is set to be deposited the same day, will the withdrawal bounce?
2007-03-16 07:05:07 · 6 answers · asked by ES 3 in Business & Finance ➔ Personal Finance
The best person to answer this question would be your banker.
Regulations differ depending on the type of bank and the state it is HQ in.
My bank, which I've worked for for 10 years, posts credits before debits. Furthermore, direct deposit is treated same as cash. When your pay posts (usually sometimes in the wee hours of the morning), it will be reflected in your "available balance", meaning you can draw on this money right away. Any "current day"/"intraday" transactions, i.e. debit card purchases, ATM withdrawals and auto debits will will also affect this available balance. If, at the end of the day (check your bank for this time, some are 3pm, some are later), if your credits exceed your debits, then you're okay. If not, then you will be overdrawn.
This is assuming you have direct deposit. If you are depositing a check, then see your bank for their check clearing policy.
2007-03-16 08:45:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That depends on your bank and how the money is going to be deposited. Most banks give you credit within a day on money (ie. paychecks) that are directly deposited. If you are depositing a acutal paper check, it may take a few days to get the full credit of your deposit and result in overdrawing your account.
There could also be an issue if the money is withdrawn prior to your deposit.
To be safe, and if at all possible, deposit the money sooner, or more likely, see if the withdraw can be postponed for a day or two to avoid overdraft fees.
2007-03-16 14:12:01 · answer #2 · answered by tenrab 1 · 0⤊ 0⤋
It may if your financial institution has a hold on your deposit for a certain amount of time...or if the withdrawal happens before the deposit.
I think that allowing another party to have access to your bank account is not a good idea.
2007-03-16 14:13:52 · answer #3 · answered by the_skipper_also 3 · 0⤊ 0⤋
Deposits are credited last, so the withdrawal will bounce.
2007-03-16 14:09:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No, it shouldn't. The person debiting your account should pre-note the account first to see if the funds are avail. before taking it out. Plus, when you have direct deposit, the $$ should be in there about 7am. Don't worry too much.
2007-03-16 14:08:36 · answer #5 · answered by jessiekarma 4 · 0⤊ 0⤋
there is a chance. If the withdrawal is scheduled before the deposit, then it might happen.
2007-03-16 14:09:16 · answer #6 · answered by tiggrrrrr75 2 · 0⤊ 0⤋