I have a few automatic payments set up on my checking account that will process on Monday. I haven't been much paying attention to that account & just looked at it--it will have insufficient funds. If I deposit money from my savings (held at a different bank--I know, dumb especially in this kind of situation) in the ATM today (Saturday afternoon--the bank is closed) will I be ok? I don't have overdraft protection, didn't think I would need it (also seems dumb on my part right now).
I need to have my checking & savings accounts automatically linked, at the same bank, in the future I think! But what should I do right now? I don't want anything to bounce & the online bill system won't let me reschedule the payments.
2007-07-07 06:30:56 · 6 answers · asked by sam & jack 2 in Business & Finance ➔ Personal Finance
Most banks add all deposits for the day before subtracting payments. As long as you deposit sufficient funds by the cutoff time to post the same day as the payments, your account will not be overdrawn. Unless you withdraw cash form the savings and deposit the cash at the bank office, you should ask BOTH banks when the deposit will clear. Any transaction on Saturday is treated as a Monday deposit. Personally, I NEVER use the ATM to deposit anything. If the deposit is lost, you have not proof it ever happened. The ATM receipt only proves what you told the ATM, not what you actually put in the deposit envelope.
2007-07-07 08:32:21 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
if you are depositing the money today through the ATM, the money won't clear until sometime on monday. depending on when the two companies will pull their money out you may have a problem. i would deposit the amount to cover the two bills today via the ATM and then first thing monday morning deposit a little extra just to make sure you are covered. then i would transfer the money from your savings at the other bank to the bank where your checking account is or vise versa. that way, if you let this happen again you can just transfer the money online and it will be instant. also, set yourself up with overdraft protection, some banks will set it up for no charge. check with your bank.
2007-07-07 13:44:48 · answer #2 · answered by awolves74 2 · 0⤊ 1⤋
You will be fine. What's gonna happen is that on monday nights processing, your withdraws and deposits are gonna post to your account. However, you might wanna check with your bank on the order of posting. Because most states the order of posting is deposits first and then withdraws. But if it is like that (deposits and then withdraws) you will be fine and avoid overdraft fees. Just make sure you make that deposit before monday the cut-off time. Good Luck!!! And maybe get some overdraft protection.
2007-07-07 17:48:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you read the fine print on deposits, it usually says you have to wait 2 business days for it to clear. Since you are depositing cash, you might get lucky and cover your debits in time.
The tellers seem to have some discretion, because I have deposited cash before, and the teller even told me that I was about to bounce a check, but she said she would make sure that my deposit went in on time. This seems to suggest that she helped me out in some way.
You might want to rush to the bank Monday morning and deposit in person. It's possible that no one will process your ATM deposit until late Monday.
2007-07-07 13:42:00 · answer #4 · answered by PH 5 · 0⤊ 1⤋
Credits go before debits. Some backs don't charge if you get the money in before close of the business day the transaction happens.
2007-07-07 13:39:12 · answer #5 · answered by mommyto2 2 · 0⤊ 0⤋
You should be fine. Both transactions should cancel each other out. But you really should be more careful.
2007-07-07 13:34:50 · answer #6 · answered by magix151 7 · 0⤊ 0⤋