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In the past few months, BofA introduced a "PENDING" transaction feature, where you could see pending transactions immediately. However, very recently, "PENDING" direct deposits for my account are taking a day longer than they did before. Prior to this change, direct deposits were credited at midnight on the night that they were deposited. Now it is taking at least another 24 hours. I plan to call BofA tomorrow, but before I do... has anyone else noticed this?

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Your original concern seems to be with loss of interest payment. I think that is not a concern here.

Reason: I am look... (more)

lorcha (Dec. 12, 2007 @ 12:51p) |

My wife splits her DD between BofA and another bank. Both banks email "DD received" alerts. The one from BofA comes a da... (more)

EugeneV (Dec. 12, 2007 @ 1:09p) |

Ok it's payday again... and although my Direct Deposit will show "pending" for 24 hours... the funds appear to be availa... (more)

ArbolLoco (Jan. 10, 2008 @ 6:27p) |

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It's possible that the ACH transactions are being transmitted to BofA multiple days before the settlement date. So their "pending" screen may be looking ahead more.

Here's the big question. If your payday is, say, Friday, what time on Friday is the transaction posting now?

I've seen the 'pending' transactions for years. And when a DD/electronic deposit shows up as 'pending', that amount is listed as 'available' to be withdrawn immediately.

However I have noticed that in the past month my ACH deposits from Google Checkout (currently my only DD-like transactions, into my BofA Biz account) are showing up a day later - it used to be if GCO listed the amount as being paid on 12/9, it would be 'pending' but available in my BofA account about 3 AM (EST) on 12/10. Now it doesnt appear as 'pending' until 12/11.

day later here, exactly 24 hours later. for the past 10 years direct deposits have always posted at midnight the day that the deposit is made.

I normally get paid on the 1st, let's take December as an example.

12/1/07 12:01am - past 10 years it has always credited at this time.
12/2/07 12:01am - for the past three months is has been crediting then.

extra day of float? this is pissing me off, I'm going to call them tomorrow. maybe this could be the next big bank class action.

Yes I noticed this too recently. I only have $10 DD to B of A. But my paycheck was in my Fidelity account on Saturday morning and the $10 is still pending tonight.

They've started doing the same thing with electronic payments to their credit cards. In the last couple of months I've had a couple of cc statements print with unintended balances when the payment date was the cycle closing date. But I got to see the difference in FICO scores when adding that extra account with a balance. Heck, I let one account statement print with a $7 balance and lost 12 points! I guess that means a FICO is worth about $1.71 per point.

My direct deposits show up as "pending" on payday as well, but they're included in the available balance so I've always figured they are incurring interest that day. That's probably wrong, eh? But at the same time my billpay payments aren't being deducted from my account until after close of business on the delivery date, rather than in the morning as they used to be.

WalStMonky said: They've started doing the same thing with electronic payments to their credit cards. In the last couple of months I've had a couple of cc statements print with unintended balances when the payment date was the cycle closing date. But I got to see the difference in FICO scores when adding that extra account with a balance. Heck, I let one account statement print with a $7 balance and lost 12 points! I guess that means a FICO is worth about $1.71 per point.

gotta be nit-picky: 1.71 points per dollar, not the other way around.

funny though

ArbolLoco said:

extra day of float? this is pissing me off, I'm going to call them tomorrow. maybe this could be the next big bank class action.

I would complain but first verify with your payroll company the day it goes in. We call in our payroll on Monday morning, Direct Deposits are scheduled for Wednesday and become available at 12:00AM. A payroll DD should never have a hold.

I just went in and verified all my DD at BofA. All are still showing as deposited on the day I expected.

According to NACHA rules (National Automated Clearing House Association), direct deposits must be made available no later than the opening of business on "settlement day." In the case of payroll, settlement day is payday. For example, if your payday is January 16, then your direct deposit must be made available no later than the opening of business on January 16.

One thing that can push a settlement day back is a federal holiday. If your company is open on payday but it is a federal holiday, then it's possible that your direct deposit may not be available until the business day after, depending on when your company sent the ACH files.

I know that with my employer's last direct deposit (Friday payday), there were problems with Bank of America's systems (Bank of America is my employer's bank), and some banks and credit unions didn't make the deposit available until Monday morning. However, in this case, because of the systems issue, settlement day was actually pushed back to Monday. (With Bank of America accounts, the deposit was available later Friday afternoon.)

I know that in my case, if payday is on Monday, then Bank of America receives my direct deposit at midnight Friday, because it will be available early Saturday morning, most of the time just after midnight. It wouldn't post until Monday night, but it would be pending and available Saturday morning.

Indeed, the key phrase there is "pending and available." It's been like that for me for at least a year now, maybe more, since they introduced pending transactions for bank accounts. I can still tap the entire direct deposit, the only difference is that it has not fully posted and thus hasn't yet impacted my ledger balance (vs. available balance).

Just be careful about that footnote: "available" includes funds on hold.

Before paying my property taxes last week, I walked into my BofA branch and verified that the ACH from TreasuryDirect was truly available and not on hold. I was told that money transferred electronically is always available (not held) when "pending" turns to "clear," and that transfers from the US Treasury are never held.

Take that for what it's worth.

ThursdaysChild said: Just be careful about that footnote: "available" includes funds on hold.Is this what BofA told you?

I think someone was misinformed, because the Available Balance should NEVER include any amount on hold, whether that be a pending ATM withdrawal, debit card pending authorization, pending ACH debit, or any check that has a hold placed on it.

My DD have been posting correctly as far as I can tell. I receive military retirement, VA disability, GI bill, and work-study payroll from my graduate school and all seem to post on time. They do show pending but I have been able to tap that money immediately. I don't think there is a problem.

ArbolLoco said: ThursdaysChild said: Just be careful about that footnote: "available" includes funds on hold.Is this what BofA told you?Thanks (and thanks to GoCowboys) for making me look this up. The Balance Summary at the top left of the page (online) shows the amount folowed by footnote 1. At the very bottom of the page, you will find the footnote: "1 Includes amounts subject to any holds."

However, they go on to contradict themselves when you click on "learn more" at the footnote or on the question mark at Balance Summary as follows:

"Your available balance is the amount of money in your checking or savings account that is currently available to you. Maintaining a positive available balance is important to avoid overdraft or returned item fees. Your available balance reflects cleared or posted transactions and some pending transactions.

Credits subject to a hold and some pending credits do not increase your available balance.
Debits listed as Pending transactions in Online Banking decrease your available balance.

There are a number of reasons why your available balance may differ from the balance in your transaction list. Here are some of the most common reasons:

Credits subject to a hold.
Paper checks that you have entered manually do not change your available balance until they are presented to us for payment.
$1.00 gasoline authorization holds do not show as pending transactions, but decrease your available balance."

ck08 said: My DD have been posting correctly as far as I can tell. I receive military retirement, VA disability, GI bill, and work-study payroll from my graduate school and all seem to post on time. They do show pending but I have been able to tap that money immediately. I don't think there is a problem.

Same here, mine show as pending but the full funds are available immediately...

WalStMonky said: They've started doing the same thing with electronic payments to their credit cards. In the last couple of months I've had a couple of cc statements print with unintended balances when the payment date was the cycle closing date. But I got to see the difference in FICO scores when adding that extra account with a balance. Heck, I let one account statement print with a $7 balance and lost 12 points! I guess that means a FICO is worth about $1.71 per point.

I usually use BoA billpay to pull payments from my money market checking acct. It used to be that they'd ACH pull the day before the payment was due and it'd post on the due date on both my bank acct and CC. These days they're ACH pulling two days in advance, the pull is posting (with my bank) the day before the due date, and the payment is being credited on the due date. Sneaky way to get an extra day of float.

just got off the phone with BofA.

described the issue and the CSR said this is "impossible" and "illegal". so I agreed to take screenshots of my ACH ***ON-HOLD FOR 24 HOURS*** and send them in next month.

perhaps they're crediting them at 11:59pm on the day of deposit and saying that is "same day" clearance?

oopsz said: WalStMonky said: They've started doing the same thing with electronic payments to their credit cards. In the last couple of months I've had a couple of cc statements print with unintended balances when the payment date was the cycle closing date. But I got to see the difference in FICO scores when adding that extra account with a balance. Heck, I let one account statement print with a $7 balance and lost 12 points! I guess that means a FICO is worth about $1.71 per point.I usually use BoA billpay to pull payments from my money market checking acct. It used to be that they'd ACH pull the day before the payment was due and it'd post on the due date on both my bank acct and CC. These days they're ACH pulling two days in advance, the pull is posting (with my bank) the day before the due date, and the payment is being credited on the due date. Sneaky way to get an extra day of float.
Not entirely on topic, but I've had no luck establishing new accounts as billpay merchants lately. This even happened to UFB Direct, for which I had previously established billpay but later removed due to the whole "Absolute Savings" switch.

BoA keeps asking me to mail in a "payment coupon" and specify the pat-to account type--loan, mortgage, etc.
I've mailed in deposit slips and specifying the pay-to account is "checking", but they simply ignored my requests.

So think twice (or not at all) before removing any existing "ACH pull" arrangements--you may not be able to add them back. I'm on BoA's uber-archaic WA/N. ID system.

OP: This seems to be a recent change. I'm in Washington State, which has the "old" online banking platform. I also noticed that the recent change - direct deposits into BofA now display online as "available" but "pending" on the same day.

Strangely enough, at a BofA ATM, the direct deposit shows up immediately that morning as part of my available account balance.

My credit union (which is where I direct-deposit most of my paycheck) posts my direct deposit funds immediately. My BofA direct deposit mainly covers my mortgage payment and a couple of fee-free ATM cash withdrawals at the BofA ATM in my building.

Your original concern seems to be with loss of interest payment. I think that is not a concern here.

Reason: I am looking through my online b of a statements, and it looks like my payroll deposits are being credited on payday.

My wife splits her DD between BofA and another bank. Both banks email "DD received" alerts. The one from BofA comes a day later. Next time this happens, I will check pending transactions and available balance.

Ok it's payday again... and although my Direct Deposit will show "pending" for 24 hours... the funds appear to be available.



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