I have a quesiton. I have access to online banking and here is what happened.

Figures are not right on but look below you will see. I had $56 in the bank on 8-17 I made a deposit at 11am took me up to $450 then at 5pm I paid a bill for $250 took me down to $200 then the bank hit me with 2 overdraft charges for $34 each took me down to $182. No time on my bank accoutn does it show negative. The bank said not all of the $450 went through at the same time so it doesn't show negative but it was.

Can they do that only put in part of a check and clear another part later. They show clearing deposit then the check then OD fees. That is not right. They never show negative anything right. So we are in the right they are in the wrong correct.

Help.
Here is what the bank shows
08/17 EXXONMOBIL, Purc Debit $20.00 $129.42
08/17 OVERDRAFT CHARGE Debit $34.00 $149.42
08/17 OVERDRAFT CHARGE Debit $34.00 $183.42
08/17/2006 CHECK Check 1204 $263.68 $217.42
08/17/2006 DEPOSIT Credit $424.58 $481.10
08/14 PYMT 1202 081206 Debit $82.56 $56.52

By Sunny on Thursday, August 24, 2006 - 05:20 pm:

I'm not sure I understand. Do you mean you made a deposit and paid a bill for $250 on the same day? As if you were drawing on the money you just deposited?

My bank will clear $100 of any check I deposit on the same day, but the entire check doesn't clear that day. It usually takes at least a day to clear, sometimes more, and even cash deposits aren't available until the next day. Could that have been what happened?

By Vicki on Thursday, August 24, 2006 - 05:22 pm:

Actually, they can place hold on checks until they clear. It should be spelled out in the fine print in the info you got when you opened the account. Banks usually will give you a little credit and then hold the rest for at least 24 hours. Also, when I worked at the bank (forever ago) the overdraft charges showed up the next day, so in your case, the items would have been presented on the 16th, bounced and then the charge applied on the 17th. Won't say that is how your bank works, but that is they way it was many moons ago at the one I worked at. But in answer to your question, my bank also holds checks that are deposited.

By Breann on Thursday, August 24, 2006 - 05:30 pm:

Annoying, but possible. It's happened to me before If you call the customer service number and ask them to explain it to you, they will most likely reverse the charges. That is what happened with me. I played dumb, because I was, lol, and the lady was very nice and credited the account.
Just be super nice

By Ginny~moderator on Thursday, August 24, 2006 - 06:53 pm:

Breann has good advice. If you have some history with this bank and your account has generally been OK, they may well "forgive" one or both of the overdraft charges. But you need to talk to someone right away. And when you talk to them, you need to be very careful to not "blame" or sound angry - sound sort of bewildered and confused and "Gee, I guess I made a mistake but I didn't realize it. Can you explain what happened here, because the $68 in overdraft charges really hurts. I thought that the balance shown on line was really my balance, but I guess it's not. How would I know whether the on-line balance is real?" You don't want to make the bank person feel attacked or feel a need to be defensive - you need to play the poor little ignorant me game in the hope that the bank person will feel sorry for you and want to be helpful. So be really, really sweet and humble if you want any chance of getting some or all of those charges removed.

And yes, banks can clear all or only some of any check you deposit on the same day. Some banks will clear checks written on banks in the same federal district the next banking day, some will say it takes up to 3 days; if the check is drawn on a bank in another federal district, it takes longer.

As for what your on-line or ATM balance is - don't take it literally. It shows activity, but it will not show if a check has cleared. I know when I make deposits in person, my deposit receipt has a notation on it, "Deposit Effective Date" and that may be the same day as the day I made the deposit, or it may be 1 or 2 business days later (I usually make my deposits on a Saturday, so "business days" is critical - Saturday is not a "business day" for the bank.).

Tonya, I learned a trick from my ex that has served me well. When I balance my bank account each month, for a long time I would deduct $5 from the balance after doing all the math, and keep a separate listing of those $5 deductions, until they got up to $200 or so. That gave me a cushion in case I needed to write a check the same day I made a deposit, so that I wouldn't get overdraft fees.

You should be glad, actually, that you don't have "overdraft protection", because a lot of banks charge whopping fees for that "service", as well as interest on the money they "loaned" you in protecting your overdraft. I will say, $34 seems a very steep overdraft charge, but I know banks are getting away with those kinds of fees everywhere. My bank, Wachovia, charges $30 presently (I think).

By Amecmom on Thursday, August 24, 2006 - 07:50 pm:

I have overdraft which is free with my checking as well as free internet banking and bill paying with HSBC. It's great not to worry about having enough in the checking account.
Ame

By Colette on Thursday, August 24, 2006 - 08:35 pm:

We also have free overdraft, free internet and bill paying with DCU. I would look into changing banks.

By Tonya on Friday, August 25, 2006 - 08:41 am:

I talked to the bank and they said if I took the check in and cash it they gave me all $450 then I could deposit the cash and have it available right away but to just deposit the check only $100 is available right away the rest clears the next day.

Tell me that sound right. They will cash it 100% right away or have it available next day on a deposit. That makes no sense to me at all.

This happened to my brother yesterday so I am going up to the bank with him today to help him straighten it out. He is changing banks this is the 2nd time they have screwed him over like this. He has been banking at this bank for 8 yrs, me 14yrs and our parents for over 30 yrs. They know us by name and face so we are familiar and when he went in yesterday he played dumb cause he was and they told him sorry for your luck we will give you nothing back. I am going to be a terror today and go to the ladies higher up if I have to to get him his money back.

By Debbie on Friday, August 25, 2006 - 09:58 am:

Tonya, I'm sorry this happened to you. Our new bank held a cashier's check for a week. I thought a cashier's check was like cash. Guess, I was wrong. I am glad I asked, otherwise, I would have been bouncing checks all over the place.

By Tonya on Friday, August 25, 2006 - 10:21 am:

The part that doesn't make sense to me is they will cash it and give me full money or they will deposit it and wait 24hrs. How does that make sense? The CS Rep told me to cash my checks then deposit the cash it is available right away.

By Ginny~moderator on Friday, August 25, 2006 - 10:37 am:

It doesn't have to make sense. The rules are the rules.

And, depending on the payer of the check, they might not cash it unless you already have enough money in your account to cover it in case it bounces.

When I was depositing my ex's support checks, and wanted to cash one once, the teller told me that they would cash it but then put a hold on my account for the amount until the check cleared, because it was a personal check. She said if it was a well-known business check then it would not be a problem, but if it was a business they didn't know, they would treat it the same way they did a personal check.

By Breann on Friday, August 25, 2006 - 10:47 am:

We switched banks a few years ago because of the "hold" policy. It was a hassle to have them cash the check, then turn around and deposit the cash. Now we bank at a credit union, and just drop our check off at the drive through and the entire amount is available immediately.

I agree, some of the banks have strange rules. Like Ginny said, rules are rules. Annoying as they may be.

By Bemerry84 on Friday, August 25, 2006 - 02:10 pm:

One thing you might check into, the CS rep may be wrong about cashing the check. My banks and CU will not cash a 3rd party check unless you have the money in your account to cover it until it clears. If it was a payroll check you just have to show the stub and they will not place a hold on the check. Another thing I've learned is if you have an automatic draft, they draft at 6:00am so if you don't have the money in the bank at the time if the draft you have an NSF charge even if you make the deposit the same day. Banks are the boss and they are hard to fight. IMO