If you deposit checks in a checking account does your bank give you any notification that the funds are not available right away?
I used to bank with BOA and I always got that notice. I no longer bank with BOA and only use USAA. I have talked with a USAA rep who told me my funds are available as soon as I make the deposit. It makes me wonder if these other banks are just using this “hold” as an excuse to maybe charge someone a huge over draft fee if they get the chance.
Surely they have the same technology available to them as USAA does. In this day and age of instant info. It seems this hold is pretty out of date. I am so grateful I can bank with USAA. They are so worry free.
I would have to agree with you on the banks holding checks – the banks should be able to deposit the funds right away. It’s been my experience that while this is a normal practice for the businesses, it doesn’t seem to be that common for personal accounts. Is USAA local or national? I’ve never heard of them.
I work at a bank and if the bank places a hold on checks that are deposited, we immediately let the customer know and when the money will be made available. There still is the circumstance where the audit department may place a hold on item. A hold usually is placed for 2- 5 days depending on in state or out of state checks. The banks are using this system not only to protect the customer but the bank as well from any losses. There is so much fraudulent activity out there (lottery checks, fake online businesses etc….). I hope this gives a better outlook on the banking industry. If you run into any problems with a check that has been placed on hold I would discuss it with your local branch manager and they may be able to release the hold for you.
USSA is for members of the military and their families. They don’t have brick and mortar banks. The main office is in Houston TX. Next best thing to them is a credit union if you are able to join one.
The mainsteam banks are making huge sums of money on overdraft fees. I don’t believe all of these banks are letting their customers know that checks they deposit are not always available right away. If USSA has the technology to make funds available right away, surely these big well known banks have the technology too. They play a got cha game with people and usually those people are not money savvy and are the ones who can least afford it.
What justifies a $40.00 fee ?
I have never had a problem but I know others who have for really minor offenses. It’s nothing but robbery! No wonder so may low income people don’t trust banks. My outlook on the mainsteam banking industry is that they are chomping at the bit to gouge people the first chance they get.