ING Savings Deposit Returned

Date: Tue, 10/09/2012 - 18:31

Submitted by kornfeind77
on Tue, 10/09/2012 - 18:31

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Total Replies: 4

Hello, I have a question about my ING savings account. I recently received an check, and deposited the check into my BOA checking account. I put in a transfer to move the money into my ING savings account.

I did not realize that due to the size of the check, BOA put a hold on the original deposit. Because of this, the deposit into my ING savings account was returned NSF, causing a $35 fee from BOA.

The money is still showing as being in my ING savings account, so they haven't gotten word that the deposit has been returned. But my BOA shows the original withdrawal, and a credit for the same amount that is the withdrawal being returned.

Am I going to incur another fee from ING? Is this the kind of thing that could make ING close my account? This is the first time this has ever happened to me and I've had both accounts for years.

Thanks

Yes, you will occur an NSF fee from ING. Call and talk to them.

lrhall41

Submitted by SOAPLADY on Tue, 10/09/2012 - 18:36

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Call BOA and ask for a refund.,. that's BS as for ING, unless

Call BOA and ask for a refund.,. that's BS

as for ING, unless you paid for things with the savings account you won't be charged NSF fees. Normally you'd be charged with a 10 dollar bounced deposit fee but I don't believe ING charges those.

lrhall41

Submitted by waffles on Tue, 10/09/2012 - 20:19

( Posts: 1697 | Credits: )

Quote:Call BOA and ask for a refund.,. that's BSIt's not...it is

Quote:

Call BOA and ask for a refund.,. that's BS

It's not...it is pretty standard. Unless you have the funds available to cover that check, a hold is placed. It is US Department of Treasury rules under RegCC

Section 229.12 Availability schedule
States that proceeds of local and nonlocal checks must generally be made available for withdrawal by the second and fifth business day following deposit, respectively. A local check is a check deposited in a depositary bank that is located in the same Federal Reserve check-processing region as the paying bank, and a nonlocal check is one deposited in a different check-processing region than the paying bank.

lrhall41

Submitted by SOAPLADY on Tue, 10/09/2012 - 20:40

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Of course it's legal (look at who's in congress right now) but t

Of course it's legal (look at who's in congress right now) but that doesn't mean it isn't BS. Overdraft fees are right up there with PDLs in terms of attacking the working class. They can't be accepted for overdraft protection due to low income or bad credit (overdraft lines of credit start at a 1k minimum) and most poor can't afford savings as they live paycheck to paycheck..
Rant off; BOA will probably refund the fee if you get to the right agent.

lrhall41

Submitted by waffles on Tue, 10/09/2012 - 21:15

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