Internet's first get-out-of-debt community - 136,000 members

Posted: Wed Dec 05, 2007 9:43 am Subject: My bank deposit screw up!

Here is a little good advice for those like me who have brains that short circuit. Never deposit your paycheck in the ATM machine at the bank.
Thursday I went to the bank and I was in a hurry. I deposited my live check in the ATM. I called my wife and told her it was OK to pay some bills on line which she did. I then used my debit card on the weekend. I checked my statement on line on Monday and there was lots of money left in there. Half my pay.
I checked on Tuesdsay and I was overdrawn by half my pay. I called the 800 number and was told that the bank had not verified the available funds so they reversed the deposit until they could verify. I asked what am I supposed to do to get to work and eat and the CSR said I could use my debit card as a credit card. Wrong!
So here I am again going to the bank on my lunch hour. Had I gone inside they would have seen it was a payroll check and made the funds available. Fortunately I have a few bucks in paypal and a few in the keep the change program that will by me gas.

Posted: Wed Dec 05, 2007 10:15 am Subject:

That stinks!!! I deposited a paycheck like that years ago and had disastrous results as well, so now I NEVER make deposits that way just to be safe. Did you get your overdraft fees refunded/reversed?

Posted: Wed Dec 05, 2007 10:24 am Subject:

Are you kidding me? 2 business days (friday and monday) is plenty of time to post the deposit. What is this about verifying the finds? I know where I bank (and work) the funds are available and are only reversed if the check bounces.

Posted: Wed Dec 05, 2007 10:30 am Subject:

Apparently the payroll bank did not respond to the verification or something like that. I am going there now and will post when I get back.

Posted: Wed Dec 05, 2007 10:37 am Subject:

good luck frog!!

Posted: Wed Dec 05, 2007 11:29 am Subject:

8 cents! I made a mistake when I entered the amount. That is what held it up. 8 freakin cents! Intead of entering 80 I must have double clicked the 8 and made it 88. Good grief. It will be there in the AM. No penalties.

Posted: Wed Dec 05, 2007 11:31 am Subject:

good!!!

Posted: Wed Dec 05, 2007 11:56 am Subject:

ugh! Well, at least the issue was found and no penalities!

We are upgrading all of our ATM's to scan the check, cash, whatever and then it reads the amount on the check to reduce errors.

I am glad it worked out!

Posted: Wed Dec 05, 2007 6:25 pm Subject:

Frog, I am so sorry that happend to you but am very happy it worked out. I know that must have freaked you out.

Posted: Thu Dec 06, 2007 1:16 pm Subject:

I know when I open a new account for someone, I always tell them to avoid depositing in teh AM if they can at all help it. It causes more of a headache then it's worth. No matter how many times I explain the hold policy to someone, they never really pay attention. Confused

Posted: Fri Dec 14, 2007 7:22 am Subject:

Frog, I heard you say something about "keep the change" that is a Bank of America product. So I'm assuming your a BOA customer. Well I used to be a BOA customer service associate. Here is what I can tell you. If you deposited the check into the ATM they will give you provisional credit (I think it's about $105) now, if you deposited it after the cutoff time (it varies from state to state, some are noon some as late as 3pm) and you deposited it on Thursday the check would not be processed until Friday. For any check that is a large amount (generally a thousand or more) or a non local check they will place a 5 day hold on it, everything else takes about 2 days. Day 1 would have been Friday, day 2 would have been on Monday and would have posted to your account on Monday night. Also if you have the "my access checking" account then you are limited to the number of teller transactions you have per month. Do you know if you are a plus or premier banking member?

If you have any additional questions I'll be more than happy to answer them (to the best of my knowledge)

Posted: Fri Dec 14, 2007 8:23 am Subject:

I WAS SURE WAS BANK AMERICA AND I THINK BANK AMERICA
IS THE WORST BANK I SAW IN MY LIFE.
BANK AMERICA IS THE KING OF OVERDRAFTS.
I'M SO SORRY MY FRIEND FROG BECAUSE THIS BANK AMERICA IS HORRIBLE AND BANK AMERICA DID NOT CARE ABOUT CONSUMERS.
I WISH THE BEST OF LUCK FOR YOU FROG.
OPEN ANOTHER ACCOUNT IN OTHER BANK AND CLOSED BANK AMERICA ACCOUNT BEFORE IS TOO LATE.

Posted: Fri Dec 14, 2007 8:25 am Subject:

I agree

Posted: Fri Dec 14, 2007 2:45 pm Subject:

I nicknamed Bank of America Bank of Fee's. I deposited money into my husbands account and they asked me if I wanted to open an account, I told the rep not on your life. He laughed and said yea I hear ya. I thought that was funny.

Posted: Fri Dec 14, 2007 3:03 pm Subject:

I had 800.00 in NSF reversed by them due to the PDL mess that started after my direct deposit got interrupted. They would not close my account at that time and it happened all over again. After months of involving the OCC and going from person to person I finally got everything reversed and got a new account with them. Their customer service is the worst but their in house local people here a really great for the most part. The branch manager/VP was the one who finally got it all fixed. Wachovia on the other hand put me in chex after fraudulent withdrawals on my account and would not budge to help me.

Posted: Sat Dec 15, 2007 4:38 am Subject:

I've never dealt with Wachovie. The only 2 non credit unions I've dealt with have been Wells Fargo and Bank of America. I've banked with my credit union for almost 7 years now.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 136,000 members

My bank deposit screw up!

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post