question about depositing checks

[vshah]

I deposited $321 in checks in an atm a few hours ago.

I assumed it would take a day or so for the amount to show up in my account...but i checked my balance online, and it shows that $200 has been added to my available balance. It also shows $321 under current deposits.

so..i gues i'm wondering why was only $200 deposited? do they deposit part at first and the rest later?

thanks,
Vivan

 

[pontifex]

i'm not sure i'd trust depositing through ATM.

 

[Nikamichi]

Local checks usually clear first.

 

[vshah]

its funny though...it was two checks, one for $300 and one for $21...and $200 was deposited..
wierd.

 

[dullard]

Originally posted by: vshah
so..i gues i'm wondering why was only $200 deposited? do they deposit part at first and the rest later?

Yes. If I recall correctly, federal law states that at least some of it must be immediately available. I think most places give just $100 though. You are lucky with $200.

 

[jdobratz]

Some of it is up to the bank on how they want to do it. I know, at least in Wisconsin, we have to release $100.00 of the deposit amount on the next business day. The rest of the funds can be help up to 10 business days on a checking account and I believe the hold amount can be longer if the deposit is to a savings account.

 

[vshah]

Originally posted by: pontifex
i'm not sure i'd trust depositing through ATM.

i'd have to walk 6 blocks otherwise to reach the branch office....there is a mini one on campus but they only take checks through the atm.

 

[vshah]

Originally posted by: dullard

Originally posted by: vshah
so..i gues i'm wondering why was only $200 deposited? do they deposit part at first and the rest later?

Yes. If I recall correctly, federal law states that at least some of it must be immediately available. I think most places give just $100 though. You are lucky with $200.

sounds good..thanks

 

[skrilla]

Originally posted by: dullard

Originally posted by: vshah
so..i gues i'm wondering why was only $200 deposited? do they deposit part at first and the rest later?

Yes. If I recall correctly, federal law states that at least some of it must be immediately available. I think most places give just $100 though. You are lucky with $200.

Yeah, my bank will give me $100 to use right away.

 

[goodoptics]

Originally posted by: skrilla

Originally posted by: dullard

Originally posted by: vshah
so..i gues i'm wondering why was only $200 deposited? do they deposit part at first and the rest later?

Yes. If I recall correctly, federal law states that at least some of it must be immediately available. I think most places give just $100 though. You are lucky with $200.

Yeah, my bank will give me $100 to use right away.

Same here.

 

[George P Burdell]

Originally posted by: pontifex
i'm not sure i'd trust depositing through ATM.

I do it all the time... works.

 

[ZoomStop]

Originally posted by: vshah

Originally posted by: pontifex
i'm not sure i'd trust depositing through ATM.

i'd have to walk 6 blocks otherwise to reach the branch office....there is a mini one on campus but they only take checks through the atm.

Between ATM's & online banking I haven't seen a teller in years and the bank has never made a mistake or lost a deposit. I'd say it is pretty safe by now.

 

[dullard]

Originally posted by: vshah
sounds good..thanks

You are welcome. If you want to read technical information, read the Competitive Equality Banking Act of 1987. Or to boil it down: Section 603 (a)(2)(D) states:

Funds deposited in an account at a depository institution by check shall be available for withdrawal not later than the business day after the business day on which such funds are deposited in the case of...the first $100 deposited by check or checks on any one business day.

 

[jdub1107]

Originally posted by: AcidBath

Originally posted by: vshah

Originally posted by: pontifex
i'm not sure i'd trust depositing through ATM.

i'd have to walk 6 blocks otherwise to reach the branch office....there is a mini one on campus but they only take checks through the atm.

Between ATM's & online banking I haven't seen a teller in years and the bank has never made a mistake or lost a deposit. I'd say it is pretty safe by now.

Worked in a branch a little over a year ago, and I wouldn't and haven't ever used an ATM to make a deposit. It's just a bigger hassle if something were to go wrong, especially if you deposit cash.

 

[ElFenix]

Originally posted by: pontifex
i'm not sure i'd trust depositing through ATM.

only reason i don't deposit in the ATM is because they don't open it until after 5, so my money takes an extra day.

 

[rh71]

Originally posted by: pontifex
i'm not sure i'd trust depositing through ATM.

I didn't in the past either... but if you think about it... the checks end up in a slot... a teller who would take your deposit manually just throws it in a drawer (from what I've seen)... both give receipts for your deposit (though with the ATM you type it in yourself)... as far as where the check goes after it's out of your hands... is the ATM really that much more unsafe ?

 

[jtvang125]

Originally posted by: pontifex
i'm not sure i'd trust depositing through ATM.

One time I deposited a check for $1297.xx but on the envelope I wrote 1279.xx instead and entered it into the atm as 1279.xx too. I got a letter a few days later telling me that they made a correction to one of my deposits by crediting me $18.

 

[joincamp]

Originally posted by: jtvang125

Originally posted by: pontifex
i'm not sure i'd trust depositing through ATM.

One time I deposited a check for $1297.xx but on the envelope I wrote 1279.xx instead and entered it into the atm as 1279.xx too. I got a letter a few days later telling me that they made a correction to one of my deposits by crediting me $18.

did the letter say "chance: bank error in your favor: collect $18"

(i realize that you didnt make anything off of it, but i couldnt help myself"