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wtf. why do banks put a hold on depositing my money?

N

nageov3t

Lifer
they don't seem to put a hold on other people depositing my money into their accounts, but I have to wait 2 weeks for my deposits?

I've never even noticed before, but I got toally pwned at the grocery store tonight when I tried to pay with my debit card and discovered I was running a -$130 balance, despite having $3K in "pending deposits" and another 10K in savings. I felt like the hugest deadbeat in the world having to break out a credit card for $20 in groceries.
 
Originally posted by: loki8481
they don't seem to put a hold on other people depositing my money into their accounts, but I have to wait 2 weeks for my deposits?

I've never even noticed before, but I got toally pwned at the grocery store tonight when I tried to pay with my debit card and discovered I was running a -$130 balance, despite having $3K in "pending deposits" and another 10K in savings. I felt like the hugest deadbeat in the world having to break out a credit card for $20 in groceries.
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I know with large deposits, it is standard to put a wait time on it to prevent the floating of checks, but with check 21, I would imagine these hold times will be reduced.
 
Originally posted by: loki8481
they don't seem to put a hold on other people depositing my money into their accounts, but I have to wait 2 weeks for my deposits?

I've never even noticed before, but I got toally pwned at the grocery store tonight when I tried to pay with my debit card and discovered I was running a -$130 balance, despite having $3K in "pending deposits" and another 10K in savings. I felt like the hugest deadbeat in the world having to break out a credit card for $20 in groceries.
Click to expand...

Time to change your random pic. 🙂
 
Oh, that's nothing. Try moving money around between different accounts (multiple thousands of dollars) at the same bank, and then asking a bank manager if all of those funds are immediately available. After turning all kinds of white, he says yes, and puts it in writing. You then go to a car dealership (two days later), and write a check for a new car (and the bank account should have enough money in it to buy quite a few of these cars)... What's this? NSF (non-sufficient funds)? Time to pay Mr. Manager a little visit... His bank lost a very big customer that day. And just think, had their computers permitted the completely valid transaction to go through.... 😀

Cliffs: Banks suck.
 
LOL you got it in writing? Someone lost his job...

I think they put a hold on it so that you cant deposit a fake check for 5 million dollars and then cash it from an ATM and vanish off the face of the earth.
 
Originally posted by: DJFuji
LOL you got it in writing? Someone lost his job...

I think they put a hold on it so that you cant deposit a fake check for 5 million dollars and then cash it from an ATM and vanish off the face of the earth.
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The maximum amount you can take out of an ATM is usually no more than $500 per day
 
You know what i meant. If funds were available immediately you could buy stuff with money that technically hasnt cleared yet (i.e. might not even exist).
 
Originally posted by: Neurorelay
See "Catch Me If You Can"
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Yeah, good example 😛

I once deposited a batch of checks without endorsing them... one of them wasn't even signed (on the front, to validate the transaction). I didn't realize my mistake until about 20 minutes later. I went to the bank, and told them what had happened... they said "oh, don't worry about it...". All of the transactions went through... 😱
 
I use a credit card for all purchases, then just pay the bill at the end of the month. Nothing wrong with that, its called building credit.
 
Never had the problem, but I'm a wierd type. I don't trust banks, so I have a savings account at the same bank as my company banks with. I make a deposit to savings each month, but normally just cash my check, then pay my bills in person. I put some cash in the checking account, at our credit union for bills that must be mailed out, although when I deposit cash, they don't put a hold on it anyway.

Banks are money driven and put our money in sweep accounts that they earn overnite interest on, hence the hold.

There are many credit unions out there, and I fail to see why anyone would do business with a conventional bank. I despise the B of A's and the Wells Fargo's of the world. :|
 
Originally posted by: SilentZero
I use a credit card for all purchases, then just pay the bill at the end of the month. Nothing wrong with that, its called building credit.
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Me too...

Plus the benefit of reduced prices visavis cc rebate programs... 10% off sheets, 5% off groceries, etc

As long as you are disciplined in using the card, it's a fine system.
 
Originally posted by: alm4rr
Originally posted by: SilentZero
I use a credit card for all purchases, then just pay the bill at the end of the month. Nothing wrong with that, its called building credit.
Click to expand...

Me too...

Plus the benefit of reduced prices visavis cc rebate programs... 10% off sheets, 5% off groceries, etc

As long as you are disciplined in using the card, it's a fine system.
Click to expand...

QFT.
 
I feel sorry for you on two counts:

1) You have been on the internet for at least a year and yet don't do any online banking, or at least not enough to know how much money is in your checking account.
2) You think it makes a person a deadbeat to get 5% cash back (citibank card, biatch!) on purchases they make using their credit card at a grocery store.
There are many credit unions out there, and I fail to see why anyone would do business with a conventional bank.
Click to expand...
Simply because Credit Unions are ghetto. So I can get an account at a credit union and have access to what, like two branches? ATMS? Forget about it. They're useless and for people who "love banking", ie. love spending hours every week doing crap they don't need to. I've said it before but the banking system in the US is pathetic. It's much better and more streamlined in Canada.
 
If it's a check you're depositing, then it can take up to 14 days. That's standard banking time, nothing new.

If it's cash you're depositing, it should be instantaneous if you do it inside with a teller. I know when I go to my bank and deposit cash it goes right into my account and is instantly accessible to me. My bank doesn't play the whole withdrawls first deposits after game, trying to screw me with fees or whatever. I've been with them for years and they've been wonderful.
 
Originally posted by: Sphexi
If it's a check you're depositing, then it can take up to 14 days. That's standard banking time, nothing new.

If it's cash you're depositing, it should be instantaneous if you do it inside with a teller. I know when I go to my bank and deposit cash it goes right into my account and is instantly accessible to me. My bank doesn't play the whole withdrawls first deposits after game, trying to screw me with fees or whatever. I've been with them for years and they've been wonderful.
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AFAIK Mine makes me wait until the next day even with cash and a teller, but any national check I deposit, if it's prior to 3 pm that day, will show up the next day in my account, so either they're clearing it that night or give me some leeway.

 
They do it because the majority of their income comes from overdraft fees. They want you to waita few days so you will hopefully go over your balance, because they know that a lot of people live paycheck to paycheck and don't have OD protection.
 
Originally posted by: SilentZero
I use a credit card for all purchases, then just pay the bill at the end of the month. Nothing wrong with that, its called building credit.
Click to expand...


also get 5% cashback on grocery purchases with many credit cards
:thumbsup:
 
this has nothing to do with the bank. it was totally your fault.

as you stated...you hav a negative balance on your checking/debit card account....obviously they not going to authorize any more payment. and the deposit you made was still pending. so the check you deposited isn't clear yet. you said you also have money in saving account? well, transfer them to checking t cover your own a**.

 
Originally posted by: GeekDrew
Oh, that's nothing. Try moving money around between different accounts (multiple thousands of dollars) at the same bank, and then asking a bank manager if all of those funds are immediately available. After turning all kinds of white, he says yes, and puts it in writing. You then go to a car dealership (two days later), and write a check for a new car (and the bank account should have enough money in it to buy quite a few of these cars)... What's this? NSF (non-sufficient funds)? Time to pay Mr. Manager a little visit... His bank lost a very big customer that day. And just think, had their computers permitted the completely valid transaction to go through.... 😀

Cliffs: Banks suck.
Click to expand...

Banks suck. Credit Unions rock.

All my deposits, cash or check, are avalible immediately after deposit. I can also instantly transfer money between my multiple account and the funds remain avalible.
 
Originally posted by: Skoorb
I feel sorry for you on two counts:

1) You have been on the internet for at least a year and yet don't do any online banking, or at least not enough to know how much money is in your checking account.
2) You think it makes a person a deadbeat to get 5% cash back (citibank card, biatch!) on purchases they make using their credit card at a grocery store.
There are many credit unions out there, and I fail to see why anyone would do business with a conventional bank.
Click to expand...
Simply because Credit Unions are ghetto. So I can get an account at a credit union and have access to what, like two branches? ATMS? Forget about it. They're useless and for people who "love banking", ie. love spending hours every week doing crap they don't need to. I've said it before but the banking system in the US is pathetic. It's much better and more streamlined in Canada.
Click to expand...

My credit union has branches all over the state of Texas.
 
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