Banks — gotta love ‘em
Comments(5) How many times has this happened to you: you deposit a check into your checking account, check with the bank to make sure the money is available then proceed to go about your business, paying bills and having a lil fun. Then you find out that the money you deposited really wasn’t all there and the bank has charged you a fee for being overdrawn. Don’t act like I’m the only one.
In fact, it happened to me this morning. I had plenty of cash in my checking account at the beginning of the week, and deposited a check on top of that on Tuesday. Now, last week I lent a family member money to help them out, and also paid some bills, so I knew my balance would come down, but to nowhere near zero or overdrawn, especially since I’d deposited more money this week, right?
Notsofast, Mr. Reed. I checked my bank checking account online this morning and saw that the bank showed my available balance in the negative, even though my ledger balance was more than enough to cover anything I’d spent. How was this possible?
Pissed, I called the bank and found out that they’d partially cleared my deposits, but held some of the money back for several days. In the meantime, every dollar I spent with my bank card cleared instantly. What’s worse, the bank’s online system showed all my deposits as having cleared fully, making me think I had far more money available than I did.
Fortunately, I can run to the bank at lunch and deposit enough cash to straighten it out and avoid whatever ridiculous overdraw fees they charge. That said, I should have known better than to spend as much as I did in the first place.
Lesson learned.
Can you connect your checking account to your credit card or savings account for overdraft protection?
To avoid this kinda stuff I usually cash the check first and deposit the cash into my account.
To avoid these kinds of issues, I usually cash my checks first and then deposit the cash.
Banks are the devil. Ttust me they make money off of your money and frequently put a hold a on YOUR money. Another trick they love to employ is waiting to cash a check that you have written and in some cases taking out the check several times or waiting as much a week to clear it. Overdraft protection and many other services have to be applied to and they use your credit to deem if you qualify. WHAT?!! Unless you have a Crown Royal bag you need a checking account and cashing your check early doesnt work why? Because it all stems froom the same place YOUR account. Banks set you up to fail if you are marginal and toeing the line their practices are like having another bill. They get when they can and they know it.
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