Here's another problem that makes it appear to the customer like it's wrong and is a direct result of bank's adherence to old style, batch mode processing that to me just doesn't fly in this day and age of instantaneous communications in the 21st century.
I have a transfer from my business checking account -> my main checking account. I also have an incoming payment to a creditor, an online check, happening on my main checking account...
Well my transfer finally happened on 10/26. A check also cleared on
10/26. The transfer was more than enough to cover this check. Both transactions are dated 10/26. Yet the clearing of the check cause a draft from my overdraft! Why? Because I entered the transfer on 10/25 after 9 Pm so it was processed the next day - 10/26. OK fine you say - next day (10/26) when the bank opens the transfer will apply. This additional money should cover that check no problem! But NOOOO! The transfer is posted 10/26 but will not actually be there until "close of business" that day. That's funny, the check, again, remember also dated 10/26, applied before close of business that day resulting in the draw from my overdraft. How the hell does that make any sense?!? Why, in this day and age, do we need to wait for "close of business" anyway? And if we must wait till close of day, why wouldn't the two transactions, both dated 10/26, *both* clear at close of business?!?Now I'm no conspiracy guy by any sense of the phrase, however the only explanation for the above that I can think of is that it's because the bank makes money on the transaction fee assessed from the overdraft draw! Luckily UBOC was nice enough to listen to me, understand my problem with the above processing and refunded the fee.