WTF is up with Uncollected Funds?

[RichGangi]

Got slapped with a nice little service charge by my bank the other day for 'Uncollected/Unavailable Funds'. However, before I attempted to pay the rent, I checked out my avail. balance online and I had more than enough in my account to cover it. WTF is the deal here? Am I retarded?

[Sniper]

Maybe another transaction came in between the time that you looked at your available balance, and the time the "rent check" crossed your account for payment (or the other transaction came in after and triggered it)... why don't you just check your account statement online again and see what caused the problem?

[RichGangi]

Thanks for the reply. I did check it online again, and it doesnt specify what caused this. I even emailed support about it, and thats all they had to tell me. 'This service charge was because of Uncollected/Unavailable funds'. I replied back asking for details, have not gotten a response as of yet.

[Wake up CALL]

This is often caused by a check that you deposited failing to clear in a timely manner. Or a check deposited being put on hold till it clears. It happens much less often these days due to the automated electronic clearing house but many banks still put an automatic 5 day hold on any checks deposited unless you are a premium customer.

[RichGangi]

Thanks for the insight guys. I guess I just dont understand why, if the check hadnt cleared yet, it showed up online as deposited. Strange, if you ask me. This is the first time such a charge has been incurred by me, and it kind of baffled me I guess.

[Drac]

It's another way to leech funds from their customers. You should really look into this further...did you deposit a large item that was out of the ordinary for you account history? If so, they may have put a hold on the funds to be sure they cleared first. IF this is the case they should have told you that they would have taken longer to clear and they certainly should not show up as available. When I worked for the bank available funds meant we would give you cash for that amount if you walked up to a teller window. Things may have changed but don't let them nickle and dime you to death with a hole fees. If you haven't had problems with your account in the past you should be able to get the fee removed. If you have the time to make somebody at a branch location explain it to you do so.

[Big TR]

My wife and I had this happen to us when we closed on our new home. We sold our old house and received the check at closing. We had moved into our newly constructed house a couple months earlier.

We deposited the closing check. It showed up as available in our bank account the next day. I paid off the bridge loan, but two days later our bank reversed out the initial deposit becuase of an incorrect endorsement on our closing check. Our bank then tried to stick us with overdraft and other fees. I complained to them that the funds should not have been classified as available if they were still subject to some sort of bank reversal.

I was able to get the charges reversed.

[RichGangi]

[ QUOTE ]
It's another way to leech funds from their customers. You should really look into this further...did you deposit a large item that was out of the ordinary for you account history? If so, they may have put a hold on the funds to be sure they cleared first. IF this is the case they should have told you that they would have taken longer to clear and they certainly should not show up as available. When I worked for the bank available funds meant we would give you cash for that amount if you walked up to a teller window. Things may have changed but don't let them nickle and dime you to death with a hole fees. If you haven't had problems with your account in the past you should be able to get the fee removed. If you have the time to make somebody at a branch location explain it to you do so.

[/ QUOTE ]
Your post makes so much sense to me, its scary. And no, the check was not that out of the ordinary. Just my regular paycheck. I have not had any problems with my account in the past, so I think I just might take the last bit of your advice and talk to the branch manager. Thanks for the continued replies everyone.

[RichGangi]

Such BS. Good for you for getting the charges removed. I cant believe they can get away with that crap. Only in America.

[Sniper]

[ QUOTE ]
I just might take the last bit of your advice and talk to the branch manager.

[/ QUOTE ]

Let us know what he says.