Originally Posted by Chiefwoohaw
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.
HSBC I was referring to as a credit card company. If I have a payment due on the 15th, and I make it on the 10th, there's a good chance they won't acknowledge it until like the 17th or later. Every other bank I use, for car payments and what not, all acknowledge the payment the following business day and take that off of the loan. This poses a problem because I get penalized for being late on a payment, when I made it more than a week ahead of time, because they didn't post it.
EDIT: And I do keep very good track, I can tell you to the penny how much is in every account, including cash in my wallet at all times. It's kinda pathetic at some times, but it's nice knowing exactly how much you have available.