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Bank is delayed and not keeping up with account funds

95 14 November 13, 2019 at 06:19 AM
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Currently if my wife or I spend money on Friday Saturday or Sunday we will see it pending but not taken out of our account until Tuesday. So all of our shopping for the weekend hits our account Tuesday shows us negative and then we miss the auto coverage from the over drawn account.
We are wondering if all banks are like that? We want a bank that is more live with the accounts. We do not always get updates and if we do they trigger at 4am or 6am and by 7am everything could be different. My wife likes to be able to go into a branch and talk with some one but do people have better luck with online banks?

Any recommendations on banks and how good they have been?
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bigsammoe
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uniquename
11-13-2019 at 06:29 AM.
11-13-2019 at 06:29 AM.
Spend how? From what I have seen it's often the merchant processing that is the issue. A big retailer may be instant (close) where a small shop may take days. If it's a check, that's totally random. Some use ACH, some manual.

Plus...if it's pending, even if not taken from your balance you know the money is spent.
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bigsammoe
11-13-2019 at 06:36 AM.
11-13-2019 at 06:36 AM.
Quote from uniquename :
Spend how? From what I have seen it's often the merchant processing that is the issue. A big retailer may be instant (close) where a small shop may take days. If it's a check, that's totally random. Some use ACH, some manual.

Plus...if it's pending, even if not taken from your balance you know the money is spent.
Like we go out to eat at Texas road house Friday it will show pending. But say we make a deposit Saturday or pay mortgage to that same bank it will not show until Mondays Date showing Pending then Post Tuesday but showing Saturdays date. If that makes sense.
The bank explains as it is the retailers or the government holding the funds until it clears.
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Buckyball60
11-13-2019 at 08:43 AM.
11-13-2019 at 08:43 AM.
I don't get the context with the missing auto coverage. It doesn't matter if they take all the money asap or Tuesday, you would be short anyway.Confused
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gpister
11-13-2019 at 09:38 AM.
11-13-2019 at 09:38 AM.
I was also in a similar situation with a delay on funds on savings account and credit card payment. I went to deposit (cash) on an ATM to deposit on savings and than pay my credit card after. I end up getting a fee for going under the suppose daily balance on my savings account after credit card payment is done. I call the bank and this lady said oh its because you deposited after hours, but when I pay the credit card after hours that gets debited on the spot? Made no sense what made it even worse was she wouldn't reverse the fee. Funny thing is I call again 5 minutes later and another agent does reverse the fee.

This was Bank of America so I don't think they would be any different here.
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NYExcuse
11-13-2019 at 10:45 AM.
11-13-2019 at 10:45 AM.
I really don't understand what you're asking. It sounds like you're going to overdraw your account regardless of what date the transaction posts. It's pretty normal for weekend transactions not to post until Monday/Tuesday. It really sounds like you just need to learn to budget appropriately.
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kimdoocheol
11-22-2019 at 01:34 PM.
11-22-2019 at 01:34 PM.
I don't mean to sound mean, but I do not think you have an idea of how pending charges or authorization holds work. This is not just the banks "policy," but it is actually usually the vendor you are buying from.

Also judging by your second post you do not understand that Saturday is not a banking day. Banking days, excluding holidays, are M-F. Saturday deposits may reflect on your account as pending, or on hold, but they will usually not go through until Monday. Unless you are dealing strictly in cash.

Finally, not to be your financial advisor but if you are overdrafting and worried about funds, don't eat out at Texas Roadhouse on Friday, go out to eat on Monday-Wednesday after the funds hit your account.
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