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Newegg4
Comcast steals modems
join:2004-11-14
Norcross, GA

Newegg4

Member

Availability of funds with Bank of America

I have Bank of America and I'm not happy at all with how long a check takes to clear so the funds become available. Sometimes I have to wait 4 business days and it's just too long to wait. Is there another bank that can clear checks faster or do they all take the same amount of time?

Irun Man
Premium Member
join:2002-10-18
Walden, NY

Irun Man

Premium Member

There are minimum federal standards for check clearling times (IIRC) but each bank sets its own policies, consistent with US and state laws that govern them.

Is there a credit union nearby you can join? They generally have easier check clearing policies, usually with shorter wait times.

vaxvms
ferroequine fan
Premium Member
join:2005-03-01
Wormtown

vaxvms to Newegg4

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to Newegg4
Not BOA ... a thread about funds availability
»Funds availability question
tcope
Premium Member
join:2003-05-07
Sandy, UT

tcope to Irun Man

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to Irun Man
said by Irun Man:

There are minimum federal standards for check clearling times (IIRC) but each bank sets its own policies, consistent with US and state laws that govern them.
Actually it's just the opposite... the Feds set a _maximum_ time frame that they check can be held. Banks certinaly don't need to hold checks for this entire time.
tcope

tcope to Newegg4

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to Newegg4
OP, I'm guessing your using tellers and not the ATM. Teller use their "discretion" on when making funds available. This has much to do with who wrote the check, how long you've had your account with the bank, your banking history with that bank, and your available balance. If you use the ATM a certain amount is automatically made available (usually between $200-$300). The wait for the rest will be determined as mentioned above. Almost all banks operate in this manner. How long you've been with the bank makes a big difference.

But bottom line, no one and no bank can/will give you a definite answer due to the variables mentioned above. The only answer they can give is the maximum allowed by law.

Subaru
1-3-2-4
Premium Member
join:2001-05-31
Greenwich, CT

Subaru

Premium Member

I think with BOA the first $100 or $150 is available for use if you make a deposit at the ATM.

hitachi369
Embrace Your Rights
Premium Member
join:2001-10-03
Grand Rapids, MI

hitachi369 to Newegg4

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The bank I work for (5/3rd) makes it available the next business day as long as it doesn't fall under Reg CC.
tcope
Premium Member
join:2003-05-07
Sandy, UT

tcope to Subaru

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Depends on your standing with the bank. For me it was $300. For my friend it was $200.
Newegg4
Comcast steals modems
join:2004-11-14
Norcross, GA

Newegg4

Member

I been with the bank for two years. When I deposit my regular paycheck I get a credit from it for $500 but it isn't good enough.

brydry
...it's meat-cake
join:2004-12-05
Clearwater, FL

brydry

Member

If direct deposit is an option for you then your money will be available much quicker...

Jahntassa
What, I can have feathers
Premium Member
join:2006-04-14
Conway, SC

Jahntassa to Newegg4

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Never had that problem with BoA.. only been with them since around 2003. Generally, checks deposited (via ATM) are fully available the next day. (Weekends and holidays non-withstanding)

I also have had direct deposit with them since 2004, and hardly ever use the drive-through window or teller, so I don't know if that would have any bearing on it.
tcope
Premium Member
join:2003-05-07
Sandy, UT

tcope to Newegg4

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said by Newegg4:

I been with the bank for two years. When I deposit my regular paycheck I get a credit from it for $500 but it isn't good enough.
Understood but also understand that you would probably have this same issue with any bank or credit union. $500 is a lot of money to advance to someone without ever seeing the check. I worked for BoA for a few months as a 2nd job. I've seen were people put nothing in the envelope just to have the $xxx advanced and withdraw it (fraud).

As brydry mentioned, the best way to go is direct deposit. I'm guessing if your employer does not offer this that it tends to be a smaller company. As such, how can the bank trust that your paychecks will clear? Don't get me wrong, I'm not knocking your employer at all... it's just that there are millions of smaller businesses out there and many of them are not stable. There is no guarantee to the your bank that those checks won't be returned by the employers bank. This is the reason for the hold. It's unfortunate that these are paychecks which we all need to have access to asap.

Sometimes some tellers with some banks/credit unions might release the funds right away but this is really up to them on an individual bias. It can change from day to day, teller to teller.

Kramer
Mod
join:2000-08-03
Richmond, VA

Kramer to Newegg4

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I bank with Wachovia and a small local bank. Both make my funds available the next business day. As long as I get my deposit in by 2pm, the funds will be available the next morning. The only time I have seen an exception to that is when I deposit very large checks or something from a money market account not at that bank.

nightdesigns
Gone missing, back soon
Premium Member
join:2002-05-31
AZ

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I am with a credit union and they will advance me up to $5000 upon deposit. They said they can do more if I bring it in. Then again, I have an account in good standing with funds available.

tahoejeff
Premium Member
join:2001-07-01
Wisconsin Dells, WI

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i've always found these policies silly. what's to stop you from taking your check in, cashing it, and then depositing the CASH? i suppose your bank might refuse to cash it if you don't have enough in your acct to cover it. not sure if they have a policy like that.

nightdesigns
Gone missing, back soon
Premium Member
join:2002-05-31
AZ

1 edit

nightdesigns

Premium Member

I think it's more that they make a few $$ on the interest while they hold it. Think about it, if a bank like Bank of American is holding several millions to billions for a couple of days, it makes them some serious bank, and on the side it lowers the risk of it bouncing.

I don't understand in a time where everything is electronic why we have to wait for things to clear. Seems like it should be instant.
JoelC707
Premium Member
join:2002-07-09
Lanett, AL

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This is exactly what I do with my paycheck (both my account and my employers accounts are with BofA). I take it to my bank and tell them I want to "cash then deposit". I get instant availability of funds although it still has to wait till midnight for it to post officially. I was actually told to do this by a bank manager when I complained that I wasn't getting instant credit for a deposit from a check drawn on the same bank (would make sense, right?). That is one thing keeping me at BofA because if you try cashing the check from another bank you usually have to have the funds available in your account to cover the amount of the check. In that case it would be easier to go to the bank where the check is drawn from, cash it there then take the cash to your bank.

One thing the manager did warn me about when doing the "cash then deposit" trick is the pressure is put on my account and the check bounces it comes back out of my account and I get hit with a bounced check fee (so would my employer I assume). I told him that wasn't a worry for me because if it did happen and I got charged a fee for my employers bounced check I'd simply recover the cost of that fee from my employer. Only once has an issue come up due to a late money transfer to their payroll account and the bank refused to cash the check because of insufficient funds so it seems the warning I was given wouldn't really apply anyway.

ArgyleDSL
Cute and Cuddly
Premium Member
join:2002-07-04
Flushing, NY

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said by nightdesigns:

I think it's more that they make a few $$ on the interest while they hold it. Think about it, if a bank like Bank of American is holding several millions to billions for a couple of days, it makes them some serious bank, and on the side it lowers the risk of it bouncing.

I don't understand in a time where everything is electronic why we have to wait for things to clear. Seems like it should be instant.

We as consumers have to wait, while banks don't. Banks force us to wait so they can make fees.

»bankrate.com/brm/gre ··· ?caret=5
tcope
Premium Member
join:2003-05-07
Sandy, UT

tcope to JoelC707

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said by JoelC707:

This is exactly what I do with my paycheck (both my account and my employers accounts are with BofA). I take it to my bank and tell them I want to "cash then deposit". I get instant availability of funds although it still has to wait till midnight for it to post officially. I was actually told to do this by a bank manager when I complained that I wasn't getting instant credit for a deposit from a check drawn on the same bank (would make sense, right?).
Someone is probably wasting time. The Fed Regs state that checks from the same bank (and perhaps as long as they share the same clearing house) need to be made available the following day. So no need to "get cash". Just deposit the check and if it's not in your account the following day, point out that they are in violation of Federal law.
tcope

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There is a real need for banks to hold checks... it's not just a game. Ever heard of a bounced check? If a bank accepts a check, gives out the fund, and then the check is returned by the draftees bank, your bank then looses the funds and can only recover them once you pay them back. It would be _so_ easy for Joe Blow to make a bogus check, get cash for it at BoA and then just skip town. Now, the bank does make very good attempts at verifying information when opening accounts but it would not be that difficult to forge that info either.
JoelC707
Premium Member
join:2002-07-09
Lanett, AL

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It's been a couple of years since I started doing that but I believe you are right, they did "clear" the check the next day. The problem comes in from the fact that they were NOT crediting any money up front, not even a hundred bucks like I would get had I deposited it into an ATM. I would hope that has changed now but I wouldn't guarantee it.

Not to mention when you live paycheck to paycheck like I do I often need the entire amount available right away for one reason or another. I simply can't afford to wait that extra day or more when it only takes the teller an extra minute at the absolute most to cash it first than simply depositing it.
tcope
Premium Member
join:2003-05-07
Sandy, UT

tcope

Premium Member

You are completely correct and this has to do with they way every bank processes deposits. Checks are set up to automatically process over night (i.e. the banks computer system removes it from one account and places it in another). This is easier for the bank teller and people don't usually need to have the fund available within a few hours. But a person can present another customers customers check, ask for the cash. The teller removes it from the one customers account, "hands" it to the person in front of them, and then that person puts cash into their bank account. It would then be available immediately as the entire transaction was done by the teller. An ATM would do almost the same thing in making $200-$400 available for those first few hours (I'd guess most people would not need more for just those few hours) and the rest the following day.

Hayward
K A R - 1 2 0 C
Premium Member
join:2000-07-13
Key West, FL

1 edit

Hayward to tcope

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to tcope
said by tcope:

Feds set a _maximum_ time frame that they check can be held. Banks certinaly don't need to hold checks for this entire time.
Thank Homeland INSECURITY....

Was a year or two they had reduced it to 48 hours if not local.... but with paranoia about terrorists transferig funds... its gone way back up again... especially if private, non big biz check.

sandytoes
Premium Member
join:2007-09-03

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Tellers have no discretion. When banks give you immediate availability it's a gamble for them based on your relationship and history with the bank. BOA and others CAN NOT check the availability of funds from another bank! You can actually do it quicker by going right to the bank that the check is drawn off of if the check is payable to you. Also, ATM's do give some money available sooner BUT once the check is actually processed that night...if a delay of funds is necessary, the hold will be placed regardless of whether you deposited the check at the ATM or with a teller. Paper checks are NOT cash even if they are your paycheck or a cashier's check. Yes, banks are in the business to make money but they won't without customer satisfaction AND good fraud-fighting policies! If you are in desperate need of cash that fast...get paid in cash or utilize check cashing places...or better yet, direct deposit!!
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