So the business date on the deposit wasn't untile today, June 3rd. The funds aren't available until the next business day. Will my funds be available at midnight? What time will my funds be available? I HATE THE BANK!! :) Thanks for your help!
2006-07-03 13:39:59 · 7 answers · asked by emilbean 2 in Business & Finance ➔ Personal Finance
The funds will be available technically at midnight of June (July?) 3rd. You could still use an ATM card and get away with it, but checks that try to clear Friday night won't have that particular deposit to fund them.
2006-07-03 13:43:32 · answer #1 · answered by Irene G 1 · 1⤊ 0⤋
No, not always at midnight because sadly, sometime these things are still done by a person putting this information in the computer. Next time when you are depositing a check, tell them it is a payroll check and it needs to go in today. If you don't, they are in no rush and there is no guarantee if it will take up to 10 business days, which is a common bank policy.
I use commerce bank and if you tell them that they put it in immedietly so i can go shopping with that money right after i leave the bank.
2006-07-03 17:55:00 · answer #2 · answered by Rachel A 2 · 0⤊ 0⤋
Under Check 21, many checks are processed electronically when presented, as are debit card transactions. In this case, you should wait until you have confirmed that the deposit has been credited to your account before writing checks or using your debit card.
Your bank can tell you what time the effective date of deposit will be. My bank's (actually a small local credit union) is 8:00 AM on the next business day. However, they don't post any debits unitl after that time (even the ones presented electronically) so I'm safe. I LOVE credit unions!
Some banks will process all debits first on any given business day, and will also process the largest items first in order to generate the largest possible NSF fees which are assessed on a per-item basis. There is no law that prevents them from doing that; it's a major cash cow for the bastards.
Few credit unions operate that way; one more reason that I heartily recommend them! Most credit unions will process all items in the order that they were received and will normally post all deposits before posting any debits for the day so you don't get hit with bounced check charges.
2006-07-03 13:59:53 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Any checks that go through the same day the deposit goes through will be ok. Your deposit will go through before the debits go through. At least at the bank I work for that is how it is set up. It sounds like you just need a new bank..
How did it work out for you?
2006-07-03 13:51:52 · answer #4 · answered by dahublaz 4 · 0⤊ 0⤋
Yes, the funds will be available after tonight. This is outlined in your bank's funds availability policy which you should be aware of.
2006-07-03 14:09:17 · answer #5 · answered by Rich B 3 · 0⤊ 0⤋
I agree with Irene, but another factor is when your back update the files. (Some banks will update at 3 am) I worked on payrolls and I got this question asked a lot.
2006-07-03 13:46:13 · answer #6 · answered by Cristina V 1 · 0⤊ 0⤋
depends on the bank. Ask your bank!!!
2006-07-10 04:21:16 · answer #7 · answered by GutsiePerson 2 · 0⤊ 0⤋