My bank is frustrating me. Yesterday they wanted to put a hold on my paycheck because they say my deposits?

Question

dont equal the amount of my check. I say big deal, I have a seperate business I get commission from, I have a tenant living in my house who pays me rent and utilities, my son pays me for loans, what does that matter. Anyways. could I just withdraw the money out and close the account, then just pay the business, 3 of them that i have checks written to right now. Would that look bad for me? or should I just let everything clear and then close the account. Im so angry right now, they also declined an autodraft last nite for 50.00 and i have 500 in the bank...help pleaseeeeeeeeeee??

Answer 1

Sounds like WAMU almost.

All checks are not guaranteed. Even Cashier's or Bank checks. Even paychecks.

With today's economy in the USA, I would not be surprised that banks may be enforcing some old traditions. By old, I mean what they used to do back in the day. Like allowing any checks that come into the bank enough time to clear so they can credit the amount to your account.

In any case, you should let all your checks clear before closing an account. Or you will have NSF charges and you will look very bad with your debtors. The bank may also put you into chexsystems or the other one they have for not paying for the NSF charges.

Also, take into account that if you go elsewhere to bank, you will be starting a new bank account with no prior history. This means that they may enforce the same thing you been trying to avoid since you are a new customer.

Good Luck!

Answer 2

That is bank policy everywhere.  You do not have enough money on deposit to get huffy about.  Closing that acct and letting checks bounce will just be black marks on your credit.  Also another bank may not even permit you to have an acct.  Stay with your current bank and learn the rules of banking.  Becoming an informed customer is your only option.

Answer 3

You need to budget for the time it takes for your checks to clear.  If you only have a small balance ($500), they are going to use a hold on any new deposits.

This is true of all banks, so closing the account won't make much of a difference.