My son is a college student in Daytona Beach, and does his banking at Wachovia Bank. A typical college student, his checking account is always at a low balance. Recently, he made a $100 CASH deposit. Later in the day, he checked his account to verify the deposit was showing, and it was. He then used his debit card to purchase gas, and again at a restaurant. Wachovia now is telling him that his deposit was held for six (6) days before being officially credited to his account. This was surprising to me. I have never heard of a bank doing this with a cash deposit. Can anyone tell me if this is a normal, legal practice? Wachovia has hit him with (3) NSF charges so far. He talked to a bank teller, and received no satisfaction in an appeal to her. He's ready to change banks. Any advice? We live 1,000 miles away, and am not sure if we have any recourse, or if I just don't understand how banks handle customer deposits. I could understand a delay in posting (not 6 days though) if it was a check for a large amount. This was not the case for him.
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