Why does Bank of America delay availability of funds after a deposit?

Question

I made a deposit on Saturday at my Bank of America ATM and it hasn't posted to my account yet, and doesn't even show up as pending on Online Banking. My old bank would automatically allow $500 of the deposit to be available immediately. What's the deal?

Answer 1

every bank does something similar--mine only clears $100 of whatever i deposit. it just has to do with making sure the check you deposited clears and does not bounce. if it's your paycheck, keep in mind that business can flop, also. you can always call and check with your bank to make sure everything is fine.

Answer 2

I hate when banks delay your funds when you deposit a check but from what my bank told me, there are a few reasons why it may take a few days to post to your account. One may be because of your past account history (if you've bounced checks in the past this may delay your check) or it could be that you didn't have $500.00 in your account when you deposited it so that could delay it. If its an out of town check it could delay it also. Next time I would go to the bank that the check is drawn off of and cash it first then put it in your account as cash if you need it right away. If the bank is out of state, try cashing the check at Bank of America first then deposit it as cash.

Answer 3

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You are wrong. A deposit at an ATM after the posted time is subject to next day's availability after a cash verification is done. If you need immediate availability walk inside the bank and see a teller.

Answer 4

Ok so you drop your deposit in the bank ATM on Saturday. It will not show up on your account until sometime Monday. Understand there is no one at the bank doing posting to accounts on Saturday. If your were to make a deposit on Monday before 2pm, it would show up on your account on the next day being Tuesday. If someone were to hand you a check lets say on Saturday for $1200.00 and you had no way of knowing if the check was good until Monday, would you reach into your pocket and give that person a $500.00 advance..

Answer 5

Cash deposits at the teller/ATM with BOA do credit the balance immediately. (And only if the ATM is the kind that manually counts the cash) The only reason I can think of is if you are doing certain cross-state transactions (for example, depositing to an account opened in California while in New York, or vice-versa). Some states operate on different systems.

Answer 6

Your customer status with the bank may affect the funds availablity. Also, since you made the deposit over the weekend, the bank system may not have been updated yet.

Answer 7

every bank does that..its because you don't have the funds to back up the amount of money you deposited...if this is a check

Answer 8

Because BofA is the worst bank on the planet. Whenever our clients have a problem with one of our checks, the first question we ask them is if they're with BofA. The answer is always yes.

There are SO many good bank out there with lots to offer. Shop around and move your account.

Answer 9

If its an out of state check they usually put a hold of 1 week.If you are a life long customer like me then they'll usually hold a $50,000 check for 1 week too.

Answer 10

Most banks now wait for the check to clear before they debit your account. The practice stinks. If you live from payday to payday, it really puts a burden on the depositor. After you have been banking there for awhile and they get use to the checks, they will quit doing that.