If I make a cash deposit prior to the bank's cut-off time of 2:00 PM and cash deposits are available the next day, can the bank withhold the cash deposit until after 6:00 PM the next day? If transactions come through prior to the release of the deposit, can the bank charge overdraft fees?
Cash deposits are supposed to be available at the opening of business on the business day following your deposit. Denying you access to use of the cash deposit until 6 p.m. on that day is not permitted. The bank should not be able to impose fees if the funds were supposed to be available to you.
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Cash deposits are supposed to be available at the opening of business on the business day following your deposit. Denying you access to use of the cash deposit until 6 p.m. on that day is not permitted. The bank should not be able to impose fees if the funds were supposed to be available to you.
