I made a deposit to my checking account with a check drawn on another account from the same bank. A check was presented on my account for payment on the same day the deposit was made. With the deposit I had plenty of funds to cover the check. The bank said it charged me a $38 overdraft charge because when I wrote the check, not when it was presented for payment, I didn't have enough funds in my account. Is this a legitimate fee?
Your bank is not required to make the funds from the deposit available for use until the business day following the banking day of the deposit -- even though though the funds are being moved from another account in the same bank. Accordingly, when the check was presented for payment, you didn't have sufficient available funds in your account, and the bank was within its rights to impose an overdraft fee.
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Your bank is not required to make the funds from the deposit available for use until the business day following the banking day of the deposit -- even though though the funds are being moved from another account in the same bank. Accordingly, when the check was presented for payment, you didn't have sufficient available funds in your account, and the bank was within its rights to impose an overdraft fee.
