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Reply #76: No... I'm sorry. [View All]

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FBaggins Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-21-09 12:35 PM
Response to Reply #66
76. No... I'm sorry.
And truly I don't mean to sound abrasive. But that's not really the case.

First of all, the "verified" really isn't the case (unless you're talking about something else). You deposit a check today and it takes a little time before the bank actually gets the money for that check.

It all comes down to a very simple fact. If you have checks clearing today and there's some deposit being "verified", then you wrote that check before there was money in your account. You likely wrote it before you made the deposit. It used to be clear that you weren't supposed to do that. Your comments on the float imply that it's no longer quite so clear to many.
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  -Democrats Target Bank Overdraft Charges cal04  Sep-20-09 10:06 PM   #0 
  - this is such a no-brainer  shanti   Sep-20-09 10:21 PM   #1 
  - Why, why, WHY do people still use commercial banks?! For  WestSeattle2   Sep-21-09 08:53 PM   #99 
  - Once upon a time the card would be declined  PatrynXX   Sep-20-09 10:21 PM   #2 
  - a teenager in our household last year...  grasswire   Sep-20-09 11:12 PM   #7 
  - Neither does Wells Fargo  tinrobot   Sep-21-09 12:09 AM   #9 
  - Wells Fargo has a different scam, though  beltanefauve   Sep-21-09 03:03 AM   #22 
     - this happen to me and I called them on this and after two days  INdemo   Sep-21-09 07:05 AM   #30 
     - No offense intended, but  FBaggins   Sep-21-09 09:15 AM   #45 
        - Thanks for sharing  beltanefauve   Sep-21-09 02:23 PM   #80 
           - You have every right to be cautious. My spider sense says "banking industry shill"  Raster   Sep-21-09 08:13 PM   #96 
     - Wells has an even better scam now  lakercub   Sep-21-09 10:27 AM   #56 
     - I hate WF.  CrispyQ   Sep-21-09 11:34 AM   #67 
     - Both WF and B of A worked us over at different times in different ways. Hate them both but  zonkers   Sep-21-09 11:03 AM   #62 
     - Utilities are doing this as well.  Seldona   Sep-21-09 06:08 PM   #89 
  - it's one thing to slap a fee on someone for a mistake  Skittles   Sep-21-09 01:55 AM   #17 
     - there was a thread some weeks ago...  grasswire   Sep-21-09 02:12 AM   #19 
        - good idea  Skittles   Sep-21-09 02:35 AM   #21 
  - Until the 1999 Banking Reform Act, the smaller chargers were REQUIRED to  truedelphi   Sep-21-09 12:47 AM   #11 
     - It actually made sense at the time  FBaggins   Sep-21-09 07:09 AM   #32 
     - How do you know people "used to come into the bank and complain"?  Raster   Sep-21-09 09:27 AM   #48 
        - Because I've been in banking for more than two decades.  FBaggins   Sep-21-09 09:39 AM   #49 
           - That's honest. Banks figured out that this way makes them more money.  Gormy Cuss   Sep-21-09 08:45 PM   #97 
     - If I had $800 in my account, a check for $800 rent posting and a check for $20 to the grocery store  high density   Sep-21-09 07:32 AM   #34 
        - You would. And that makes sense... but  FBaggins   Sep-21-09 08:46 AM   #43 
           - So which bank do you work for?  Raster   Sep-21-09 09:23 AM   #47 
              - That's simply not possible  FBaggins   Sep-21-09 09:45 AM   #50 
                 - Banks should post checks to an account IN THE ORDER THEY ARE RECEIVED.  Raster   Sep-21-09 08:11 PM   #95 
                    - You can call it whatever you like... But you don't know what you're talking about.  FBaggins   Sep-21-09 09:57 PM   #103 
  - Yea!!  intheflow   Sep-20-09 10:22 PM   #3 
  - Is there some reason why you are willing to let the bank make you even more poor with stupid fees?  high density   Sep-21-09 07:36 AM   #35 
     - All the law is doing is making it a requirement to ASK the customer before they  fasttense   Sep-21-09 08:46 AM   #42 
     - Really not possible  FBaggins   Sep-21-09 09:00 AM   #44 
     - I call bullshit.  intheflow   Sep-21-09 10:04 AM   #53 
     - Feel free to call it what you like... but I'm not seeing it.  FBaggins   Sep-21-09 10:18 AM   #55 
        - Missing one point  droidamus2   Sep-21-09 11:32 AM   #66 
           - No... I'm sorry.  FBaggins   Sep-21-09 12:35 PM   #76 
     - Not always  droidamus2   Sep-21-09 11:29 AM   #65 
     - That's certainly an option...  FBaggins   Sep-21-09 12:43 PM   #77 
     - Ok... here's a proposal from a career banker.  FBaggins   Sep-21-09 03:32 PM   #82 
     - How about this  droidamus2   Sep-21-09 11:23 AM   #64 
     - There is no overdraft prompt at POS.  intheflow   Sep-21-09 10:00 AM   #52 
     - "...the overdrafts accrue within a matter of 2-3 hours..."  CrispyQ   Sep-21-09 11:46 AM   #69 
     - No, they never promped at POS. Dodd wants to add that.  high density   Sep-21-09 12:06 PM   #75 
        - Once upon a time, it did prompt at POS.  intheflow   Sep-21-09 03:43 PM   #84 
           - A few corrections  FBaggins   Sep-21-09 04:56 PM   #86 
              - You're right about the "true" debit cards bit.  intheflow   Sep-21-09 05:50 PM   #88 
                 - With respect,  FBaggins   Sep-21-09 07:07 PM   #93 
                    - I am certain if your policy was instituted they would return to posting the smallest items first  laughingliberal   Sep-21-09 09:23 PM   #102 
                       - Lol... I like the cynicism  FBaggins   Sep-21-09 10:04 PM   #104 
     - Just give us the option  SOS   Sep-21-09 10:48 AM   #58 
     - The option isn't free  high density   Sep-21-09 11:56 AM   #72 
        - How much does it cost to decline a card?  SOS   Sep-21-09 06:38 PM   #91 
     - Yep, I would decline the transaction  laughingliberal   Sep-21-09 09:19 PM   #101 
  - Its a start, but until they cap credit card rates its not enough  DJ13   Sep-20-09 10:32 PM   #4 
  - Imagine how much they've made on this criminal activity . . .!!!  defendandprotect   Sep-20-09 10:50 PM   #5 
  - Sorry to be the barrer of bad news but...  jimlup   Sep-20-09 10:55 PM   #6 
  - What Democracy?  Lorien   Sep-21-09 03:27 PM   #81 
     - Yep...  jimlup   Sep-21-09 08:49 PM   #98 
  - I APPLAUD this greatly!  mzmolly   Sep-20-09 11:26 PM   #8 
  - As long as we can still take loans against direct deposit.  Skink   Sep-21-09 12:19 AM   #10 
  - Deleted message  Name removed   Sep-21-09 12:51 AM   #12 
  - Deleted sub-thread  Name removed   Sep-21-09 01:16 AM   #13 
  - How about managing your money properly  AlbertCat   Sep-21-09 01:34 AM   #14 
  - Well, I DO blame banks for suddenly charging unidentified "miscellaneous fees"  Lydia Leftcoast   Sep-21-09 01:34 AM   #15 
  - I have so been there  comtec   Sep-21-09 01:54 AM   #16 
  - So if banks  skepticscott   Sep-21-09 05:15 AM   #25 
     - don't hurt your groin with that stretch!  comtec   Sep-21-09 05:56 AM   #28 
     - Lol... no. You didn't say that they had no value...  FBaggins   Sep-21-09 03:37 PM   #83 
     - The service they provide  skepticscott   Sep-21-09 06:13 PM   #90 
     - If they're going to suddenly charge fees, they should provide a service in return  Lydia Leftcoast   Sep-21-09 08:13 AM   #38 
  - How do they possibly justify the first overdraft charge?  CrispyQ   Sep-21-09 11:52 AM   #70 
  - Yeah! Increase the penalty to $200 per overdrawn item!  Wednesdays   Sep-21-09 07:07 AM   #31 
  - "People used to take responsibility for themselves."  Bill McBlueState   Sep-21-09 10:06 AM   #54 
  - New Law: uncollected/insufficient funds = decline at point of sale.  SOS   Sep-21-09 10:55 AM   #59 
  - The real question is...  Lithos   Sep-21-09 02:10 AM   #18 
  - My grandfather was a banker  mduffy31   Sep-21-09 02:13 AM   #20 
  - What about  dotymed   Sep-21-09 04:03 AM   #23 
  - This should be addressed as well. --nt  CrispyQ   Sep-21-09 11:56 AM   #73 
  - How about this one  boomerbust   Sep-21-09 04:50 AM   #24 
  - Back in the days.....  Turbineguy   Sep-21-09 05:46 AM   #26 
  - it's about time!!!!!  indimuse   Sep-21-09 05:54 AM   #27 
  - Very good news.  Jacobair   Sep-21-09 07:03 AM   #29 
  - Permission?  high density   Sep-21-09 07:20 AM   #33 
  - What upgrade of infrastructure?  CrispyQ   Sep-21-09 12:03 PM   #74 
  - The Royal Bank of Scotland, the Halifax BoS and, I think, Lloyds drastically reduced their  Joe Chi Minh   Sep-21-09 07:48 AM   #36 
  - Excellent---I wonder where the repubs stand on this  Kingofalldems   Sep-21-09 07:50 AM   #37 
  - perhaps the banks' fat cats could take a reduction in salary  Rosa Luxemburg   Sep-21-09 08:21 AM   #39 
  - Dodd better dance faster and better than that!  Bluenorthwest   Sep-21-09 08:21 AM   #40 
  - Somethng you might not know about Chase  JamesJ   Sep-21-09 08:41 AM   #41 
  - Even if you have savings to cover it, they charge you.  fjc   Sep-21-09 09:16 AM   #46 
  - Notice how the second-paragraph sentence tries to whip up sympathy for banks.  quiet.american   Sep-21-09 09:55 AM   #51 
  - How come if you are a day late on a credit card they charge you 40 but the electric co says 2 weeks  Skink   Sep-21-09 10:39 AM   #57 
  - And why is it that in Oregon, an insufficient check fund cost  truedelphi   Sep-21-09 01:38 PM   #78 
  - Action on this is long past due, but don't expect much from Congress,  change_notfinetuning   Sep-21-09 10:57 AM   #60 
  - "Transaction Holding" - scam on the consumer.  LeftHander   Sep-21-09 11:01 AM   #61 
  - Thank you very much! Banks can and do structure how items debit from an account to generate as many  Raster   Sep-22-09 12:15 AM   #107 
  - Good - they should not let you go over the limit  mvd   Sep-21-09 11:16 AM   #63 
  - WTF took them so long?  Torn_Scorned_Ignored   Sep-21-09 11:34 AM   #68 
  - The banks still get to keep their trillions in taxpayer dollars though, right?  Romulox   Sep-21-09 11:54 AM   #71 
  - Overdraft fees - how to beat the bank...  Q3JR4   Sep-21-09 01:52 PM   #79 
  - You should post this an a OP.  intheflow   Sep-21-09 04:39 PM   #85 
     - It is a very clever idea.  FBaggins   Sep-21-09 05:02 PM   #87 
  - I had a serious problem with BofA. I would deposit my pay check, which is a  Sivafae   Sep-21-09 06:56 PM   #92 
  - That shouldn't happen except in the rarest of cases  FBaggins   Sep-21-09 07:21 PM   #94 
  - Paycheck cashing places would have charged you a flat 3% of the amount being cashed.  truedelphi   Sep-21-09 08:54 PM   #100 
  - I won't get too excited until I see the bill that gets signed  dflprincess   Sep-21-09 10:07 PM   #105 
  - Hard to think of a better way for a Democrat to win re-election in 2010  depakid   Sep-21-09 11:06 PM   #106 
  - Way overdue.  Vidar   Sep-22-09 09:02 AM   #108 

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