Author Topic: Need a genius or three here. (Read 3501 times)

Trinity · « **on:** August 23, 2006, 05:07:18 PM »

Does anyone have an idea what to do when the bank holds a check you've deposited until it goes through, and in the meantime is bouncing all the checks you wrote off that one? The bounce fees are rising!!!!

Also when a vet holds an animal until you pay them, meanwhile charging you board each day.

Matthew · « **Reply #1 on:** August 23, 2006, 05:40:24 PM »

The only thing I can think of is to not write any more checks, and try to borrow money from someone you know just for a few days until the check clears.

Yeah, when you deposit a check, it's not available in your balance until it clears.

It's sad how "they" have such a grip on the money supply, that everyone is poor and has no financial breathing room.

Matthew

Vincentius · « **Reply #2 on:** August 23, 2006, 06:18:28 PM »

That has happened to me. I thought when that new law was passed a year ago which did away with the old physical check posting and everything done electronically, it would take a day for a deposit to clear. It appears that banks will hold an out of town check, and though by any means the check has already cleared, the bank will hold it (more time for them to earn interest) for two or three days. In the mean time, any check you write is of course subject to the one day clearance law and either your check bounces or the bank pays it and charges you overdraft (usually $23.00). I learned my lesson and I don't send out payment by check until I'm sure I have money in the bank. Learned my lessson the expensive way.

MaterDominici · « **Reply #3 on:** August 23, 2006, 06:55:42 PM »

This is where I would say a credit card could be put to good use. Presuming, of course, that the deposited check is from a reliable source and has no chance of bouncing. I would never charge something I can't pay unless it's an immediate need, but I often use credit cards for convenience such as this would be.

Matthew · « **Reply #4 on:** August 23, 2006, 06:57:35 PM »

That's awful how the bank isn't satisfied with all the loans, etc. it has and feels the need to "sock it to" the average person with a small checking account balance.

Mattthew