I have a question with a situation with bank of america. If I deposit $2000 via ATM on Sunday night, and I write a check to my landlord on Sunday night. Will the check given to the landlord bounce? He won't be able to cash the check until Monday of course because Banks close on Sunday. Thanks
Senior Member - 1K
posted: Nov. 1, 2002 @ 2:56a
You are running a serious risk of an overdraft. It depends on a lot of factors: 1. Bank of America's funds availability policy on crediting of ATM deposits; 2. Your relationship with the bank - if you are a long-established customer, what have been your typical account balances, whether you have had overdrafts - will also affect whether a hold might be placed on check deposits; 3. Whether your landlord happens to go to a Bank of America banking center on Monday to cash your check; and 4. Whether you have set up Overdraft Protection on your bank account (such as with a BofA credit card)
If the $2000 check is a personal check - and you don't have enough cushion in your bank account to cover the cost of the landlord payment - you definitely should take it to a banking center rather than depositing into an ATM. If you have a Versatel account with a $3 banker-assistance fee, it's better that you pay the fee and get this credited to your account ASAP. Be sure to verify with the check issuer that the funds are good - you do not want to be in a situation of depositing a check that bounces after your landlord has received the money.
Unless you are comfortable "walking on thin ice", I would NOT issue a personal check to your landlord until you definitely have dollars in the bank to back up the check. The exception to this is if you have overdraft protection on your account sufficient to cover an overdraft.
In most states, it is unlawful to write and issue a check payment unless you actually have funds available to pay the recipient immediately upon demand. If your landlord takes the check to the bank at 10:00 AM on Monday morning requesting that it be cashed, and funds are unavailable, you might have one very irate landlord.
Generally, ATM deposits are NOT credited to your account and immediately payable until the next business day, although this depends on your bank and the tenure of your bank account - I know some Wells Fargo clients who have told me WFB grants them immediate crediting for all check deposits at ATMs, but your mileage may vary.
If in doubt, DO NOT assume. Deposit the funds in your account, and make sure the funds are valid, BEFORE writing a check to a third party that might become a very nasty and embarrassing lesson.
posted: Nov. 1, 2002 @ 8:45a
I make almost all of my Bank of America deposits via ATM and I can tell you this.
1. The first $104.00 of any ATM deposits is immediately available for withdrawal.
2. If you have the Platinum Check Card, the first $504.00 of any ATM deposit is immediately available for withdrawal.
3. If you make an ATM deposit on Sunday, it will be processed on Monday night and should be used to pay any checks that go through on Monday. However, if the $2,000.00 ATM deposit is in the form of a check(s), there may very well be a hold on the deposit, and if there is a hold on the deposit, the deposit wouldn't be used to pay any checks right away (except maybe for the $104 or $504 immediate availability discussed in #1 and #2 above - I'm not sure about that one).
4. If the $2,000 ATM deposit was in cash, then I don't think you would have a problem, because the cash deposit would be posted Monday night and immediately used to pay checks, and I believe (although you might call to be sure) that deposits are credited before checks or other debits are paid.
Is the $2,000 deposit in the form of a check, or is it cash? If it is a check, what bank is the check drawn on? The answers to these questions will help to understand if there would be a problem.
posted: Nov. 1, 2002 @ 9:32a
<< .... 4. If the $2,000 ATM deposit was in cash, then I don't think you would have a problem, because the cash deposit would be posted Monday night and immediately used to pay checks, and I believe (although you might call to be sure) that deposits are credited before checks or other debits are paid.
Is the $2,000 deposit in the form of a check, or is it cash? If it is a check, what bank is the check drawn on? The answers to these questions will help to understand if there would be a problem. >>
Nice thorough answer there, good job. Can't help but make the comment though -- if you are depositing a large amount of CASH at an ATM, you are askng for trouble. Maybe I'm just too cautious, but I would never deposit cash via an ATM -- it's almost like sending cash in the mail.
posted: Nov. 1, 2002 @ 9:35a
Here's a novel idea. Ask the bank, I am sure they can give you an answer.<img src="i/expressions/face-icon-small-confused.gif"border=0>
posted: Nov. 1, 2002 @ 9:37a
A deposit after 3 pm on Friday is the same as a deposit on Monday morning.
So if your landlord takes your check to the bank on Monday, your deposit wouldn't be through yet.
posted: Nov. 1, 2002 @ 9:55a
I have deposited cash in a Bank of America ATM many, many, many times, and I have never had a mistake made, so I feel pretty comfortable with depositing at the ATM. I have deposited as much as $500 to $700 in the ATM many times, and as I said, not one mistake.
posted: Nov. 1, 2002 @ 9:56a
If the landlord tries to cash the check at the bank, then yes, it would bounce. However, if he deposits it into his account, then there is a chance it would clear, of course depending on where he banks and whether the tenant's deposit is cash or check.
posted: Nov. 1, 2002 @ 5:06p
my landlord doesn't have boa. they have wells fargo i think thanks for help everyone!
posted: Nov. 1, 2002 @ 7:05p
Is the $2,000 you are depositing a check, cash, or combination? If it's a combination, what part of it is a check?
posted: Nov. 3, 2002 @ 8:41a
Just some advice from my dad, who is CEO of a bank, and has been at several banks over the past 25 years.
NEVER EVER DEPOSIT CASH INTO AN ATM.
I can't stress that enough. All it takes is one teller to put the cash in their pocket, and you have no proof that you deposited that cash. Always deposit cash at a teller window.
posted: Nov. 3, 2002 @ 9:10a
I deposited cash into an ATM many many times. And I had no trouble.
I just write the amount of cash depositing on the deposit slip, and sign it, which is proof that I deposited cash.
posted: Nov. 3, 2002 @ 10:08a
Same here. I write my name, account number, and deposit amount on the envelope, even if there is no pre-printed place for this information. I have never had a problem with missing money or a deposit error. The deposits have always been promptly and accurately posted.
I can understand why some people would be hesitant. However, I can only go on my experiences. I have used ATM deposits hundreds of times at ATMs at Bank of America, Wells Fargo, and even Bank One.
I emailed Bank of America and asked them what safeguards are in place to make sure that employees don't pocket some of the money and then say that the accountholder didn't deposit as much as he/she said. I will post the answer when I get it.
They did tell me that ATM deposits are covered by Regulation E.
posted: Nov. 3, 2002 @ 5:53p
it's a combo. $20 is cash, the $1980 is check
posted: Nov. 3, 2002 @ 6:28p
I would imagine that the check for $1980.00 would have a hold placed on it, since it is a larger check. You might want to call your local branch to make sure - if you have been a customer for a long time and haven't had any deposited checks returned, then they may not hold it.
posted: Nov. 3, 2002 @ 9:33p
I haven't read this whole thread but I'm going to chip in anyways... <img src="i/expressions/face-icon-small-smile.gif"border=0>
I would personally NEVER deposit cash into and ATM. For the same reasons stated above. I have deposited a check once into an ATM and I noticed it took a little longer than I would have liked.. I try to avoid them at all costs. When I'm dealing with my hard earned money I would much rather have a real person handle the transaction in front of me.. AND keep your receipts until deposits clear. One time I deposited over $500 and they "lost" my deposit.. Luckily, I KEEP all my deposit receipts until they clear so I was ok. I can't imagine what they would have told me if I didn't have it..
posted: Nov. 3, 2002 @ 11:24p
I used to prefer going to the tellers but my bank will charge a "Service Fee" of $3.00 if I talk to a teller more than once a month.
So I became more comfortable with ATMs and uncomfortable seeing a teller.
Senior Member - 4K
posted: Nov. 3, 2002 @ 11:32p
I believe they have cameras keeping guard of the employees responsible for handling ATM deposits. They aren't 100% guarantee against theft, of course.
Theft can happen when dealing with a teller in person, too. A Wells Fargo teller once had the guts to credit my $5000 check to a "wrong" account; the numbers were too different to be a typographical error. I notified the bank manager right away but did not stay to press charges.
posted: Nov. 4, 2002 @ 1:41a
I've heard that banks will position cameras to guard against employee theft, and that ATM deposits must be opened in the presence of at least two employees.
This, too, does not mean there won't be theft, but it makes it a lot harder.
Senior Member - 4K
posted: Nov. 4, 2002 @ 7:27a
<< I have deposited a check once into an ATM and I noticed it took a little longer than I would have liked.. >>
FYI, the federal regulations for clearing in-state and out-of-state checks applies to when you deposit at a teller.
Banks are allowed longer for checks deposited at an ATM. I don't know how much longer. If anyone finds out, please post... <img src="i/expressions/face-icon-small-smile.gif"border=0>
posted: Nov. 4, 2002 @ 7:36a
I'm trying to make a deposit via ATM to Principal Bank and can't seem to do it via our local bank's ATM machine. It only allows withdrawals, not deposits. According to Principal Bank, any STAR system machines should work (our local bank's ATM is STAR), why won't it even have an option for deposit? Anyone else having a similar problem? When I call Principal Bank, they don't know much about this than to say it should work.
posted: Nov. 4, 2002 @ 6:13p
From my understanding, the bank that owns the ATM you are trying to deposit into may be a member of the Star network, but they must also participate in "deposit sharing." You might try calling the bank that owns the ATM and see if they do.
Senior Member - 1K
posted: Nov. 4, 2002 @ 6:57p
Depositing small-dollar checks at an ATM usually isn't a problem. However, a check larger than your typical deposit amount is likely to have a hold placed on it when deposited at an ATM. The hold might be 5 business days.
I would NOT deposit currency into an ATM. Wth currency, there are ZERO protections you have in case of an error.
Whenever you deposit currency at a teller window, be absolutely certain to KEEP YOUR RECEIPT. If you lack a receipt to "prove" the deposit, the branch manager could simply ignore you if you claim an error or omission regarding your currency deposit. This happened to a personal friend 3 years ago, who learned after making a currency deposit at a WM teller window that her deposit had not actually been posted to her account.
posted: Nov. 4, 2002 @ 9:39p
Here is Bank of America's response to my email about security procedures when dealing with ATM deposits:
Normally, an armored car service is used, although bank employees certainly may be called upon to remove deposits from an ATM located within a banking center. All envelopes are removed in a cash vault, and along with normal security procedures in place when cash is handled, cameras are present within the vault as well. Should a dispute merit it, the camera tapes will be reviewed to ensure that it is resolved in an accurate fashion.
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