A check now clears in an hour?

[iwearnosox]

I gave my girlfriend a check last friday, I figured I'd make a cash deposit on Saturday to cover it. She deposited it at 4pm at her bank, and my bank claims it cleared that night. We bank at entirely different institutions. I consequently get whacked with overdraft fees.

I thought banking days end at 5pm? Doh.

 

[Anubis]

what bank is this, i want a 1 hour bank,

i thought all checks took 2-3 days

 

[pyonir]

didn't you have a similar "time machine" problem with your bank before?

 

[iwearnosox]

Her bank is Wells Fargo, mine is Union Bank of California.

 

[FoBoT]

many retailers use a system that presents your paper check to the banking system as an electronic transaction (think of it as making an ATM withdrawl or using a debit card) which "clears" the check within minutes/hours


perhaps banks do the same thing

sorry dude

 

[iwearnosox]

Originally posted by: pyonir
didn't you have a similar "time machine" problem with your bank before?

I hate my bank, I'm always having trouble with them. My previous issue with them was with them slapping holds on deposits without notification.

Yeah, I need to switch.

 

[dquan97]

I believe banks instantly credit your account for the amount of the check, but the $ won't be available for use/withdrawal until 2-3 days when the check really clears.

 

[pyonir]

Originally posted by: Sifl

Originally posted by: pyonir
didn't you have a similar "time machine" problem with your bank before?

I hate my bank, I'm always having trouble with them. My previous issue with them was with them slapping holds on deposits without notification.

Yeah, I need to switch.

OH yeah...i remember that thread now. Dude...you really need to switch. How is wells treating your woman? I've been with them for something like 4 years and have never had a problem with them.

 

[iwearnosox]

Originally posted by: dquan97
I believe banks instantly credit your account for the amount of the check, but the $ won't be available for use/withdrawal until 2-3 days when the check really clears.

You're not reading this right- the check cleared my account almost instantly, I'm the one who wrote it. And we bank at different banks. :Q

 

[iwearnosox]

Originally posted by: pyonir

Originally posted by: Sifl

Originally posted by: pyonir
didn't you have a similar "time machine" problem with your bank before?

I hate my bank, I'm always having trouble with them. My previous issue with them was with them slapping holds on deposits without notification.

Yeah, I need to switch.

OH yeah...i remember that thread now. Dude...you really need to switch. How is wells treating your woman? I've been with them for something like 4 years and have never had a problem with them.

They're treating her better than I've been I'm sure.

I might switch, although they apparently double dipped her for a check a while back and she's still trying to get it corrected, although it's only $10. I guess no bank is perfect.

 

[Mr N8]

Her bank ran it through electronically to verify funds. You can't live by the 2-3 day rule anymore. IRDs will be legal by the end of this year, and all banks will be able to just make an image of your check, and electronically tranfer it without ever sending your check.

 

[Ness]

Originally posted by: MogulMonster
Her bank ran it through electronically to verify funds. You can't live by the 2-3 day rule anymore. IRDs will be legal by the end of this year, and all banks will be able to just make an image of your check, and electronically tranfer it without ever sending your check.

Yes.

The best chance you have at trying to get this fixed in your favor is to wait for the cancelled check to come and check for a timestamp on it that says a different time. It's likely the bank will see what is up, but they might refund your OD fee just for having a fairly valid complaint.

 

[iwearnosox]

Originally posted by: ness1469

Originally posted by: MogulMonster
Her bank ran it through electronically to verify funds. You can't live by the 2-3 day rule anymore. IRDs will be legal by the end of this year, and all banks will be able to just make an image of your check, and electronically tranfer it without ever sending your check.

Yes.

The best chance you have at trying to get this fixed in your favor is to wait for the cancelled check to come and check for a timestamp on it that says a different time. It's likely the bank will see what is up, but they might refund your OD fee just for having a fairly valid complaint.

I can already download the check image in my account, so apparently MogulMonster is correct. I had no idea such things existed. Scary stuff, thanks for the info.

 

[MikeyIs4Dcats]

me thinks the bank will tell you to fly a kite as you knowingly wrote a check on an account which had insufficient funds at the time the check was written....AKA check kiting.

 

[DT4K]

Originally posted by: MikeyIs4Dcats
me thinks the bank will tell you to fly a kite as you knowingly wrote a check on an account which had insufficient funds at the time the check was written....AKA check kiting.

Exactly.
I have often written a check for groceries on a Wednesday night when the money wasn't going to be there until my paycheck was electronically deposited at 4am Thursday morning, so I can understand why you are upset.
But you have to realize that by law, you are supposed to have the funds available in your account BEFORE you write a check for them.
And yes, electronic check submission is becoming more and more common.

 

[Bootprint]

Of course they have time machines, where did you think all those services fees went?