|
 |
Home >> Checks/Money Orders >> Checks You Received
Problem with Check Overnighted to Me
I recieved a check for $3000 by UPS overnight delivery. There was no other paperwork in the envelope. I deposited it in my bank and $100 was available immediately. I drew it out, and now my bank says I'm $100 overdrawn. What happened?
|
|
 Perhaps there is a misunderstanding of the word "immediately." Immediately should mean that you have access to that $100 at once, and your use of that amount should not create an overdraft in your account, even an overdraft of the available funds.
However, in the case you've described, the bank would legally have been allowed to delay your access to that first $100 until the morning of the banking day following the day of deposit. In that case, if you drew out the $100 on the same day as the deposit was made, the bank could rightfully argue that you overdrew your available funds that day.
Perhaps the teller told you, or you heard, "immediately" when the teller should have said the first $100 would be available the next morning. Clarify that point and then ask the bank for a refund of any fees you might have had to pay due to the misunderstanding.
The regulations covering the availability of funds deposited by check are very complex. If the teller misspoke, the bank should take care to make sure its employees better understand how availability is handled by the bank and how important it is to give precise answers when customers ask when funds are available.
Published on BankingQuestions.com 3/05/09
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
