the bank in the processing dept. (back room hidden away from everybody else). They know you deposited your money at the time but couldn't post until next day (not sure why they wait till the next day though..this boggles my mind).

I would keep track of who you talk to. If this stilll bothers you then my recommendation is to go in and talk to the manager then if that doens't work go to the president of the bank.

Holly

[angela in ohio]

I recommend a credit union!! I worked at 2 different ones before children, and they are much more recpetive to taking a few minutes of effort to make something right! :D