We got a check from the insurance company for property damage on my husband's truck. The check was for $10,000 and drawn on a Wachovia Bank account. The check was deposited at 11:00 am on the day we received it. The next morning I checked my balance online and the check showed as both the "current balance" AND "available balance."
I had just gotten paid via direct deposit the day before so there was almost $13,000 in the account.
I went ahead and made a $1000 down payment on our new truck via credit card. Paid a couple extra car payments. Paid all of our bills except for rent for the month. Figured I was doing the responsible thing by paying the bills before seeing what was left for "play money."
At 3:00 pm I went to the main branch to cash a check so I could pay my rent for the month (If you pay by check they do not consider rent paid until the check clears and then you have daily late fees, so I pay with cash.) The teller looked at me like I was stupid when I handed her the check and she laughed at me. She asked if I meant to try and cash that check out of that account. I told her yes that I had about $10,000 left in there. She printed out my balance on a deposit slip and it showed the "current balance" at over $10K, but the "available balance" at NEGATIVE $1000 or so.
I asked how the check could be available one minute and then not available the next. She told me that I would have to come inside and speak to someone. So I did. They explained that Wachovia does not verify funds so they have to hold the check for TEN days, although all morning long the funds were available and I was using my debit card like a mad woman. Basically, there was nothing they could do for me and I would just have to "deal with it." Now let me just say, I don't mind holding the funds. Heck, I fully understand the reasoning behind it. But hold them when I deposit the check. Don't let me think the balance is available and spend money that I never would have spent.
I asked about the outstanding checks I had and all the debit transactions. Since my account was negative would it charge me a NSF fee for each debit/credit transaction and each check. The answer was Yes. So I'm screwed. I have 3 checks out and 15 debit transactions that have not yet cleared. At $35 each that's almost $600 in NSF fees alone. I need gas in my car and I need groceries for my kids. I don't get paid again until the 15th and I just got SCREWED by Capital One. Fortunately I work for a law firm so maybe there's SOMETHING we can do. The sad thing is that had these funds never showed as available I would still have money in the bank because I wouldn't have paid all the bills and extra car notes until they were actually DUE.
Once that check posts I am withdrawing all of my accounts and switching to a different bank.
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