On March 21, a check went through- which I made sure it would go through on the day that my paycheck was deposited so I wouldn't be charged with a bounced check fee. Yet, I still got a fee! How?
2007-03-30 05:23:10 · 7 answers · asked by biology_freak 5 in Business & Finance ➔ Personal Finance
You need to do some more checking with the Bank as to how they do their nsf (non-sufficent fund) calculations. Many Banks at the end of the day, calculate all their deposits then subtract all of their withdrawals, check, etc. However there are some that timestamp them and could charge your account a nsf fees if your check arrives before your deposit.
Second, check to see if you paycheck arrives at the bank say on Thursday (or whatever day it arrives) and isn't actually credited to your account until Friday. That was the way a former employer's check used to work it.
Hope that helps. Get to know someone, preferably the manager, at your local branch and ask them to help you understand the policies. They can't change the policies but at least you will understand the policies.
2007-03-30 05:37:37 · answer #1 · answered by Remember Back 3 · 0⤊ 0⤋
Read your account disclosures. There should be something in there to the effect of "deposits may not be available for immediate withdrawal".
There is a Federal Reserve regulation with the fancy name of the Expedited Funds Availability Act (I think it is commonly known as Reg. DD) which governs how long a bank can hold funds and when a bank must make funds available.
As long as the bank complies with Reg DD and their own disclosures they are within their rights.
Not to say this is good customer service - just legal.
2007-03-30 12:48:09 · answer #2 · answered by Adoptive Father 6 · 0⤊ 0⤋
You aren't supposed to give anyone a check until the funds are ALREADY in the account.
The check might have gotten to your account before the deposit did, even though it was the same day.
Most banks used to update accounts once a day, at the end of the day, and do deposits first. Now some of them update real-time through the day.
2007-03-30 12:29:12 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
You should call your bank, they will probably refund your fee for you if you ask nicely and explain the situation. In the future the check should be made for the day after your payday just to make sure.
2007-03-30 13:06:18 · answer #4 · answered by hello 6 · 0⤊ 0⤋
It depends on your bank's policies. Some banks, like the one I work for, do it at the end of the day if the balance is negative. Others do it when they receive them, via a cash method. Ask your bank to refund it and make sure you don't make the same mistake again.
2007-03-30 12:27:51 · answer #5 · answered by xls8000 2 · 0⤊ 0⤋
Some banks are notorious for eating up bank customers funds.
There was a bank I had years ago, that did this, come to find out someone in their bank employee had stolen thousands of dollars, but guess who paid all along....
good luck
2007-03-30 12:28:00 · answer #6 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋
It depends on the bank, and also sometimes depends on the time. A lot of banks will do whatever they can to get more money.
2007-03-30 12:31:46 · answer #7 · answered by FutureMrsBeck 2 · 0⤊ 0⤋