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<p>Depending on the amount, banks sometimes put holds on deposits.</p>
<p>This is why I always check my available balance after I make a depot.</p>
<p>Insom- it’s cash, why would a bank put a hold on cash.</p>
<p>Glad my D had an emergency credit card today. Water and MacBooks don’t mix. $800 repair bill. She will pay us back, but she did not have the cash to afford both this repair and rent.</p>
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<p>I have no clue. Like I said, it all just depends on the amount and the bank. Last month, I deposited $3,500 in cash at Bank of America and only $300 went to my available balance and the rest posted the next day. They told me before that sometimes holds are placed on large transactions. It doesn’t bother me because I don’t use debit cards.</p>
<p>Wells Fargo does the same thing. It makes no sense that hard cold cash is not available immediately.</p>
<p>shoot4moon,
Was the deposit made before/after 2 pm when the daily transactions close? ATMs process until 8 pm (at least with Wells Fargo)</p>
<p>They told me that cash goes to a special spot to be batched or something. It was perhaps $250 - not a huge amount, but enough that she overdrew the account without it. And yes, I did check “balance” when I received the receipt, but I did not notice that there was second line that said “available balance” which was less. It simply never occurred to me that there would be a hold on cash deposited inside the bank. I’m with oldfort - seems crazy, especially for a small amount like $250.</p>
<p>The deposit was made during the bank’s Saturday hours, which they told me was part of the issue. So THEY were open, but the counting people weren’t I suppose.</p>
<p>I’m guessing she should have simply used the cash to pay for her shopping!!!</p>
<p>If you make a deposit during non working business day, then it is credited next business day. On a Sat, they would take your deposit, but it would be as if you made the deposit on Mon. I am pretty certain a bank could not put a hold on a cash deposit.</p>
<p>I guess the lesson learned is to be sure to check IF there will be any hold placed on funds being deposited, even if it is CASH, especially if said funds will soon be drawn against in a debit card?!?! Since I rarely use a debit card & kids have free, automatic overdraft transfers, this has neve come up in our household. S did get some fees on his debit card (tho he tried to fight them), making him forever hate BofA; MUCH prefers Schwab & plans to soon close out his BofA account altogether.</p>
<p>There is no issue to withdraw fund via debit card. It the fund is not there then you cannot withdraw money, unless you have a credit line. The problem is if you have check(s) outstanding that you thought you had fund to cover it. Cash should be available to you next business day. There should not be a hold. </p>
<p>If You wrote a check to be cleared today, and you deposited cash of that amount after business hours, then technically your check could be bounced. If you made a cash deposit before end of business, then it should be available to you the same day. If your bank bounced your check and you had to pay a fee then I would ask for reimbursement.</p>
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<p>How long have you had a checking account? ;)</p>
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<p>I know you don’t believe anything I say, but I am just going by my personal experiences.</p>
<p>When we put in a rather large deposit, I notice that the statement will say $300 available immediately (even if it was much larger). I’ve never checked with cash. I have found that my bank will often release funds immediately if I ask them to, I guess they can look up your account and if you’re a long standing customer, they can do it with some strokes of their keyboard.</p>
<p>I assume that they put holds on things (whether it is cash or check) for longer than they need to…obviously they don’t need to put a hold on cash, purely so they can float your money for awhile. I can’t think of any reasonable excuse to put a hold on cash.</p>
<p>What oldfort said. The fact that this was done on a Saturday exlpains it. That isn’t really considered a business day, and that deposit wouldnt happen in “real time”. It would be processed and available in the account the next business day.</p>
<p>I have worked in banking all my life, not necessary on the retail side, but I know there is very strict rule on how how long a bank could hold cash, in-state, out of state(no longer very long hold period), size of deposit…banks get audited all the time and they all need to operate within certain guideline. </p>
<p>Almost no one make a large cash deposit, and banks are required to ask source of cash for AML purpose.</p>
<p>My kids don’t have a credit card, in their names or in our names. They work summers to earn money to pay for books, and to support their social lives while away at college. They make their own budgets, based on what they are able to save, and are expected to live within their means. My son was on fumes this spring… which clearly motivated him to file his tax return :)</p>
<p>If the parents are paying for college, then the kids should be paying for all other incidentals from summer jobs, xmas money, b-day money ect. JMHO Throwing them an allowance on top of paying for college itself isn’t teaching them the importance of saving and money management. No excuse for not being able to save for your own spending money.</p>
<p>geeps20, my son works in the summers but there is no xmas money, big checks for birthdays etc at our house. So while this may work for your family, it is an assumption that kids can’t learn to budget unless they use their own money.</p>