I have automatic deposits going into my checking account on the first of each month, but the bank is failing to post these deposits until the fifth. What are the legalities of this?
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U. S. banks are required by clearinghouse rules and by federal regulations to make funds received electronically by automated clearing house direct deposit on the banking day on which the bank receives both final settlement for the transactions and posting information for them. Find out from the bank what the settlement date for each of the transactions was. If it was the first of the month, the bank is delaying your access to your funds, apparently without authority to do so. If the settlement date is the fifth of the month, the parties sending the direct deposits are giving you incorrect information. You have a right to review the documentation on which the bank bases its answer to you.
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U. S. banks are required by clearinghouse rules and by federal regulations to make funds received electronically by automated clearing house direct deposit on the banking day on which the bank receives both final settlement for the transactions and posting information for them. Find out from the bank what the settlement date for each of the transactions was. If it was the first of the month, the bank is delaying your access to your funds, apparently without authority to do so. If the settlement date is the fifth of the month, the parties sending the direct deposits are giving you incorrect information. You have a right to review the documentation on which the bank bases its answer to you.