Originally Posted by awalters
I keep very good track of my records. What about HSBC's policy to post something Monday, that I make on Tuesday? I did Best Buy's financing option for a new computer, and printer I bought just before school started, and I was moving at the same time, so I financed it. Paid it off very shortly after (I'm still building my credit). If I'd make a payment on Tuesday, I would get an remail saying it's been received on the following Monday. It would still take 14 ish days to post to my HSBC account, and it came out of MY account, the day after I made it.
But why would when they post it matter? You spent the money and should act like it is gone regardless of its posted or not because guess what is going to happen and you spend more then you have . . .word of the thread "overdraft"
Why is being financially responsible so challenging? Keep a record and you won't get "screwed" by the big bad bank.
As for the after 3 post the next day thing that doesn't apply due to "check21" processing. Saturday transactions will not post until Monday.
Check21 allows the Fed to accept images of checks electronically instead of actually receiving a hard copy of the check. Before Check21 the cut off was at three due to a the checks being sent to an airport and flown to the nearest Fed to be processed. Check21 saved my company 27 million a year, cut out 6 planes, fuel, 2 hangers and all the man hours collecting checks from the banks.
The 3 cut off time want to "screw" you it was a federal guideline that we had to follow. This has no bearing on cash transport which is why I've continually stated a time stamp reciept on cash counts. Well good luck on managing money. In june you'll no longer have to worry about overdraft fees.