Quote Originally Posted by ISAtlanta300
When a check is small enough, they "hold it against your funds" and it may appear as "cleared" while it may not have cleared yet.

Let's say you deposit a $ 20 check. And your balance is $ 50.00 They "hold the check against your balance", meaning, that even if the check were to bounce, you have enough money to cover for the $ 20 check to your balance (assuing that you never "clear out" your account up to a zero balance).

Now if you deposited a $ 200 check, in the old days it would not show until some day later. Nowadays the "funds" would be available only if you have money to "hold it against you" . Like, if I have $ 1000 in my account, they would credit the $ 200 against it, assuming I don't blow $1000 in 3-4 days. If the check were to bounce, I would still have enough money to be "safe". Now if my balance was only $50.00, they will/ should not credit it until 3 -4 days later (or whatever time it takes to clear". It takes longer if it is 1. an out of state check and 2. drawn on a less, mainstream bank.

When checking your statement online, sometimes, deposits are put on "hold" and you can see that. It will have an asterix saying "These transactions occured on your account, but have not yet posted". It will show the amounts as "credit", but they are technically "not posted" yet. The exception is when it is cash, or a transfer from , say your savings.

SO what may have happened in your case is that you deposited the checks, and they "credited it against your balance". And then you went out to spend MORE than the deposit amount combined...the full amount and some. Thus causing an overdraft.

I believe though, that the bank acted in error. Cash would be available the same day, but checks should be "on hold' until it clears. If they make the money available, then it is not your fault. You HAD money in your account. THey had the choice not to make the funds available to you. I would also contact the check issuers and worse case scenario, tell them to send you a money order PLUS the fees for the bounced checks.


There you go.

wachovia, Did this to me last year. I was given a personal check of 1500.00, It was posted to my account, No problem, I had a few bills coming through etc.
The date on the check that was given to me was expired. I was beeing charged like $400 in over draft fees etc. I called the person who gave me the check and told him his check was expired, He was shocked the checked was expired, He said I just got this checks last week from Amex etc.

So I called wachovia, went to a branch etc, They said theres nothing they can do, it was my fault and all this bullshit. I said ok.. While I was going through all this the person who wrote me the check called Amex and told them the story about the check he wrote was out of date, Amex did some investigation on the check and yes, they were send out already out of date.

So they payed my fees, called wachovia and guess what? Amex got there money back in wich they payed me to cover the fees.

Amex told Me that banks should always Check there dates on the checks by policy to make sure they are in date.
Amex said sometimes bank will do this totally on purpose.

So I said fuck wachovia and went to Suntrust. I always hated wachovia, So I was pissed when they bought out First Union.
And They are about to by out Southtrust so sucks.

But sometimes bank will rip you off.