BB&T
Mobile deposit held nearly a week, $105.00 in overdraft fees

Funds deposited through the mobile phone app take more than seven days to clear.

I received a check for $1600.00 and tried to use the new mobile deposit app to put the funds into my account.

First, the program does not let you deposit more than $1000.00 per day. So, after going back to the check issuer to get two $800.00 checks, I used the program to photograph the front and back of each, and the deposit was made. That was on Wednesday evening.

On Thursday, I checked my deposit history, and sure enough, I had two deposits for $800.00 each. Now it was time to wait until after midnight to get credit, right?

Friday arrived, and there was no balance in the account. I called the bank, and they said, "Sorry, checks deposited via mobile banking take 48 hours to process."

On Saturday, we needed to go shopping. I spent $85.00 on groceries and got a low balance alert on my phone. I called the bank again. A new customer service person told me, "We're sorry, mobile banking transactions can take up to three days to clear."

Three days? I asked. "Yes, three days. Your deposit was deposited, effective on Thursday, and your funds will be available on Tuesday."

That's right: three business days. Not three days, but three business days, in this day and age of business banking and electronic reporting. Using a mobile phone app will tie up your money for nearly a week.

Oh, but it's convenient, and I didn't have to drive to the bank to make my deposit. Oh, and I saved $5.00 on gas. It cost me $105.00 in overdraft fees to cover the funds I spent from the balance that shows but is not in my account!

Company: BB&T
Country: USA
State: South Carolina
City: Greenville
Site: bbt.com

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