My credit union recently charges me with $100 of NSF fees. On 8/30 I checked my accout online and my balance was 35.00. I made a deposit of $300 the following morning (8/31). They gave me a print out showing my acct. balance of $335.00. The day of the deposit I logged on to the bank website to check my accout and it never showed any checks that cleared. Today, 9/1, I logged on and there are four checks that posted on 8/30 and four NSF fees charged on 8/31. I think they should refund the NSF fees because at the time of my deposit I was under the impression that I had made the deposit intime to cover the checks I had written, what do you think I should do? This is not the first time this has happened.
2006-09-01 07:34:56 · 9 answers · asked by Jenna G 1 in Business & Finance ➔ Personal Finance
It was a cash deposit.
2006-09-01 07:50:12 · update #1
You are mistaken.
Depositing a check does NOT give you use of the money that day. Only depositing cash.
The credit union has no way to know if those checks are good, they have to send them through ACH (automated clearing house) that night, and the other bank picks it up, and then the following night (or even more days pass) before the other bank says that the check is good and the money is available.
If you really need to pay the bills, take the check you received, cash it at the bank that it is drawn off of, and then deposit the cash in the credit union.
You received all of the information when you opened the account. It was that brochure and those printed off forms that you signed, but probably never read. You might want to sit down with the CU and have them explain it to you if you have a hard time understanding "float" and what it means.
2006-09-01 07:39:09 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I have worked in the banking industry for a while. You may or may not have been wrongfully charged usually if you deposit a check before their balancing time (the time when they balance so they can switch to the next days bus.) it should have posted by midnight that night.. Say the cut off is 3 you get it there at 230 it should have cleared that night (at midnight) but if you got there even a min. after 3 you did not make the cut off therefore it wouldn't be in there till next days bus. and whenever they give you a balance you have to remember that is a MEMO or PENDING POST until it clears ACH anyways its kind of complicated if you want to know more or want them to reverse the NSF charge call your bank and talk to someone I'm sure they would be more than happy to help after all they do not wanna lose a valuable customer...ooh and remember not all banks will have cash show up right then most banks will not show the cash dep as really "There" until midnight once it runs through proof..
2006-09-01 07:45:22 · answer #2 · answered by Kim2006 3 · 0⤊ 0⤋
NSF Charge is Non Sufficient Funds. There may be something in the rules on the account which you signed when you opened the account that states the bank will charge you a NSF fee if your balance falls below a certain level. It is a totally bogus charge in my opinion and just a way to get money for the banks' bottom line profit. Call the bank and ask them about the charge. Explain to them that you did not understand about the charges and ask them to reverse the charge. It sounds like it was an honest mistake and usually the bank will forgive the first mistake. If it happens again, they will hit you. Make sure you have them explain the exact rules to you.
2016-03-27 03:30:29 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Any time you deposit at an ATM after the banks deposit time (regardless of whether it was cash or check) that deposit is not credited fully to your account until the following business day (so in your case it would not have posted until 8/31 at midnight)...you do not have protection against the bank in this situation because a bank clearly posts their cut off times on the ATM and inside the branch itself. These fees are always disclosed to you at time of account opening in what is called a Regulations handbook. You can try contacting the credit union itself and they may be able to do a courtesy fee reversal for you...however that is solely up to them--you do not have any legal action recourse though.
2006-09-01 08:10:59 · answer #4 · answered by vdubbchick 4 · 1⤊ 0⤋
You need to change to a bank that will credit your deposit as soon as you make it. Some banks will not credit a deposit that is made after 2 p.m. They will actually not post this to your account until after midnight. In the mean time, whatever tried to clear, will be a "bounced " check...with NSF fee.
2006-09-01 07:39:51 · answer #5 · answered by melinda_rn2006 3 · 0⤊ 1⤋
You can always try negociating wtih the branch manager. You must get overdraft protection. Ask about it. It saves mone and incoviniences. I would open an account with a bank that offers Overdraft protections such as usbank. www.usbank.com they are the best. Just for the record. If you think that's unfair try banking with Bank of America. They are the worst bank in the US.
2006-09-04 20:01:20 · answer #6 · answered by V 3 · 0⤊ 0⤋
call your credit union first to find out what's going on and resolve it. FInd out who is at fault and remedy it. If it's not a recurring issue, I'd say just leave it.
You can protect yourself from NSF fees by buying Overdrawn Protection. Ask your bank.
Make your bank responsible for his actions by posting the bank name, branch info...this will stay on the WEB for a long time...it setup Public ACCOUNTABILITY.
2006-09-01 07:39:20 · answer #7 · answered by Jitty 2 · 1⤊ 0⤋
pay the fee, it's not worth the hassle then close the account and bank with someone else. don't stay with a bank that won't treat you fairly...good luck
2006-09-01 07:40:06 · answer #8 · answered by Mr.Morgan 4 · 0⤊ 1⤋
No! When you open a bank account, They show you the rules. You need one of those magnifying glass to see it. But it's there!!
2006-09-01 07:38:57 · answer #9 · answered by alfonso 5 · 0⤊ 1⤋