Rates Current as of Friday February 10, 2012

« My bank’s ATM indicated that I had a positive balance. But when I wrote a check, the bank charged an overdraft fee. How is this possible?

Is my bank permitted to charge me an overdraft fee as well as a fee for each day during the period my checking account is overdrawn? »

Can the bank charge an overdraft fee while there is a deposit pending?

Yes. Many transactions are processed overnight. These transactions may not be reflected in an available balance. On checking accounts, banks generally post deposits before withdrawals. However, the law does not require this. In addition, banks may establish a cutoff time for deposits made at a branch or through an ATM. Deposits made after that time may be treated as having been made on the following business day. For example, a deposit made after the Friday afternoon cutoff time would be treated as if it were made on the following Monday. So any items with next-day availability would then be available the next day (Tuesday).

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