I have a slip from a bank deposit that is time-stamped and dated. It shows that I have $296 in the bank after my deposit at 9:44 A.M. Later in the day (around 2:00 p.m.) I checked my account and saw that two bills had cleared. The total of the two bills was around $80, but the bank charged me an overdraft fee of $29 for both bill transactions. The bank says bills come out at 8:00 A.M. and deposits can only start at 9:00 A.M. Can they do this?
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The balance notation on your deposit slip may not have reflected the charges to your account for the payment of the bills. The order in which banks process transactions is not controlled by law or regulation. It is not at all unusual for a bank's bill-payment system to process bills the day before they are due to be sent, and to charge the customer's account at the start of business on the mailing date. Usually, a bank provides details about payment processing and scheduling in its contract for the service. If you don't have a copy, and can't read the contract or Terms and Conditions in the Bill Pay area of its website, you should ask the bank for a current version for reference purposes.
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The balance notation on your deposit slip may not have reflected the charges to your account for the payment of the bills. The order in which banks process transactions is not controlled by law or regulation. It is not at all unusual for a bank's bill-payment system to process bills the day before they are due to be sent, and to charge the customer's account at the start of business on the mailing date. Usually, a bank provides details about payment processing and scheduling in its contract for the service. If you don't have a copy, and can't read the contract or Terms and Conditions in the Bill Pay area of its website, you should ask the bank for a current version for reference purposes.
