It’s been said that you learn something new everyday. Well, I’m going to share the something new that I learned a few days ago. If you just opened a new checking account at a bank, don’t make your first deposit at an ATM.
I recently did this with my first paycheck, and it turned out to be a mistake. Everything seemed fine at first. I made the deposit, asked for a receipt, and saw that $100 of my deposit was available immediately. The remaining amount was being held, which is nothing out of the ordinary. Most banks take a couple of days to clear the funds that you deposit before adding to your available funds.
So I wait a couple of days, and the funds still haven’t cleared. The days turn into a week, and they still haven’t cleared. My rent is now due in couple of days, and then I get a letter in the mail from Washington Mutual. The letter informs me that a 10 day hold has been put on the rest of my deposit, because I’m a new customer.
Well, crap.
Rent is due in a couple of days, and I don’t have enough money in my account to pay it. I could transfer money from one of my online accounts, but that would take a few days too. Fortunately, I was saved by the fact that my employer pays weekly.
I got my second paycheck on the day that rent is due, but this time I went into a local branch to make my deposit. The bank teller noticed that there was a hold on my first deposit and was able to correct it immediately by pressing a few buttons on the computer. The funds from my first deposit became available, and I had enough money to pay February’s rent on time.
The moral of the story is don’t make your first deposit at an ATM, if you need your funds within the next few days. By going into a local branch and talking to an actual person, you can avoid the issues that I ran into while trying to get my rent paid on time.
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{ 2 comments… read them below or add one }
Those of us not born into the computer age already know that you should make friends (in person) with the people who handle your money. Glad you got your rent paid on time.
Arrghhhh! That is just inexcusable.
As me ol’ Daddy used to say, “The squeaky wheel gets the grease.” That the teller could unlock the deposit when you physically presented yourself and she (he?) noticed this state of affairs suggests a little courteous negotiation might have unlocked the money sooner. Failing that, a quiet threat to complain the the federal banking commission probably would have done the job.
Moral sub-2 of the story: Don’t be shy about asking financial institutions to cut you some slack. Often they will.
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