Overdraft fee and Bank of America check card question

Question

I had a joint account with bank of america but I closed it and opened up my own account. When I closed my old account, I had $0.76 so I just transfered that into my new account yesterday. This morning, I deposited my check into my new account because my direct deposit hasnt been set up yet. After depositing my check into my account, I tried to buy my new phone offline but it says that my card isnt going through.

I checked my account and it says that I still only have $0.76 in my account. I was wondering if thats the reason why my card isnt working..but then again, shouldnt my account have overdrafted instead of being declined? I do not plan on overdrafting and my deposit was definately enough to pay for the phone..I was just wondering

Answer 1

You do not have overdraft as of yet since your account is in new account status. Did you actually go in and close the account? Otherwise your other account is still open and your check may have been deposited there. Just because you take it to zero does not close it. Did you set up your new direct deposit with your employer? If not your check is going to your old account and if you did actually close it properly the deposit will be returned and your employer will probably have a paper check waiting for you. I

This issue has nothing to do with post times or business days as others have stated. Direct deposit funds are available immediately.  

Answer 2

The check has to be processed first they wont just give you the money in case the check bounces

Answer 3

Most banks won't show balances deposited the same day until after a certain time - some 3:00 and some may be as late as 6:00.  They have to process the deposit before you can have access to the funds.  Since you did it the same day, it may not be showing in your balance yet.

Answer 4

It's a new account.  Be grateful it declined instead of hitting you with overdraft fees.

Did you check your deposit slip as to when the funds would be available?  Chances are there's a hold on that check for several days.

Answer 5

you have to wait until the check clears before you can use the account

the teller should have told there would be a hold on your check (could be 7 days, 10days )

and of course it was better for them to decline the card since the overdraft fees are $30 (sometimes more)

Answer 6

Your purchase was declined due to having a new account. BofA determines the amount that it will cover when u go below your balance on several criteria such as the history of the account as well as your relationship.

in addition to that, being that this is probably your first deposit on this acct, your deposit (depending on type of check) can be held anywhere from 2-5 business days. make sure to check your receipt!

Answer 7

it may be two things...one is the card is still inactive and id call the bank

the other is the deposit now that you dont have direct deposit can take longer...they have to verify the funds of the check first. usually the first 100 should still go thru no matter what

id still call the bank