Ahhhhh! I can't stand banking!!!

[tiff211]

I did something against my better judgement......on 9/5 I deposited my payroll check into the ATM. I knew there would be a hold but it didn't state how long. I called the bank on the 6th when I saw the hold. I was told the hold would drop off that night at midnight for the funds to be available. Ok, cool because I had a couple of bills that were do to come out and I knew I planned to use my debit over the weekend. So I didn't check my account all weekend but used my debit card a lot, grocery shopping, DD7 had a birthday so we had a party, gas etc. I purposely do not have a savings linked up to my checking because I am not that disciplined and a saving acct would = spending account. So, I have money in an online acct for savings.

Anyway, I checked the account yesterday and lo and behold the hold is still there and now my account has less in it than what's outstanding. I called the bank and explained what the last CS person had told me. This CS apologized and told me that maybe the other transactions wouldn't post. But if they did to call back and they would have the fees reversed. Aggravated but at least satisfied by that answer, I hung up. This morning I check the acct. and it is $390 in the neg.!!!! The hold for over $1200 is still there until tonight at midnight. Of course they paid the checks first in the large sums and then processed all my debits after! so, $280 is fee charges. I called today and the cs person kept trying to tell me that I should have known there was a hold because the ATM let me know. I answered that I did know there was a hold but called to find out how long the hold was for since the ATM didn't tell me that. And if I had been told the correct info, I would have acted accordingly. Used my CC instead or not spent as much or transferred money from my savings. Whatever. I would not purposely have messed up my account when I know the funds are planning to clear. So, she said she needed to see who I spoke to and then come back and tell me something. She came back and told me that they will reversed the funds (like it's a favor to me) but remember that there is a hold put on checks that are not wachovia. I explained once again that the hold was not the issue, it was the misinformation I was given that caused a problem! Then she told me that I stilll had $110 pending and if they came through tonight then I would be charged additional fees. I said even if the funds will be there at midnight. I was told yes because I made the debits previously. I told her that I would just be calling back tomorrow to get those fees reversed as well!

 

[robinb]

Man, those fees are something else! I'm glad that your bank is refunding them. Perhaps you can arrange for direct deposit or automatic transfers out of your savings to cover unintended shortages in the future. If they start "bouncing" your checks you're looking at fees from the people you made the checks out to also .

 

[tiff211]

Man, those fees are something else! I'm glad that your bank is refunding them. Perhaps you can arrange for direct deposit or automatic transfers out of your savings to cover unintended shortages in the future. If they start "bouncing" your checks you're looking at fees from the people you made the checks out to also .

I did sign up for DD as I started a new job and that was my first paycheck. Hopefully, it kicks in this Friday. Which reminds me I should call and make sure it does or else transfer some money from savings.

 

[mickeyluv'r]

If at all possible, it is always better to do the double transaction too of bringing the check to the bank who issued it to cash it, and then depositing the cash into your account.

I agree that bank fees are a rip off. I suggest you look into a credit union for your business. Threaten to close your account withthe abnk if they don't want to help, then do it as soon as you get a n account somewhere else.

 

[minnie1928]

If at all possible, it is always better to do the double transaction too of bringing the check to the bank who issued it to cash it, and then depositing the cash into your account.

I'd check with your bank before assuming that this will work. Checks that are drawn on other banks and cashed may still put a hold on your account, regardless of what you do with that cash (in this example, depositing it). Don't think that by cashing the check first it will automatically get you around the hold requirement.

 

[kathi29]

I'd check with your bank before assuming that this will work. Checks that are drawn on other banks and cashed may still put a hold on your account, regardless of what you do with that cash (in this example, depositing it). Don't think that by cashing the check first it will automatically get you around the hold requirement.

I think the PP meant that she should take the check to the issuing bank and cash it there, then deposit the cash into her account. I don't think they could put a hold on a cash deposit.

Some banks will charge a fee for cashing the check, though. I know I did this a couple times when I changed banks and had to wait for my direct deposit to catch up. Fortunately the bank our payroll checks are drawn on has an agreement with my employer not to charge check cashing fees.

 

[tiff211]

If at all possible, it is always better to do the double transaction too of bringing the check to the bank who issued it to cash it, and then depositing the cash into your account.

I agree that bank fees are a rip off. I suggest you look into a credit union for your business. Threaten to close your account withthe abnk if they don't want to help, then do it as soon as you get a n account somewhere else.

Would have liked to do this but the check was drawn from a non-local bank.

 

[michellelovesthemous]

I work for a financial institution (cu) and the atm's that we use don't know it's cash and will place a hold regardless on the deposit.
Also, checks can clear any time now never think you have a few days for them to post as they can be ran as a automatic item rather than a paper check and get cleared much quicker. I'm gald your bank at least reversed those fees for you!! I agree with the poster about CU's we tend to be alot more understanding to the "member" then the bank is to the "customer" see if you can find a good one near you also check into direct deposit with your work too! Good Luck!!

 

[scmickeygal]

I also work for a Financial Institution (BB&T) and we do not put holds on any payroll checks. Your best bet would have been to deposit it inside so they can see what kind of check it is and not just based on the amount. You should definetly get the fees back. If it was an out of state check the hold was either 7 or 11 days. If its in state then its either 2 or 5.