My account has -$8 right now, or it will when an ATM withdrawal posts on Monday night. If I deposit my $575 check, will it "fix" this potential overdraft and allow me to access the funds I deposited via ATM and with my debit card today, or will the bank "hold" the funds because I'm on potential overdraft? I need to know if I should deposit the check or bring it to a check-cashing place (and lose 15% of the check) so I have immediate access to the funds.
2007-08-18 09:24:36 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Regardless of whether you deposit cash or checks in the ATM, only $100 will be immediately available. The remainder will have a hold on it.
If you deposit the check via ATM this weekend, it will cover your potential overdraft.
This is by law and it's for every bank, not just Wachovia.
2007-08-18 11:02:11 · answer #1 · answered by Anonymous · 0⤊ 1⤋
There should be sign on the ATM that tells what time the deposit must be mad to post the same business day. Most banks do not allow withdraws form ATM deposits until they have actually posted. Until the bank balances the ATM, they don't know that you actually deposited what you claimed.
SexyTrojan: Please link to the law you cite. I'm not saying you are wrong, but I work at a bank and have never heard of this law.
2007-08-18 11:23:35 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
No, you won't be able to placed your verify right into a non Wachovia ATM and assume your deposit to be credited. How ought to they? they do no longer provider your account! in trouble-free terms ingredient you're able to do is mail your deposit to Wachovia via qualified letter or Fed Ex so which you will song it and verify they have been given it.
2016-10-10 12:11:19 · answer #3 · answered by ? 3 · 0⤊ 0⤋
if you deposit anything in an ATM the funds will not readily be available until the funds are verified - given that its the weekend the funds will not be available until Monday, Tuesday latest. Your best bet is to wait until Monday morning and go in person to the bank, the funds should be available immediately since its payroll.
2007-08-18 10:54:17 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Your check will be deposit on Monday. Even you deposit cash into your account, the overdraft already happened. So, you are going to pay the overdraft fee, but deposit your check ASAP. It will clear faster, usually it depends where the check is issued, most checks takes 3 days to clear. And you shouldn't overdraw any money.
2007-08-18 10:35:49 · answer #5 · answered by paobay 4 · 0⤊ 2⤋
deposit it in the atm and save the 35% -- the over draft if it happens will be less than $90 the check cashing place is going to charge!!!
2007-08-18 09:33:37 · answer #6 · answered by Anonymous · 1⤊ 0⤋
check would need to clear bank first
2007-08-18 09:30:03 · answer #7 · answered by Anonymous · 0⤊ 1⤋