Quote:
Originally Posted by Lindy
Xerxys, transactions don't even go to the bank in order. The timestamp is for the convenience of you and the merchant, not the bank. Businesses send out (what they call "settle") their debit and credit card transactions in batches, not continuously. A high traffic business (Target, WalMart, etc) may settle every few minutes. A small business (or vending machine) settle only once a day, at midnight.
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If I buy gas at the nearest station to my house, they will not batch out credit cards for two or three days. If I have $20 in my account, spend $25 on gas then deposit $10 at my bank down the road 15 minutes later, my account will show $30 for two or three days, then the $25 will post with a timestamp of when I bought gas, and late fees will be retroactively applied to any purchases after that.
Four or five years ago, I overdrew my account, deposited money to cover the transaction and fee, and was charged a second NSF fee when the first fee brought me back below $0. It took half an hour of discussing it with customer service to get them to admit it was unfair. Last week, I was charge a NSF fee when my account was not actually overdrawn because the bank had put a duplicate hold on my account for a bill I paid. The automated system hung up on me twice before I managed to speak to a supervisor, who fortunately agreed to refund the fee.
Probably not this paycheck, but for the one after it, I'm switching to a credit union. Wachoiva deserved to go under for their business practices, Wells Fargo is worse, and as much as I like the local people at their branches, I don't want to do business with them anymore.