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I think if you were to use your check card it would go into a hold status. It would clear your account tonight as stated at midnight. However the deposit would also clear at midnight making it a wash.
Depending on the type of savings account, it is a federal law that you can't withdraw more than 6 times. All banks must follow this rule. It is part of Regulation D. I'm not positive but I think credit unions are subject to Reg. D as well. Here is an explanation: http://www.bankersonline.com/operati...intletter.html
Charlotte Metro Credit Union is open to all Meck residents and people who work in the county. Check it out; I know they don't charge you to call the bank (which is crazy--I swear if banks can figure out a way to charge for it, they will! ).
Good luck finding a better bank!
Last edited by jennej; 09-08-2008 at 10:30 AM..
Reason: added banksonline.com link
Ani, I feel your pain on this one. My son started working and driving last year so we opened a checking acct with ATM for him.
Being a naive kid, he deposited his paycheck one week and started buying things on his ATM, not realizing his paycheck is held for a few days before clearing at his Best Bank in Town. But, they promptly allowed the debit card purchases to go through and then plunked on $35 charges on each transaction.
We're not talking big deals either. He bought lunch where he works for $4.50 (now $39.50 thanks to the bank) and then still being hungry, he bought a $1 cookie (which cost him $36.00). His lunch came out to more than $75 that day thanks to these wonderful bank policies. He had several more charges before he realized he was operating in the deficit.
Why don't they reject transactions when the account is out of money??? Because todays banks are greedy and without conscience.
I am now my son's bank. He gives me his money and I play banker for him. Too bad I can't give him an ATM card! Anyway, I do keep $10 in his Biggest Bull in Town bank account just to make them eat the expense of maintaining his account and sending him a statement every month.
I'd like to bring his account over to my bank, but I'mnot so proud of them either. So, let us know when you find a good bank to recommend.
Last edited by Stripes17; 09-08-2008 at 10:30 AM..
Reason: clarity
Can you join a Credit Union? They are usually more customer friendly. I thought about keeping mine in NJ but too inconvenient. They would call me whenever there was a problem. They did limit automatic transfers to six a month but would always send out a reminder letter when getting close to 6 and if I went over they would call me and tell me I went over and to please be a little more careful. I even wrote a check from an account that I didn't have enough money in by mistake and they called me and said we see you have another account would you like to transefer the money from that account to cover the check from the other account(they did not charge any fees). Good luck. Have you checked out BB&T? I don't know if they are any better. Good luck.
Hey, Jennej!!! Thanks for the link. That is it! This crazy 6 transfer rule! Now would someone tell me why the Feds think limiting me to 6 transfers in a month is somehow gonna rid the world of Terrorism? Like I said - if they were BIG transfers - okay - got that. But when they don't even total $1000 in a month- dear me. Sounds like banks lobbied congress saying - OH DEAR DEAR - we have to limit this stuff b/c TERRORISTS are using saving accounts to launder money - so congress said - DARN RIGHT!!! You banks clamp down - tell us what you need!! And banks said - let's limit the transfers!!!
Then banks said - now at the same time, Mr. Congressman, we have to be able to charge fees if people "abuse their transfer privileges" so Mr. Congressman put it in the bill to allow banks to charge fees.
I bet they have not caught 10 terrorists this way . . . wonder if they have caught ONE? But I bet thousands of law abiding citizens have had to pay FEES b/c of this law. Pretty crazy.
Yes, Stripes, your son and mine - they are dealing with the Best Bank in Town alright, LOL.
I will make sure I never get into a mess w/ overdraft fees again . . . and I will make sure I don't get into a mess w/ the savings account again, either.
I am seriously thinking about switching my whole savings account over to ING. Anyone else use ING????
Can you join a Credit Union? They are usually more customer friendly. I thought about keeping mine in NJ but too inconvenient. They would call me whenever there was a problem. They did limit automatic transfers to six a month but would always send out a reminder letter when getting close to 6 and if I went over they would call me and tell me I went over and to please be a little more careful. I even wrote a check from an account that I didn't have enough money in by mistake and they called me and said we see you have another account would you like to transefer the money from that account to cover the check from the other account(they did not charge any fees). Good luck. Have you checked out BB&T? I don't know if they are any better. Good luck.
I am going to check out the Credit Union here. I think it is worth find out more info.
I am so impressed w/ how your credit union treated you - now that is real customer service. I wish someone had let me know about the 6 transfer thing. They said it was in the literature when I opened my account, but seeing as how the law was not passed when I opened my account, that cannot be . . . but it doesn't help to argue. At least, doesn't help me.
JENNEJ - just took time to read your link . . . and that appears to have NOTHING to do w/ terrorists, yet that is what Customer Service told me when I called them! They said this was in response to 9/11 and terrorists who were laundering money.
Geeezzz. Reg D has nothing to do w/ legislation enacted after 9/11 if I read that info correctly.
I tried to cash a BB&T check at BB&T & was told that I would have to pay a $5 fee because I didn't have an account there.
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).
Anyway, I do keep $10 in his Biggest Bull in Town bank account just to make them eat the expense of maintaining his account and sending him a statement every month. 
