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Banks sucks !

T

Tom

Lifer
Are there any bankers here ?

I was wondering if there are still laws that govern what banks are allowed to do ?

Specifically, if I make a deposit of cash money in a checking account, how long can the bank take to credit the deposit to my account ?

At my bank, a cash deposit made on Friday afternoon, doesn't post to my account until the following Tuesday. This seems like it ought to be illegal to me.

Also, on the subject of "business days", why is it that banks can conduct business on Saturdays and Sundays, but not count them as "business days" ? I would think "business days" would mean days when a business is doing business.
 
What's most likely happening is that you are depositing cash after their "cut-off" time. It's usually around 3pm. Any transactions conducted after 3pm are posted to the next business day. Saturday and Monday are considered the same business day, so the transaction memo-posts to your account on Saturday / Monday. Then, when they run the transaction through their processing, it "Hard Posts" to your account, and the funds are fully available on Tuesday. It seems as if you bank is highly inneficient, though. If you would make that transaction at the bank I work for, the funds are immediately available. The only exception is with large items that sometimes have a hold put on them. If it were a $10,000 check, they could choose to allow you to have $1000 immediately available, and then put a 3 day hold on the remaining $9000, to make sure that it clears.

You will see more and more banks getting rid of cut-off times, as processing goes more toward imaging and achieving the complete Check 21 environment.
 
Originally posted by: Tom
Are there any bankers here ?

I was wondering if there are still laws that govern what banks are allowed to do ?

Specifically, if I make a deposit of cash money in a checking account, how long can the bank take to credit the deposit to my account ?

At my bank, a cash deposit made on Friday afternoon, doesn't post to my account until the following Tuesday. This seems like it ought to be illegal to me.

Also, on the subject of "business days", why is it that banks can conduct business on Saturdays and Sundays, but not count them as "business days" ? I would think "business days" would mean days when a business is doing business.
Click to expand...

It's usually pretty clear what is considered business days and cut-off times on your bank's website. And btw, banks can only suck, not sucks. 😛
 
checks need to clear... imagine if you wrote someone a $10000 check while you only had $5000 in your account. Is the other person supposed to be credited $10000 before it's processed from your account ? Can you imagine if they spent all $10000 before verification ?

There should be 2 columns... one for the running balance and one for the available balance. And some banks are quicker, but there is a delay time for a reason.
 
Originally posted by: rh71
checks need to clear... imagine if you wrote someone a $10000 check while you only had $5000 in your account. Is the other person supposed to be credited $10000 before it's processed from your account ? Can you imagine if they spent all $10000 before verification ?

There should be 2 columns... one for the running balance and one for the available balance. And some banks are quicker, but there is a delay time for a reason.
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If you go back and reread my post I said CASH deposit.

Not a check, actual green money.


 
it varys from bank to bank, at mine cash deposits are clear THAT DAY,

ATM deposits clear in 1 day but allow you to use 100$ of the deposit right after you deposit it

checks take a day or 2 depending on teh day/time deposited

large ammounts over 2K take 3 days, but you can use a chunk of it in 1 day like 20$ or something
 
Originally posted by: TwiceOver
They gotta find a way to screw you somehow. Any Minnesotans here that bank with TCF know what that is like.
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My wife used to have a TCF Checking account, and they would try to screw you over with fees for everything.
 
if its washington mutual, theni have to say yes.. they tend to do that..

They screwed me over, check or cash deposits, they tend to do slower processing.. im still dealing with those idiots.
 
Do you take the money in or stick it the ATM? If you take it inside you should get immediate credit.
 
Originally posted by: CRXican
Do you take the money in or stick it the ATM? If you take it inside you should get immediate credit.
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Took it inside and gave it to a human being teller, just like the old days. That's what ticks me off.

btw, new complaint dept- right now, the 24 hour electronic online banking..isn't working !
 
bank of america elts cash deposits become immediately available. I know this because I somehow misgauged my balance and saw that i did two ETFs which would put me in the negative. I went to the bank on Saturday and deposited a few bucks and it posted online immediately as available funds. Checks take a few more days.
 
My deposits are always available immediately. I can make a deposit, walk to the atm right outside the bank and take the funds out if I want.
They also do this for my personal checks I deposit as well. I have a pretty good relationship with my bank so that helps too.
 
My cash deposits are always available IMMEDIATELY unless it's a weekend.

Some banks do have cutoff times such as 4PM M-Thu, 6PM Friday, and Saturday next business day.

Write a complaint, ask to see a copy of their bank policy regarding deposits and consider switching banks.

I work at a bank, if any bank pulled that crap I would go BERZERK on the branch manager.
 
Heck. Sucks. I can deposit a cheque through my ATM and have immidiate access to it.

Only answer I think is that your bank hates you and thinks your a crook.
 
That seems long. A cash deposit is immediately available at the bank I work at. What might have happened is that you went after the cutoff time (as explained by MogulMonster) and the Teller incorrectly posted the transaction as a check (not cash) deposit. For example:

1. Friday afternoon - the Teller posts a check deposit - since the transaction occurs after cut-off, the physical tickets don't make it into Friday night's processing
2. Weekend - no processing occurs
3. Monday night - the physical tickets are processed - the physical tickets override what the Teller incorrectly did
4. Tuesday morning - cash deposit is credited to your account

Or maybe your bank just is slow.
 
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