Bank of America, overdraft?

Question

I went to view mine and my fiance's banking online and noticed there was a lot of items on "hold" or pending. Well, we did the calculations and noticed we are going to be short no more than $3. My question is, if the funds clear or go off hold on the 22, will I be able to go to the bank and put some money in without being charged an overdraft fee?? Please help. And no rude comments please. We're a young couple starting out, and still getting the hang of adult hood issues and responsibilities. Thanks to those with helpful answers.

Answer 1

Unfortunately it is something that you have to learn to deal with, banks have quite the system worked out. When we were younger we'd deposit my DH's check on Friday, write checks to pay bills and things would bounce on Monday because of the way the bank would handle deposits. They would take out the checks before they credited the deposited check.

When you make deposits try to cash the check and deposit cash. That way they can't hold it until it clears.

If you have online banking, try to have money in an emergency fund so you can transfer something for times like these. Don't worry though, everybody has bounced a check at one time or another. Just don't make a habit of it or it will affect your credit rating.

It's a learning experience. One all of us so called adults have to deal with!

Answer 2

Well if it is pending it means it will be going through on your account. The transaction was ran and then it will be posted. Generally it is one business day (depends on bank funds availability policy).

The holds may take longer. These are done when suspicious activity or checks are going into your account. Generally if you are taking money from one bank and putting it into this one. You may be seen as kiting.