If I deposit at an ATM, will these prevent overdraft fees on pending transactions?

Question

My ISP, without authorization, charged my account and a refund will take days to weeks. In the meantime, the charge sent my account into the negative but I didn't find out until after making several small purchases.

These purchases are currently "pending" transactions in my Bank of America account. If I make a deposit at an ATM, will the money go straight into my account and prevent the overdraft fees?

Answer 1

if the deposit goes through before the account is charged. if your account is charged first than you will be charged for overdrafting. sometimes banks can waive the fee if you have a good story for them.

Answer 2

Congratulations! You just ran into the argument against pre-authorization. Your ISP couldn't have made this error if you hadn't authorized them to bill your bank account directly. When you did so, you essentially gave them your checkbook with no guarantee something like this wouldn't happen. I am sure they are more than willing to refund their error, but they are in no way responsible for you not knowing how much money was in your account after their error was made (causing the overdraft fees).
Making a deposit in an ATM is the same thing as making a deposit at a branch the following day when it opens the doors. Thus, if the pending charges are still pending at that time, they will be covered (if the deposit is cash, not another check).
You have now learned, and paid for, a life lesson. Now it is time to rescind every bank pre-authorization agreement you have. Get a credit card and use it instead. If a bad charge is made on it, there will be no overdraft charges and refunds can happen sooner than later.

Answer 3

I have two accounts with BofA so if I lose my card no one can wipe out my account but instead this has given BofA the right to wipe it out instead. I spend money and immediatly transfer money (I was assured when I became a BofA customer that that would be fine) since then I have spend hundreds and hundreds of dollars in overdraft fees. They charge highest amount to lowest then they also charge for pending transactions even when you have the money in the savings and transfer it in before it posts. Even worse they wait to post stuff now (a new policy i found out) which is funny because the reason I went with BofA was the commercials saying everthing shows online instantly because I do not keep a register. So now also they show a transaction for a few hours after the intial purchase as pending then it disapears (they told me they have five days to post something and that is why it is removed from the pending transaction list) and if you are not really careful and think it went threw it screws up your balance they wait till the oppurtune time to post to overdraw your account and yet again now you are paying fees for fees. Then they have all these other ways to charge fees like they wait three four days to post the fees to your account in hopes that you do not realize you are going to be charged the fees by then and it takes three days to notify you by mail but by then you have already overdrafted yourself thinking you had alot of cash in the account. I am switching to Chase today as a result as they just announced they would no longer be practicing this crap.

Answer 4

Banks are in the business of making money, so they will process the charges before the deposits. If you have good history , you can call your bank to forgive the overdraft fee. I use the same bank and would suggest you call as soon as the overdraft charge appears or the customer service representatives will be unable to help you.

Really, the fault lies with your ISP provider, so they should reimburse you for their mess-up. If they don't, I suggest you find another.

Answer 5

I work for the bank, so this is what you can do...the items that are pending are causing your account to be negative, if you make a deposit to cover the negative balance before the cut-off time you should be fine and avoid overdraft fees. However, keep in mind that checkcard transactions take within 3 business days to post to your account and point-of-sale (pin based transactions) post that same business day. Hope this helps!!!

Answer 6

If you deposit cash, it will typically hit your account the next day. If you pay in checks, they will take up to three days to clear, depending on the bank.

The bank is very simple-minded about money. If there is suffiicient in your account when they pay out a payment, there is no fee. If there is insufficient money in the account, you get charged. So it will all come down to timing; when they pay out on your purchases, and when your deposit clears.

Typically, if two events occur on the same day, the deposit is considered to be processed first, so if they credit you with the deposit, and pay the bills on the same day, that should be OK.

I would call your bank to let them know, and call the ISP and tell them you will want them to refund the charges you had to pay to the bank because of their unauthorised withdrawal.

Answer 7

The best thing is to call your bank and explain. Most of them are pretty cool if you contact them. I worked at a credit union for awhile and usually if we didn't think something was crooked we would go in the favor of the member. My bank automatically deposits up to $300 from the ATM. Cash, checks, money orders, whatever. No matter what time it is. It's best to talk to your bank or get out any info you have from them when you started your account and see what their policy is, it is up to the discretion of the financial institution on what their policy is with these matters.

Good luck!

Answer 8

Only if the cash is accepted before the pending go thru..Try going inside the bank for a deposit..it will be instant..atm takes about 24 hours in most cases to catch up

Answer 9

Only when those funds have been retrieved and posted to your account. Ususlly after 1 business day.

Also, if the charges were, indeed, unauthorized, you should demand to be compensated, by your ISP, for any overdraft or insufficient funds fees.

Answer 10

i have amsouth and i know it doesnt go in until like 2 or 3 days later