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Home >> Checks/Money Orders >> Checks You Wrote
Simultaneous Withdrawals/Deposits - OK?
I have withdrawals clear the bank overnight. I make a deposit large enough to cover the withdrawals dated the same as the withdrawals. Can I be charged an overdraft fee? This is a business with twelve accounts at this bank with at least $400,000 there at any given time.
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 Yes, checks were presented against your account without there being sufficient funds to cover them. Often times banks will allow a customer to make a deposit the next day, during the 24-hour period a bank has to decide if they will pay or return the checks, and they will pay the checks and waive the fee, but that is a courtesy. The reality is, there wasn't money when the checks were paid and manual intervention may be needed to ensure the items are now paid. The bank may determine what it does based on your overall relationship.
Twelve accounts with $400K total is about $33K per account. Depending on the income those accounts are generating for the bank, your relationship may be profitable, or it could be that with daily deposits required to cover overdrafts, and all the manual processing, that the fees are needed to make it profitable. Perhaps you should inquire as to a credit line with your bank to make this a moot event.
Published on BankingQuestions.com 9/17/09
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