I have seen plenty of rants so I thought it was time I wrote one. I'll make this short.
I have (we'll say) $2,000 in my checking account. I deposited a check of a large sum of money for (we'll say) $7,000. My bank put a hold on the check for about the whole amount to expire at midnight that night. This is understandable considering how large the sum of money was. However, they also put another hold of about 3,000 to expire after about a week and a half later. This second hold was not applied to the check (although it should have been and was promised to me by the bank manager that it was), but rather my entire account. This $3,000 hold brought my available balance into the negative even though I still had over $2,000 in it.
So I spent a long while on the phone calling the bank and then the branch. The manager assured me that my $2,000 was available. Well, today a $34 check over withdrew the account. So I was hit with an insufficient funds charge even though I still have $2,000 in there. I spent hours on the phone and got the charge reversed (something I should not have to do), but this could happen again.
Moral of the story: Don't put money in your bank account because the bank will charge you for it.
I have (we'll say) $2,000 in my checking account. I deposited a check of a large sum of money for (we'll say) $7,000. My bank put a hold on the check for about the whole amount to expire at midnight that night. This is understandable considering how large the sum of money was. However, they also put another hold of about 3,000 to expire after about a week and a half later. This second hold was not applied to the check (although it should have been and was promised to me by the bank manager that it was), but rather my entire account. This $3,000 hold brought my available balance into the negative even though I still had over $2,000 in it.
So I spent a long while on the phone calling the bank and then the branch. The manager assured me that my $2,000 was available. Well, today a $34 check over withdrew the account. So I was hit with an insufficient funds charge even though I still have $2,000 in there. I spent hours on the phone and got the charge reversed (something I should not have to do), but this could happen again.
Moral of the story: Don't put money in your bank account because the bank will charge you for it.
