Tuesday, July 22, 2008

what's the deal with cash deposits, anyway?

A bit over a week ago, Thursday night I made an online payment to my credit card.  Friday, it had not credited yet.  Okay, fine, for some reason that seems obscure, they are not grabbing their money immediately from my checking account even though I authorized that, and it can take a couple days.  So, I borrowed money from M, and made a CASH payment right at the bank that Friday over an hour before their "must deposit by" hour.  Phew, I could rent a car for the weekend, as the car rental place puts a hold of approximately $200. on a major credit card and I needed that credit limit so that could be done.  Um, no, the cash payment still wasn't showing as a credit.  Odd.  I waited over an hour, still nothing.  Calling them, they said that the bank would ahve to call them and tell them it was cash, so it'd get credited.  The bank said I had to come in person with my receipt, even though I offered to fax it, and did let them know I'd have to walk almost a mile to get to them.  I got a ride, waited, and the bank, after verifying it was a cash deposit, was on hold, then disconnected, then got through and it took a WHILE, but I was told that my actual limit was counting that cash payment.  I walked back.  The online version of my credit card account didn't show that until Saturday, when it showed the cash payment retroactive to Friday, and I forget which day the online payment was credited.  But, they accepted the "hold" charge from the car rental company, so it worked out (the rental was a weekend special of a lot less than $200., but it's standard to put a hold).  I don't understand why all the hassle, however.

So, last night, I withdrew money from one account at one bank.  I had wanted to withdraw more, however, the (weeks late finally came yeah) child support check hadn't cleared fully.  THIS bank, nicely, lets me withdraw on a deposit immediately, even a check deposit, just only up to a few hundred dollars.  Okay, fine.  It definitely beats having to wait until the entire check deposit clears his bank account and gets into mine, plus there was a weekend in there.  So, I took the lessened amount of cash, and put it into my checking account last night.  I have two things I wish to pay by Pay pal today online, plus something else.  My checking account is primary with Pay pal, so it just makes it easier to do it this way.  Except, for somereason, my cash deposit made last night, admittedly via ATM but still, is not showing in my account even as of today right now!  ARGH.  It should acknowledge even pending deposits (it usually does, or is that only if I deposit via a teller?). 

I don't get why paying with cash isn't reflected on an account immediately after a person is able to do the data entry processing of the payment.  I also don't understand why some companies can withdraw from my checking account seemingly as soon as I press the button to confirm payment, and others take days (I would think they'd want it!).

And, yes, I can appreciate that wow, I had money to rent a car with for a couple days?! and wow, I can pay for two feiseanna, now?, as typically speaking no way in heck w/out budgeting that in, in advance.  It doesn't leave me with money, but at least I can cover these.  Just want the cash credited once deposited.

Update:  My cash deposit via ATM last evening, is now (late afternoon) credited to my checking account.  I am guessing that this is their normal timeframe for that, as my request/comment about it hasn't yet elicited a response (so I sent another saying thanks for getting it credited).  So, I made the two feiseanna registrations.  Anything else I'll take care of later on.



  1. Ah the games banks play.  Their happy to take your money.  Not very happy to give it back.  Happy to pay your bills as quick as possible in the best order for them so hopefuly you will get a foul of fees.  Yeah sometimes the mattress seems like such a nice place. ~ Mike

  2. My head hurts just from following all of this in your post; I can only imagine what it was like to actually deal with it!--Sheria

  3. The operating practices of banks makes no sense to me.  I cannot imagine what you must have gone through trying to wade through this mess.  Ugh!!!