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Old 01-01-2004, 06:27 PM   #16
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Originally posted by Bono's American Wife
I love the little thing my bank calls "uncollected funds"

I'm self employed and have 2 accounts...business and personal. I do most of my banking online and when its time to pay myself, I simply do an electronic transfer from one account into the other. The funds are obviously available because I am able to make the transfer.

The problem happens when I actually go inside the bank and pay myself by check. Its the exact same procedure as an electronic transfer...my money goes from one of my accounts to the other. Nothing needs to clear because my balance is right there and the teller couldn't do it if funds weren't sufficient.

On occasion, for some strange unknown reason, the money that I've transfered into my personal account is held as "uncollected funds" Instead of bouncing, checks written on that account will clear but I'm charged $25 per transaction, just like a bounced check fee! The money is THERE and according to the bank, there is NO HOLD but the funds aren't available.

I've complained about this SO many times and have had my fees refunded twice but I've never been able to get an explanation as to why they do this.
They deposit the check like any other check--e.g., they are not cashing out your check before they deposit it. Hence, that check goes through the same funds availability rules as any other check that you have deposited. I'm guessing that what is happening is that you deposit the check, making the funds not available until the *next* business day. Overnight, you have checks clear on unavailable funds--hence the $25 fee per transaction.

I would suggest two things:

1) Just do all your transfers electronically from now on, whether through online banking or the ATM (if you have access to both accounts that way).

2) Force the tellers to cash the check first and then deposit the cash into the account. Cash deposits are not subject to funds availability, and, thus, are available immediately.

Melon
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Old 01-01-2004, 06:32 PM   #17
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Originally posted by Green Light 711
If most banks do this, it's news to me, and they're all crooked. Of course that's how they post billions in profit, off the backs of the poorest people who can't afford it.
Either balance your checkbook (it is not the bank's responsibility to do that) or get overdraft protection. The latter will determine on how credit worthy you are.

The $25 per transaction NSF fee is to discourage people from bouncing their account, so, when you rack up those $160 NSF charges, you learn to balance your checkbook.

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Old 01-01-2004, 07:49 PM   #18
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Originally posted by melon


1) There are a few reasons why that could have been delayed until Tuesday. Was it in an ATM? Over a holiday weekend? Do you have lots of past NSF activity that would make your account suspect for fraud? Needless to say, you should have cashed it out first before you deposited it. Fleet automatically puts holds on the checks it deposits, because the idea is to prevent check fraud. A Fleet check in a Fleet bank should take one business day to clear otherwise, unless for those above mentioned reasons.

2) Even if those funds were not available right away, you could either have set up a cash reserve overdraft protection, which could have covered any overdrafts with no NSF fees, or you could have set up a savings account overdraft, which would take funds out of a savings account, if you overdrew the checking account, for a nominal fee.

Banks are tricky, yes, and Fleet has had some past customer service issues, but many of the complications in banking these days come less out of greed and more out of precautions to prevent fraud, which happens far more than one would realize. However, there are plenty of products out there to prevent these issues, if you understand how the banking system works.

From Interference.com's favorite Fleet employee...

Melon
it wasn't a holiday weekend... just a normal weekend. i had asked the teller to make the funds available immediately (cash the check, deposit the cash) which she said was not a problem. turned out to be a problem. my rating with them was fine. the only time i ever overdrew my account was my freshman year in college, and that was on a chase student account. with fleet i was in good standing. the teller just screwed up, it was obvious the teller screwed up, but customer service didn't seem to care. i switched banks the next week... i still hate fleet... no offense.
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Old 01-02-2004, 12:45 AM   #19
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Long Live Credit Unions!!!!!! I don't have ANY of these problems.
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Old 01-02-2004, 12:57 AM   #20
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Melon, I am with you on your explanation. I worked for a few years for the Fargo and really learned a lot about the daily operations of the bank. I learned that once you are the teller, the customer often views you as the "enemy". The problem lies in the fact that few people actually understand the way banks operate-I sure didn't until I began working there. The whole "same day or next day availability" of deposits issue is pretty prickly.

About debit cards, there is no reason to be afraid of them. My advice is do not look at the balance given on the ATM or on the receipt, because it does not know what items have not cleared yet. Instead, always keep a running balance of your account so mishaps like this do not happen. BTW, I am no longer at the Fargo, but I like to put a good word in for my friends still there. They have a free checking account, and you can link a savings account as OD protection free of charge. If you have a WF Visa or MC that can also be linked to the account. It just take some research and openness to the banking industry to learn that we (well not "we" anymore) are not trying to steal money from account holders.
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Old 01-02-2004, 10:04 AM   #21
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Quote:
Originally posted by Headache in a Suitcase
the teller just screwed up, it was obvious the teller screwed up, but customer service didn't seem to care. i switched banks the next week... i still hate fleet... no offense.
It's true. The teller probably did screw up. Unfortunately, once it leaves the branch of deposit, there's absolutely nothing that can be done.

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Old 01-02-2004, 11:18 AM   #22
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Once I put my paycheck in on a Friday, then went out and wrote checks on it. All those checks bounced. They told me a check could come in any time, even 3 am, but the paycheck could take up to 10 days to post? Come on. I always heard deposits are put in before checks if the deposit came first which mine did, so what happened? I did change banks.
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Old 01-02-2004, 11:41 AM   #23
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The paycheck has to clear first! Anyone could write a bad check, including and especially businesses. That problem of yours could be solved with direct deposit, if you have that option.

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Old 01-02-2004, 11:42 AM   #24
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BTW, the maximum is five business days in the U.S., unless an exception hold is placed.

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Old 01-02-2004, 11:43 AM   #25
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I love direct deposit.
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Old 01-02-2004, 12:05 PM   #26
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Thanks for the explanation Melon...it makes sense.


And I will be the first to admit that as much as I love to complain about my bank and their procedures, 99% of the problems/screw ups I've had have been my fault. I go to a small in-store branch and have a great relationship with the tellers...before I had the electronic transfer option, the bank manager used to call me if it looked like I was going to overdraw my account...they would give me time to come down and make a deposit.

That said, when I was a customer of a huge mega-bank, I had nothing but problems so maybe the key is using a smaller bank or credit union?
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Old 01-02-2004, 11:51 PM   #27
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No offense Melon but sometime's THEY are wrong!! I went inside my the bank the day the direct deposit is "there for your use" (according to the automated line)
getting a balance from the teller of what is there - not counting the direct deposit. Everything ok right.. wrong three days later the nsf notices start coming in? This happened to me with $800.00 direct deposit sitting in the bank. and started with a 5.04 life insurance ach debit that came out when I was told I had $47.00 in before the deposit. Cust. serv. said having several transactions come in that night, but the direct deposit hasn't been posted yet, yeah but why was I told there for my use??
I'd been with the bank for 6 yrs. I went in to close my account and demanded the money I was screwed on and they replaced 5 out of 8 nsf chg's of $32 ea. I used the equivalent of the other three very quickly and withdrew the rest of my money before those transactions went thru. Underhanded yes, and I fought it thru having receipts and actually taped the conversation with cus.serv who couldn't figure out why anything bounced in the first place. I wasn't paying for their computer gliches. That was during the summer and I keep getting mail to come back to this bank. Sure, that's going to happen.
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Old 01-03-2004, 10:11 AM   #28
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cold hard cash... the only way to go. screw banks... banks are a business... the goal of a business is to make money. yeah most of the things that cause us regular non banking schmos to lose all this money could be avoided by us. but most of us don't have the time to break out a microscope and read, analyze and break down the 50 pages of small print given out when you open up an account.
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Old 01-03-2004, 08:20 PM   #29
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Quote:
Originally posted by sue4u2
No offense Melon but sometime's THEY are wrong!! I went inside my the bank the day the direct deposit is "there for your use" (according to the automated line)
getting a balance from the teller of what is there - not counting the direct deposit. Everything ok right.. wrong three days later the nsf notices start coming in? This happened to me with $800.00 direct deposit sitting in the bank. and started with a 5.04 life insurance ach debit that came out when I was told I had $47.00 in before the deposit. Cust. serv. said having several transactions come in that night, but the direct deposit hasn't been posted yet, yeah but why was I told there for my use??
I'd been with the bank for 6 yrs. I went in to close my account and demanded the money I was screwed on and they replaced 5 out of 8 nsf chg's of $32 ea. I used the equivalent of the other three very quickly and withdrew the rest of my money before those transactions went thru. Underhanded yes, and I fought it thru having receipts and actually taped the conversation with cus.serv who couldn't figure out why anything bounced in the first place. I wasn't paying for their computer gliches. That was during the summer and I keep getting mail to come back to this bank. Sure, that's going to happen.
It wasn't a mistake. It's just bad policy. Your direct deposit was probably posted to the "memo ledger," which is where all transactions go before they are hard posted. I'm guessing that this bank does not let automatic credits be immediately available until they are hard posted, and, on top of it, does their debits before their credits, hence racking up maximum NSF charges. Again, though, if you had overdraft protection, this would probably have not been an issue.

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Old 01-03-2004, 08:21 PM   #30
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Quote:
Originally posted by Headache in a Suitcase
cold hard cash... the only way to go. screw banks... banks are a business... the goal of a business is to make money. yeah most of the things that cause us regular non banking schmos to lose all this money could be avoided by us. but most of us don't have the time to break out a microscope and read, analyze and break down the 50 pages of small print given out when you open up an account.
So why do you vote Republican then?

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