ACK! Forgot to deposit money! What to do?

[tammymacb]

I've got one payment that I stupidly set up with BOA ( my DH's bank ) It's always a PIA, because I drive to my bank, withdraw cash which I then deposit in DH's bank account and it's automatically withdrawn. ( On the 16th of the month )

But, UGH, I worked 50 hours last week and have a summer cold and somehow, I totally forgot to transfer the money which is to be direct debited tomorrow. I realized it last night and of course, it's too late to do anything, there are no BOAs open to make a deposit today.

This isn't a case of being unable to afford it. It's not a case ( I hope ) of being irresponsible. I just totally flaked out. I want to add that I've never paid this ( or any ) bill late before and it's totally freaking me out.

BTW, the account the money is debited out is my DHs "monthly spending" account and he does't have enough cash to cover the debit.

So, tomorrow, what do I do? I've got the money...do I run and put it in BOA in the morning? Will they pay the bill then? Will they overdraw DHs account tonite and then charge me? The bill is due ON the 16th and at least I can pay it on the 16th but I'm sure it won't be that easy.

Any advice?

 

[Melissa]

I did that once, just go first thing and tell them even if they did charge you a overdraft fee they probably will reverse it. And your payment won't be late so you will be ok.

 

[Cheshire Figment]

The law requires that banks credit deposits made on a particular day prior to charging and checks or other debits to the account. So as long as the money is in during normal bank hours the transaction will not bounce or generate overdraft fees.

 

[Shelly F - Ohio]

You should be fine. Just go first thing in the morning and deposit the money.

 

[akenneson]

Does your DH have a debit card for his BOA account? You can deposit money at the ATM today if you wanted to get it done and over with and not worry about it tomorrow.

 

[Cindy B]

Cant you set up an automatic online deposit to BOA? That would make sense instead of driving to bank #1, pulling cash out, depositing to bank #2. (I'm thinking of the time and gas involved with all this!)

Get an online acct.. or heres another thought, would your hubby take a Paypal acct?

Can't Hubby do this himself? W/d the money and do the deposit? No sense in making you rush on his account...

 

[prncess674]

Cant you set up an automatic online deposit to BOA? That would make sense instead of driving to bank #1, pulling cash out, depositing to bank #2. (I'm thinking of the time and gas involved with all this!)

Get an online acct.. or heres another thought, would your hubby take a Paypal acct?

Can't Hubby do this himself? W/d the money and do the deposit? No sense in making you rush on his account...

I agree, why in the world are you running cash all over town. My main checking account is with Chase and I have secondary accounts with ING and BOA, both are set up to make bank to bank transfers online, for no charge.

 

[kathie859]

Let me get this straight...this is DH's account and
1) he's short in his bank account
2) You're prepared to run all over town to deposit cash into his account

There's got to be a better way to handle this. If he's never doe this before, I'd be prepared to step in and save my DH the trouble. But if this is an ongoing issue, I'd tell him to fix it hi self.

Otherwise, I'd do what another poster suggested and learn how to transfer funds between banks.

Good luck!

 

[Swimalie]

Does your DH have a debit card for his BOA account? You can deposit money at the ATM today if you wanted to get it done and over with and not worry about it tomorrow.

You can also deposit the money with just an ATM card at the ATM. No debit card needed.

 

[cglaura]

I've got one payment that I stupidly set up with BOA ( my DH's bank ) It's always a PIA, because I drive to my bank, withdraw cash which I then deposit in DH's bank account and it's automatically withdrawn. ( On the 16th of the month )

But, UGH, I worked 50 hours last week and have a summer cold and somehow, I totally forgot to transfer the money which is to be direct debited tomorrow. I realized it last night and of course, it's too late to do anything, there are no BOAs open to make a deposit today.

This isn't a case of being unable to afford it. It's not a case ( I hope ) of being irresponsible. I just totally flaked out. I want to add that I've never paid this ( or any ) bill late before and it's totally freaking me out.

BTW, the account the money is debited out is my DHs "monthly spending" account and he does't have enough cash to cover the debit.

So, tomorrow, what do I do? I've got the money...do I run and put it in BOA in the morning? Will they pay the bill then? Will they overdraw DHs account tonite and then charge me? The bill is due ON the 16th and at least I can pay it on the 16th but I'm sure it won't be that easy.

Any advice?

Make sure to get to BoA before their cutoff/next day time. My bank is 2pm. Anything deposited after that counts for next day.

Is there some reason you don't just switch that payment to your account so you don't have to do this dance every month?

 

[bumbershoot]

Don't your BOAs have ATMs? BOA is one of the ones that is switching to the "deposit friendly" ATMs where you just put the cash in there, it counts it, and tells you exactly what you deposited...I use them at my Chase and credit union and I LOVE them. Do you have any of those in your town? With my accounts, it deposits the money immediately, and would have it available for the debit tomorrow.


We were doing complicated things with our accounts too, so I'm familiar with the dance! Then Chase got annoying and changed the account, so I do a direct deposit into that account...keeps the account free and I don't have to manually set up deposits or run around with cash LOL.

 

[seashoreCM]

This time, drive all over town if needed to get the money deposited before checks bounce. Make the deposit in person and get a receipt.

Gas is cheap compared with overdraft fees.

In the future you can set things up to do transfers over the phone.

Ah, the disadvantages of automatic debits and withdrawals.

 

[NYCDiane]

Does your DH have a debit card for his BOA account? You can deposit money at the ATM today if you wanted to get it done and over with and not worry about it tomorrow.

Nooooooooo...... do NOT NOT NOT deposit the money in the ATM. There is absolutely NO guarantee it will hit your deposit the same day. It will be credited to your account once the machine is emptied, counted, and finally credited to whatever accounts. This can take 1-2 business days!!!!

Just go INTO the bank first thing, give them the cash, call it a day. That will cover your direct debit.

After you're done with that, see if you can do transfers online between your accounts so you won't have an issue like this again. You don't need this kind of stress!!!!

 

[a1tinkfans]

I've got one payment that I stupidly set up with BOA ( my DH's bank ) It's always a PIA, because I drive to my bank, withdraw cash which I then deposit in DH's bank account and it's automatically withdrawn. ( On the 16th of the month )

But, UGH, I worked 50 hours last week and have a summer cold and somehow, I totally forgot to transfer the money which is to be direct debited tomorrow. I realized it last night and of course, it's too late to do anything, there are no BOAs open to make a deposit today.

This isn't a case of being unable to afford it. It's not a case ( I hope ) of being irresponsible. I just totally flaked out. I want to add that I've never paid this ( or any ) bill late before and it's totally freaking me out.

BTW, the account the money is debited out is my DHs "monthly spending" account and he does't have enough cash to cover the debit.

So, tomorrow, what do I do? I've got the money...do I run and put it in BOA in the morning? Will they pay the bill then? Will they overdraw DHs account tonite and then charge me? The bill is due ON the 16th and at least I can pay it on the 16th but I'm sure it won't be that easy.

Any advice?

You could have called BOA TODAY and they could note the account for you , first thing Mon morn get to BOA, their fees are FAT ones, and see if they will reverse the fee if they already tried to process the payment. You should get overdraft and do it from a checking to avoid this in future, stuff happens, people are just so darn busy....Good Luck!!


BOA on long island will CREDIT your acct at time of deposit for Cash, it does not take time/days to clear, it will show right on your receipt what the available credit is. CHecks can take longer, usually overnight if drawn locally or longer for others, but CASH is good as soon as you deposit it!

 

[zurgswife]

Do not deposit in an ATM they can hold your deposit up to 3 days depending on their regulations. If you make it at a teller window if it is cash it should be credited immediately into your DH's Account.

If every month you are running this money all over town why don't you just have it deducted from the account that has the money in it?

 

[FayeW]

Nooooooooo...... do NOT NOT NOT deposit the money in the ATM. There is absolutely NO guarantee it will hit your deposit the same day. It will be credited to your account once the machine is emptied, counted, and finally credited to whatever accounts. This can take 1-2 business days!!!!

Just go INTO the bank first thing, give them the cash, call it a day. That will cover your direct debit.

After you're done with that, see if you can do transfers online between your accounts so you won't have an issue like this again. You don't need this kind of stress!!!!

Your banking system is awfully archaic. Our bank deposits are credited to our accounts the second they are deposited, whether by ATM or in person.

 

[akenneson]

almost all BOA ATM's are set up now where it know what type of deposit you are making (cash or check) they don't use envelopes anymore. The machine is able to recognize the cash, every single bill, and is able to read the check you deposit. Cash is available immediately and checks are available up to $300 immediately.

 

[tammymacb]

Thanks everybody. While I worked 12 hours in the ER, DH took the money and put it in one of the new ATMs. It counted the cash and it's in his account..Wow, won't forget that again.

I really do need a better system for paying this bill. When DH and I married, he had a BOA account. I don't like them and have all "my&our" accounts in my bank. DH's spending account is the same account he had from before we were married.

The reason that the money is drafted from a BOA account is because it's a BOA loan and so they won't auto deduct it from my account...or something. I don't know. It's way more complicated than it needs to be.

Thanks again!

 

[LisaNJ25]

Nooooooooo...... do NOT NOT NOT deposit the money in the ATM. There is absolutely NO guarantee it will hit your deposit the same day. It will be credited to your account once the machine is emptied, counted, and finally credited to whatever accounts. This can take 1-2 business days!!!!

Just go INTO the bank first thing, give them the cash, call it a day. That will cover your direct debit.

After you're done with that, see if you can do transfers online between your accounts so you won't have an issue like this again. You don't need this kind of stress!!!!

BOA is not like this now.. I only deal with atm deposits usually a few times a week with cash and checks.

My cash is available right away and checks the first 100 is... everthing else is available in the morning

 

[timmac]

Let me get this straight...this is DH's account and
1) he's short in his bank account
2) You're prepared to run all over town to deposit cash into his account

There's got to be a better way to handle this. If he's never doe this before, I'd be prepared to step in and save my DH the trouble. But if this is an ongoing issue, I'd tell him to fix it hi self.

Otherwise, I'd do what another poster suggested and learn how to transfer funds between banks.

Good luck!

You seem to have the impression that OP's DH screwed something up here, and that's hardly the case.