Bank Question

[manlymatt83]

I made a check deposit for over $10,000 this week into my Wamu account. They put a hold on it but said much of it would become available in two business days. That "much of it" was a whopping $2000. I wrote checks this week for about $2200, and none of them have come through yet, but I'm worried that if ALL of them come through tonight before I have a chance to go to the branch tomorrow morning and whine/beg for it back, that they will bounce the check... one is a health insurance check due June 1.

Anyone in the banking industry know... what do banks usually do if you go under your available balance but have $8000 as a pending deposit available in 2 days? Will they still bounce the checks? Or will they pay them and just charge you a fee?

FYI, wamu allows one free "overdraft" per year, but I don't know if that means they still pay the checks...

 

[Samalama]

Well, overdraft protection essentially means that if you overdraw your account then your bank will immediately pay the remainder of what is owed. However, most banks only cover you up to a certain amount, in my case it's $500 I believe. So if I were you, I wouldn't worry about it too much, you're bank will most likely cover it.

 

[her209]

You're screwed.

 

[Vic]

Your deposit over $10k forced the bank to file a SAR (Suspicious Activity Report).

 

[hdeck]

whine and beg all you want, you can't get the check back. it's already made it's way down the pipeline. by law they were supposed to tell you exactly how much would be available and what days it would be available. it should probably be on your deposit receipt as well. i can't speak for wamu specifically, but these days most banks will pay the check, and your account will just be overdrawn with the added overdraft fees thrown in for every transaction that comes through.

 

[JS80]

Originally posted by: Vic
Your deposit over $10k forced the bank to file a SAR (Suspicious Activity Report).

that's only for cash

OP you will get over drafted. beg the branch manager to release more of the funds.