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Why do banks not give you access to money deposited after 2pm?

aphex

aphex

Moderator<br>All Things Apple
Moderator
Just curious, its been pissing me off lately cause i really need the money the next day usually. After 2pm deposits at Bank of America (and alot others) cant be used until 2 days after the deposit. Some local banks offer same day service till 7pm (Florida Citizens Bank) but i wanted to stay with BOA, besides that ive been happy with em...

Can anyone explain to me, why?
 
Because they close at 5 and don't want to sit around all night doing deposits? At least that's my thinking. This way if they cut it off at 2, they can get them all in that day and do the rest tomorrow.
 
I bank with BofA and have access to the funds immediately, regardless of deposit time. Just came from making a deposit a few minutes ago, and it's available right now.

Russ, NCNE
 
Russ, what the hell is goin on down here then? No check i ever deposit after 2 is available for withdrawl UNLESS i can cover the amount im taking out before i deposit the check.
 
I can make ATM deposits & have up to $200 (I think, it's been a long time since I've made an ATM deposit) available immediately.

Viper GTS
 
I rarely ever make deposits at the ATM. Whenever I make a deposit at a physical branch before 4:00 PM I have same day access to those funds, otherwise it's the next business day. Friday's the cutoff is 6:00 PM.

The cut off time varies from bank to bank, why they do this? Wish I knew.
 
According to a nice woman i spoke to from BOA a week or two ago

"Deposits made before 2pm will be available for withdrawl the next business day"
"Deposits made after 2pm will be available for withdrawl in 2 business days"

Bullcrap if ya ask me... I gotta get a computer built by this weekend for someone and i cant get the money in time.... Grrrrrr
 


<< Russ, what the hell is goin on down here then? >>



aphexII,

Hard to say. How long have you banked with them? Frequently these "rules" are not inflexible if you've been with them long enough. I've had my account for over 12 years and have never bounced a check so I'd guess I'm getting a little more leeway then a new account. There may also be dumbass varying state banking regulations involved.

Russ, NCNE

 
Do you deposit through the ATM or with a teller?

Every BofA ATM I've ever deposited at has those rules posted next to it.
 
Banks sometimes treat deposits made after a certain time as being deposited the next day because when you deposit a check you start a collection period time schedule running. The bank into which you deposit the check has only a limited amount of time to present it to the bank on which it is drawn. The bank sets its cutoff so that it can get checks deposited by that time to the central collection and exchange facility that day. Otherwise they lose one day of the collection process.
 
Banks also consider the source of the deposit, if it's cash or a cashier's check those are GUARANTEED funds and IMHO you should be given access ASAP. But if you're depositing a check from another bank then it may take a while.
 
The reason is so that the bank can benefit from your deposit. Think of the millions of dollars that BOA takes in every day. From the time that they receive the money until the time that they 'make it available' to you, they're getting the graft on the interest. Now if they hold it for two days they're really making a killing.
 


<< According to a nice woman i spoke to from BOA a week or two ago

"Deposits made before 2pm will be available for withdrawl the next business day"
"Deposits made after 2pm will be available for withdrawl in 2 business days"

Bullcrap if ya ask me... I gotta get a computer built by this weekend for someone and i cant get the money in time.... Grrrrrr >>




I know EXACTLY what you're talking about. First Union, Riverside (east coast FL bank), and Bank of America ALL do that.

......which is PRECISELY WHY I bank at a credit union. All the major chain banks are for profit institutions, my credit union is built by and for the community.

BTW, I just hit the drive thru at 4:30 with a huge deposit of checks, and they made the funds available IMMEDIATELY (sp?). So, I like them better than any other bank in the area. Having that $ available at the moment (4:30 in the afternoon) rather than waiting a business day really gets me out of a jam.
 
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