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KCJake
05-17-2005, 11:48 PM
Im sitting here pulling my hair out. This is so frustrating. Here is the situation. I go to my bank last night at 5:30 p.m. I deposit a check for $575.00. I go home and order some supplements on-line for $28.00.
This morning I go to the ATM and withdraw $220.00. I take my cash and grab my receipt. This is what it says,

Withdraw $220.00

Ledger Bal $115.84
Avail Bal $83.56

I was like WTF??? I deposited $575.00 last night, how can I only have $83.56 available?? Then I think, oh no. That $575.00 probably didn't get deposited yet, because it was too late last night(5:30). Then im thinking, if the 575.00 didn't get deposited, where did this Ledger bal and avail bal come from??? Other than the 575.00 that I deposited, there is only like $7-8 in my account.

So, I call the bank to check my balance. I say, "can you tell me what my balance is"? She says, yes what's your account number? I give it to her and she says, what's your name? I give her my name and she says, $917.50. Im like WTF????? So, I say ok thanks!

So, I go to the ATM a few minutes ago to get some of my "917.50" out. I withdraw $20.00, I grab the money and my receipt. The receipt says,

Withdraw $20.00

Ledger bal $95.84
Avail bal $63.56


What does all this "Ledger" stuff mean????
Where is my $575.00 that I deposited last night???

Meanwhile, I've got to go make my car payment tomorrow. I just don't know if the check will clear or not? Obviously, I need to call the bank. But I can't do that tonight, so I thought you guys might be able to help.

keg in kc
05-17-2005, 11:52 PM
With Bank of America, whenever I make a deposit (I use ATMs) they always credit my account for something like $100 at the time of the transaction. So that may be why you had a balance even though the check hadn't cleared yet.

KCJake
05-17-2005, 11:54 PM
With Bank of America, whenever I make a deposit (I use ATMs) they always credit my account for something like $100 at the time of the transaction. So that may be why you had a balance even though the check hadn't cleared yet.
Ok, but why hasn't my check of $575.00 "cleared"? It's been one full day now.

wildcat09
05-17-2005, 11:54 PM
i don't have a solution for you but i know what you are talking about. i wish banks worked in real time with up to the minute info no matter what time you deposit money. i f'n hate that.

keg in kc
05-17-2005, 11:56 PM
Ok, but why hasn't my check of $575.00 "cleared"? It's been one full day now.I don't have an answer for that. I've noticed the same thing. Generally I'll make a deposit but it won't show up on my online account information for 2 business days. I've just been chalking that up to using ATMs instead of tellers.

KCJake
05-18-2005, 12:01 AM
Alright, thanks for the help guys. It's just frustrating :mad:
If the bank steals my money, ok I can deal with that.
If I owe the bank money because of my mistake, I can deal with that.
The main thing is, I need to make my car payment tomorrow!! I can't do that until I know what's going on with the bank.

trndobrd
05-18-2005, 01:14 AM
You never have those kind of problems when you bury your money in Mason jars out behind the root cellar.

Logical
05-18-2005, 01:53 AM
Because I never deposit via ATM I know nothing about the delay incurred.

However typically all Banks/Credit Unions have some sort of minimum balance that cause the difference between the Ledger Balance and Available balance. Short of assuming some checks cleared and an electronic deposit during overnight processing there is no way I can understand the balances via phone vs. ATM they make no sense even assuming a delay in the deposit.

With a Ledger balance of 115.84 there should not have been more than 680.54 when you phoned for a balance after a 575 dollar deposit.

ptlyon
05-18-2005, 07:28 AM
Ok, but why hasn't my check of $575.00 "cleared"? It's been one full day now.

Because it has to clear your bank, and then the other bank that the check is from. Usually those types of cycles only happen once a day.

jspchief
05-18-2005, 07:36 AM
It's called "funds availability".

Very few banks make all the funds from a deposited check available right away. Some will make a small portion available, some won't make any available. Normally it will take a day or two to get access to all of that money.

However, the money is still there in regards to checks you write. Even though you can't access it via ATM, if a check you wrote gets to your bank, they will honor it with the "held" money.

I suggest you call your bank and ask them what their "funds availability" policy is. Most banks have it clearly stated in their literature, and my bank even posts it at the teller and drive thru windows.

They are just covering their ass in case the check you deposited bounces.

KCTitus
05-18-2005, 07:37 AM
And I get nervous when my checking goes below 2k...

Most banks have a cutoff around 2pm to get deposits posted on the same day. If you made the deposit at 5pm, chances are the deposit wont be credited to your account until the next day.

the Talking Can
05-18-2005, 07:42 AM
Bank of America would send out thier checks to be processed around 2, if I remember right....those checks would be credited to your account that day, checks that came in later would be credited the next day.

But lots depends on your balance, and whether or not you were depositing a personal check or a pay roll check. If you had a low balance, say $200, they aren't going to allow you to withdraw more than that out of the deposited check until it clears. I mean, until that check is processed they're basicall fronting you the cash...and that depends on how much they trust you, which depends on your balance and number of overdraws, etc.

Mile High Mania
05-18-2005, 07:44 AM
Rule of thumb... If I deposit a check 'after hours' on a Tuesday, I don't expect to see it in my available funds until late Wednesday or early Thursday.

the Talking Can
05-18-2005, 07:46 AM
A clearer example is that Bank of America branches in Kansas don't have access to California accounts. So, if someone comes in with a California account we can "post" the deposit, which means the amount shows up but they can't access it until the check clears.

The scam people would run is to cash bad checks on a California account. We couldn't verify their accounts, so they'd walk out with money and we'd find out the check bounced a day later....hence the posting rule for anything over a $500 bucks out of Cali.

the Talking Can
05-18-2005, 07:48 AM
Rule of thumb... If I deposit a check 'after hours' on a Tuesday, I don't expect to see it in my available funds until late Wednesday or early Thursday.

Correct, but really it all depends on your balance and relationship with the branch manager. We'd ok withdrawls all the time on checks that weren't processed if they a) had sufficient balances and/or a personal history with the branch.

The manager can authorize about anything.

Dartgod
05-18-2005, 07:59 AM
Direct deposit.

keg in kc
05-18-2005, 08:10 AM
And I get nervous when my checking goes below 2k...I'd be perpetually nervous. I think I start to worry when mine's in single digits. And savings? Pshaw.

Mile High Mania
05-18-2005, 08:10 AM
Correct...

I never thought I'd see the day when the first word in your reply to one of my posts would be "correct". Then again, it's non-sports related...

KCJake
05-18-2005, 08:42 AM
Alright, sounds good guys. So, sometime today the check for $575.00 will clear. When this happens, will it "correct" the whole ledger balance deal? Am I going to be charged a fee for the ledger balance?

Lzen
05-18-2005, 10:14 AM
Alright, sounds good guys. So, sometime today the check for $575.00 will clear. When this happens, will it "correct" the whole ledger balance deal? Am I going to be charged a fee for the ledger balance?

The thing I don't understand is why are you asking us? Why didn't you call and talk to someone at your bank? Seems to me this would be the most efficient and accurate way of getting this cleared up.

ChiTown
05-18-2005, 10:28 AM
Alright, sounds good guys. So, sometime today the check for $575.00 will clear. When this happens, will it "correct" the whole ledger balance deal? Am I going to be charged a fee for the ledger balance?

2 Rules of Thumb:

1. Never deposit a check via ATM. Always go to the teller. If it gets there before noon, it will generally post late that night, or at least 1st thing in the morning

2. You should ALWAYS know what's in your account via your own ledger. Keep deposit receipts, ATM receipts, withdrawal receipts, etc. until your bank statement shows up. When you have confirmed (cross checked), then you can get rid of those receipts. No one should have to guess what they have in their account - you should already know.

Good luck.

keg in kc
05-18-2005, 10:42 AM
1. Never deposit a check via ATM. Always go to the teller. If it gets there before noon, it will generally post late that night, or at least 1st thing in the morning You're like the anti-me. I have an account built around on-line banking and ATM deposits. I don't think I've spoken to an actual human at or in a bank for a year and a half. And that's perfect as far as I'm concerned.

ChiTown
05-18-2005, 10:50 AM
You're like the anti-me. I have an account built around on-line banking and ATM deposits. I don't think I've spoken to an actual human at or in a bank for a year and a half. And that's perfect as far as I'm concerned.

On-line banking is great. I do it all the time. All I'm saying is that if you need for a check to clear (ie. money is tight) you should do your business direct with the teller. ATM deposits often don't get tended to in a timely fashion.

I have a small business. So, a lot of times, my money goes from my hand to someone elses mouth pretty quick. If I want to make sure the funds are available, I get my deposits in the hands of the teller, so I can make transactions on those funds within the next 24 hours and know the money is available..

Frosty
05-18-2005, 11:21 AM
On-line banking is great. I do it all the time. All I'm saying is that if you need for a check to clear (ie. money is tight) you should do your business direct with the teller. ATM deposits often don't get tended to in a timely fashion.

Absolutely. I can deposit a check at the drive-thru at the branch and it will show up on-line by the time I get back to the office.

A lot of banks don't process their own ATMs. The company that does picks up everything and takes it to a processing center. This can add a couple of days to the process.

RedNFeisty
05-18-2005, 11:30 AM
On-line banking is great. I do it all the time. All I'm saying is that if you need for a check to clear (ie. money is tight) you should do your business direct with the teller. ATM deposits often don't get tended to in a timely fashion.

I have a small business. So, a lot of times, my money goes from my hand to someone elses mouth pretty quick. If I want to make sure the funds are available, I get my deposits in the hands of the teller, so I can make transactions on those funds within the next 24 hours and know the money is available..

Banking 101 brought to you by Chi Town!!

Everyone should know this!

Mosbonian
05-18-2005, 12:20 PM
Check 21 should have eliminated any "float" time that Banks have utilized in "using" your money for 24 hours before allowing you to see it or have access to it.

Most people have no idea that it has been in effect since October of last year.

mmaddog
*******

keg in kc
05-18-2005, 12:47 PM
I have a small business. So, a lot of times, my money goes from my hand to someone elses mouth pretty quick. If I want to make sure the funds are available, I get my deposits in the hands of the teller, so I can make transactions on those funds within the next 24 hours and know the money is available..Thankfully that's not something I have to worry about. I have everything scheduled in advance, generally no surprises.

I should say thankfully no surprises, because I can't afford any.

Kerberos
05-18-2005, 12:56 PM
Direct deposit.


DING DING DING .... We have a winner. :clap:


I know not everyone has this luxury but it would stop all of the clearing before balance is updated nonsense if you had direct deposit.


What really pisses me off about the damn banks is you can only DEPOSIT money for part of the day .... BUT they will deduct from your account all Fugging night long. That is about some BullSh!t right there!

:cuss:



.

the Talking Can
05-18-2005, 01:18 PM
if you need your money to 'show up" right away, say to cover a bill, then cash the check and depost it as cash....cash is credited immediately, obviously....of course your ability to cash a check depends on your balance, so back to square one.....

jspchief
05-18-2005, 01:30 PM
if you need your money to 'show up" right away, say to cover a bill, then cash the check and depost it as cash....cash is credited immediately, obviously....of course your ability to cash a check depends on your balance, so back to square one.....Not if you cash it at the bank that's honoring the check.

For instance, if the person that wrote the check banked at Bank of America, and you banked at Wells Fargo, you could cash the check at Bank of America, then deposit the cash at your bank.

Iowanian
05-18-2005, 02:26 PM
I keep a pretty damn accurate ledger of my own....and brideowanian is atilla the Hunn of the checkbook....She's down to the penny, and will call over a $.05 discrepency.

If you're relying on your ATM to tell you how much money you have, you are a fool and destined to pay overdrafts. The ATM isn't accurate anyway, due to the checks you've written that may not have been cashed yet.(what if grandma sits on that check for 2 months and then Whammo...cashes it for Bingo night).

bkkcoh
05-18-2005, 02:33 PM
I keep a pretty damn accurate ledger of my own....and brideowanian is atilla the Hunn of the checkbook....She's down to the penny, and will call over a $.05 discrepency.

If you're relying on your ATM to tell you how much money you have, you are a fool and destined to pay overdrafts. The ATM isn't accurate anyway, due to the checks you've written that may not have been cashed yet.(what if grandma sits on that check for 2 months and then Whammo...cashes it for Bingo night).

I thought that standard operating procedure was to reconcile the ATM balance with what was listed in the checkbook minus the outstanding checks. That isn't SOP? :hmmm:

You would even have to do that for all hand written checks regardless of where you got your BANK balance, wouldn't you?

if you need your money to 'show up" right away, say to cover a bill, then cash the check and depost it as cash....cash is credited immediately, obviously....of course your ability to cash a check depends on your balance, so back to square one.....

That would just depend on the funds availability policy of the bank. Even if it is cash, it may not be immediatley available after the afternoon cutoff time. You may be able to, if the check is written on a bank with a branch in the area, cash the check and then deposit the cash, if prior to the cutoff time.

KCJake
05-18-2005, 03:07 PM
Called the bank today and got things straightened out. She used a lot of big words. Didn't really understand anything she said. Other than, my check cleared and I have $617.00 in my account. I have NO IDEA where the extra $200.00 came from, but oh well, i'll take it :hmmm: