I attempted to cash a $1500 cashier's check issued by a local and reputable S&L but was told that I had to have matching funds in my account in order to cash a cashier's check. "Since when???" I asked them. "Isn't a cashier's check as good as cash?" NOT IN THIS WORLD apparently, or so I was told. The once reliable cashier's check is reliable no more... Of what use are they then? A lot of banks would cash them outright, with the understanding that the depositor is responsible for any problems that may arise in the course of its processing.
The teller explained that a portion of the funds had to remain on deposit until the check cleared the issuing bank... A process that takes one day according to him. I asked them why it would require ONE day in particular... And not two or three? A day was all it would take he repeated. HmmmmO. K.
Based on my account balance it was determined that I needed to deposit $500 in order to cash the check. They gave me $1000 and assured me of the fact that the remaining funds would be available for withdrawal the following day.
I returned to the bank the following day to withdraw the remaining $500 and was told by the same teller that the funds were not yet available. He also informed me of the fact that a $500 withdrawal had been made from my account earlier that day.
Needless to say, I was NOT a happy camper.
While I proceeded to hammer on him with a barrage of questions about who, what, when, where, why and how this could've happened, he was hammering away on his computer keyboard. He seemed to be unwilling or unable to give me a straight answer to any of my questions and in fact came up with a different answer each time I asked him about what time the withdrawal had transpired.
He finally stated that the money would become available at midnight that night, giving me hope that the problem would be reconciled. I left the bank thinking that he must be high or he's looking at someone else's account.
All I know is that I didn't make the withdrawal... If he was telling the truth, I would have been at work and had a check stub to prove it. My employer uses a card key system for their payroll. Every punch of the clock is documented on your paycheck stub. That would have been all the proof I needed were it not for the fact that HE WAS LYING.
These people are fools for thinking that I would be stupid enough to attempt a stunt like trying to make two withdrawals of $500 from my account when I know that there is only $500 in it to start with. That's the story as they see it though. Why would you endure the embarrassment of being told by the teller that you are $500 shy of the $500 you are trying to withdraw? Or make a fool of yourself while going stark raving mad pretending not to know anything about it. What's the point? You're not going to get the extra 500 bucks, so why waste your breath? Besides, I'm just not that fond of the idea of GOING TO JAIL!!!
This scenario makes no sense whatsoever. ATM transactions are processed instantly. There is no time lag involved here. Or is there?
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