You have $100 in your checking account..

[imported_goku]

Alright so you want to buy something on the spot but you know you don't have enough money in your checking account but you DO know you have enough in your saving account.. So is it alright to write a check anyways? You know, since you'd be transferring funds from your savings account to your checking account....

 

[antyler]

Tell them to hold the check. Otherwise, rush the money over before it will clear.

 

[Yossarian]

float dat chit.

 

[PhoenixOrion]

First, how long does it usually take for a paper check to clear through the merchant's bank and your bank in this hypothetical situation?

Secondly, does the checking account support online account access wherein you can transfer funds from savings account and does it post/reflect in the account instantly?

 

[Whoozyerdaddy]

You still write checks?

 

[The Stigenator]

first off you can float a check anymore.. its illegal, and check transactions go thru immediately now.

Secondly if you got savings and checking in the same bank.. just move hte money over and then write the check.

 

[imported_goku]

Originally posted by: PhoenixOrion
First, how long does it usually take for a paper check to clear through the merchant's bank and your bank in this hypothetical situation?

Secondly, does the checking account support online account access wherein you can transfer funds from savings account and does it post/reflect in the account instantly?

I have Citibank and I can do my transactions online.. So I don't know if the company I'm writing the check to would go and rush out the payment ASAP, an example would be like a car dealership or frys, bestbuy etc..

 

[jagec]

Just swing by an ATM on your way to the company and transfer money from savings.

 

[TwiceOver]

Doesn't it just roll-over?

 

[Schfifty Five]

You should get a credit card and use it responsibly. Then you wouldn't have these kinds of small problems.

 

[thespeakerbox]

I would cry if i only had 100 in my checking account.

 

[b0mbrman]

Originally posted by: Schfifty Five
You should get a credit card and use it responsibly. Then you wouldn't have these kinds of small problems.

[Mark this message as the answer]

 

[hongkongfever]

i remember hearing on the news that money is automatically deducted now when u write a check and they scan it at the store. so i wouldn't write one first without transferring the funds.

 

[Dragnov]

This is w/ BofA only. I have no idea about other banks. But...

If you write a check earlier in the day and then DEPOSIT money into the account later in the day, you will be fine if the deposit is a greater amount than the check. This is because BofA does its transacations by the greatest amount to least.

Again though, it must be done same day.

 

[YoshiSato]

Originally posted by: PhoenixOrion
First, how long does it usually take for a paper check to clear through the merchant's bank and your bank in this hypothetical situation?

Secondly, does the checking account support online account access wherein you can transfer funds from savings account and does it post/reflect in the account instantly?

That depends on a few factors.

Simple answer, up to 14 business days.

 

[FelixDeCat]

You have $100,000.00 in your checking account. Realizing you have 6 digits saved up you crack a large smile and not worry about anything.

 

[Suspicious-Teach8788]

Originally posted by: YoshiSato

Originally posted by: PhoenixOrion
First, how long does it usually take for a paper check to clear through the merchant's bank and your bank in this hypothetical situation?

Secondly, does the checking account support online account access wherein you can transfer funds from savings account and does it post/reflect in the account instantly?

That depends on a few factors.

Simple answer, up to 14 business days.

They're usually pretty slow at clearing, but transfers from Savings => Checking should be pretty quick right? It's instant with BoA for me, but of course my larger savings acct elsewhere takes a few days to transfer to BoA.

 

[j00fek]

online banking FTW. just xfer the $

 

[jlbenedict]

depends on who you are writing it to....

some businesses, stores, establishments will hold on to it depending on what day is "deposit day"..
You write a check on Monday, but they don't even make the deposit on Friday, but then it will most likely not clear till the following week.

 

[sandorski]

Originally posted by: Whoozyerdaddy
You still write checks?

..and Businesses still accept them?

 

[imported_goku]

Originally posted by: FelixDeKat
You have $100,000.00 in your checking account. Realizing you have 6 digits saved up you crack a large smile and not worry about anything.

Real smart, that way you don't get interest on that money... :roll:

 

[imported_goku]

Originally posted by: Schfifty Five
You should get a credit card and use it responsibly. Then you wouldn't have these kinds of small problems.

I hate credit cards, america wouldn't be the debt-shithole that it is today had credit cards and home loans not existed.. Home loans aren't nearly as bad but when you've got people refinancing their homes it just shows complete stupidity on the part of the home owner, I mean what if the house loses value?

 

[jlee]

Telehpone banking ftw. Call & transfer as soon as you leave the store.

Originally posted by: goku

Originally posted by: Schfifty Five
You should get a credit card and use it responsibly. Then you wouldn't have these kinds of small problems.

I hate credit cards, america wouldn't be the debt-shithole that it is today had credit cards and home loans not existed.. Home loans aren't nearly as bad but when you've got people refinancing their homes it just shows complete stupidity on the part of the home owner, I mean what if the house loses value?

That's not the fault of the credit card companies - people tend to forget about personal responsibility these days...

 

[snoopdoug1]

Originally posted by: thespeakerbox
I would cry if i only had 100 in my checking account.

 

[keeleysam]

Originally posted by: goku

Originally posted by: FelixDeKat
You have $100,000.00 in your checking account. Realizing you have 6 digits saved up you crack a large smile and not worry about anything.

Real smart, that way you don't get interest on that money... :roll:

My checking account with Chase (Bank One) has interest. It's not much (1% IIRC), but it's better than nothing.

With $100,000 in there, that's a very nice dinner.