Shouldn't a deposit made on last Friday at 3 be available?

[sandorski]

My bank has a 5 day hold on all cheques. However, I'm able to take out a Max of $200 immediately upon Deposit.

 

[bubbadu]

Originally posted by: dullard
Let me explain. Suppose you have $2500 available in the account. And you want to deposit a $200 check. You do not have $2700 available immediately, only $2500 until the check clears (by federal law it will take up to 11 days). After the 11th day (usually less), you'll have $2700 available.

Suppose you instead cash the $200 check, they withdraw $200 from your account. You now have $200 in cash, $2300 available (total $2500) and $200 pending until the check clears (up to 11 days later).

In both cases you have $2500 available until the check clears.

I am sorry, but I HAVE NEVER EVER SEEN that. I know what you are saying makes sense, but I have never had them take money away from my avaiable balance. My bank knows of this loophole, and they haven't done anything to counter it. I did this for my tax refund, because I needed the money instantly to help buy my car last year. If this doesn't work, then how did I get about $500 instantly?

EDIT:
Heres what I have done. Wanted some money for a movie. Cashed my check at the bank near my work. Spent 20 bucks. On the way home I deposited the cash at the bank about 2 minutes from my house. Nothing subtracted, no waiting.

 

[CCityInstaller]

Why not just get direct deposit? I use BofA, and I currently work for Cingular Wireless. Our checks are drawn from BofA, and before I had an account there they wanted to charge me a $5.00 "service" fee. I think that is the total BS, and after doing some checking, I found that it is against the Federal Reserve Charter, of which BofA is a member. The teller started giving me a hard time until I announced this fact quite loudly, and then the manager just appears and quietly informs me that he will waive the fee. After the manager being so polite and not arguing with me, I decided to open an account with them. I still think that policy is BS, but since I'm a member I don't have to deal with it.

 

[JohnCU]

Originally posted by: CCityInstaller
Why not just get direct deposit? I use BofA, and I currently work for Cingular Wireless. Our checks are drawn from BofA, and before I had an account there they wanted to charge me a $5.00 "service" fee. I think that is the total BS, and after doing some checking, I found that it is against the Federal Reserve Charter, of which BofA is a member. The teller started giving me a hard time until I announced this fact quite loudly, and then the manager just appears and quietly informs me that he will waive the fee. After the manager being so polite and not arguing with me, I decided to open an account with them. I still think that policy is BS, but since I'm a member I don't have to deal with it.

Just started new job, they hadn't set up the direct deposit correctly yet.

 

[dullard]

Originally posted by: bubbadu
I am sorry, but I HAVE NEVER EVER SEEN that. I know what you are saying makes sense, but I have never had them take money away from my avaiable balance. My bank knows of this loophole, and they haven't done anything to counter it. I did this for my tax refund, because I needed the money instantly to help buy my car last year. If this doesn't work, then how did I get about $500 instantly?

If you have $2500 available in your example, then yes, you can get $500 instantly. Also many checks will clear the instant you deposit the check if it is from the same bank. So you never have to wait or cash it elsewhere. Also, many banks make a portion of your check available immediately even if it doesn't clear just to avoid customer hastles. Finally, you might have overdraft protection.

 

[EyeMWing]

I don't know about you guys, but I get a RECIEPT that says

$xxx available immediately
$xxx available xx-xx-xxxx
$xxx available xx-xx-xxxx

I don't see why that's so confusing.

 

[JohnCU]

Originally posted by: EyeMWing
I don't know about you guys, but I get a RECIEPT that says

$xxx available immediately
$xxx available xx-xx-xxxx
$xxx available xx-xx-xxxx

I don't see why that's so confusing.

I don't get that.

 

[db]

It's time to learn about float, and how financial institutions are way ahead of you when it comes to making money, using your money, and acting like a bitch when you want your own money back.