How can my bank not know where certain deposits and withdraws come from?

[DPK]

I checked my checking account balance last night and again this morning and I have $13 more in my account this morning. I called the bank to ask where it came from and they couldn't tell me. This happens sometimes with my account. Small amounts of money come and go and they are not able to explain to me what happens. Shouldn't they be able to know exactly where the deposits and withdraws come from?

 

[mugs]

Wait a day or two and they'll probably be able to tell you.

 

[DPK]

Usually they can tell me after a day or two (i.e. normal purchase, withdraw, deposit) but sometimes they are not able to and it doesn't show up online either. Just kind of worries me.

 

[EagleKeeper]

Account numbers sometimes get entered/read wrong.

When some-one complains about a shortage, the bank then will go back and locate the transactions that match the missing funds and attempt to correct the error(s).

 

[Injury]

13 more than when you checked the day before, or 13 dollars more as opposed to your balance book?


What method did you check by the first time, and do you keep a balance book?


If you checked at an ATM the first time, and online the second the time, it's likely the online records are not updated fast enough, and it's not that you had a $13 deposit, it's that $13 you spent hasn't been taken out.


Moral of this story: Keep a balance book up to date and know exactly how much you have at all times so you don't HAVE to check.

 

[mugs]

Originally posted by: DPK
Usually they can tell me after a day or two (i.e. normal purchase, withdraw, deposit) but sometimes they are not able to and it doesn't show up online either. Just kind of worries me.

If it never shows up on your statement, it's probably a hold on the funds that was removed when the transaction was posted. Like if you bought gas, they'd put a hold on $50, and a day or so later they'd post the actual transaction amount and remove the hold. If you bought $37 worth of gas, it would show a $13 gain.

You're better off tracking these things yourself.

 

[DPK]

I have heard about the gas hold thing before. What other types of things work like that. They should still track it so I know what it's fomr, i.e. "$13 gas hold refund."

 

[MrMaster]

I think it probably is showing holds on the account. Usually it isn't a 'gas hold' because most gas stations will only do a $1 or $5 authorization.

Are these transactions viewable on your online banking or when you call in on their tellerphone system?

 

[DPK]

These transactions are NOT viewable. The only way I know about them is if I monitor my balance daily and catch it. Here is how my online banking site usually works:

My summary page has a DEPOSIT and WITHDRAW section. If I recently got paid it will have the amount in deposits. If I recently bought something with my card it will tell me the amount in withdraw. I can also click to bring up a more detailed section that tells me where each transaction is from, the date, and amount. This section usually takes a day or two to update. For example, if I buy lunch with my bank card for $6, it will show up in the withdraw summary right away, but will take a day or two to show up in the details section.

What I am worried about is when money is taken or added and it doesn't show up in the summary or later on in the details section. Someone could be taking 25 cents per day this way and I would never know it unless I monitor the account to the exact cent.

 

[mugs]

Originally posted by: DPK
I have heard about the gas hold thing before. What other types of things work like that. They should still track it so I know what it's fomr, i.e. "$13 gas hold refund."

They don't show it, because it's not a transaction. The money never left your account, it just wasn't available. So it doesn't "come from" anywhere. You either have to keep track of it yourself, or trust your bank. Or use a credit card. It still works the same way, but the hold is reflected in your available credit, not your balance. That might get you past the semantic difference between how much money you have and how much money is available to you.

Someone could be taking 25 cents per day this way

They're not.

and I would never know it unless I monitor the account to the exact cent.

You're supposed to. (not that I have always done that myself)

If someone WAS taking $.25 out of your account every day, I assure you it would show up. If it affects the BALANCE, it will be there. Your available balance is different.

 

[Juno]

Probably there are some errors. Errors give you PROFIT! :laugh:

 

[Juno]

Originally posted by: DPK
These transactions are NOT viewable. The only way I know about them is if I monitor my balance daily and catch it. Here is how my online banking site usually works:

My summary page has a DEPOSIT and WITHDRAW section. If I recently got paid it will have the amount in deposits. If I recently bought something with my card it will tell me the amount in withdraw. I can also click to bring up a more detailed section that tells me where each transaction is from, the date, and amount. This section usually takes a day or two to update. For example, if I buy lunch with my bank card for $6, it will show up in the withdraw summary right away, but will take a day or two to show up in the details section.

What I am worried about is when money is taken or added and it doesn't show up in the summary or later on in the details section. Someone could be taking 25 cents per day this way and I would never know it unless I monitor the account to the exact cent.

My online banking has similar summary.

"Pending" and location will be revealed next to the transaction right after the transaction is made and it takes maybe two or three days for that transaction to become confirmed.

<~~ Using Fleet online banking which is now Bank of America online banking. I prefer Fleet the most.