- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Capital One made a deposit then took it back - WTF? (resolution on pg. 2)
Posted on 3/23/18 at 11:43 am
Posted on 3/23/18 at 11:43 am
Yesterday I signed into my checking account and saw that my tax refund was in - marked as a pending deposit, as are all direct deposits initially, but showing in my AVAILABLE BALANCE. So I paid off a credit card with half, then transferred the rest to Vanguard and bought some index funds. Today I sign into my account and I'm overdrawn - the deposit just vanished (as did the AVAILABLE funds).
So I called them today, and the first guy tells me that sometimes the IRS sends a message that the funds are on their way (thus pending), but then the funds don't arrive. He apologizes for the inconvenience and says they will cover any fees I encounter from being overdrawn. I called BS on this because the money was in my AVAILABLE funds. I used my AVAILABLE funds. You can't take them back after I used them! I told him this was not acceptable so he transferred me to a supervisor.
She gave me the same story, then said that's why it was pending. I explained that something can not be both PENDING and AVAILABLE at the same time - it is either available or it isn't. She finally conceded that point. The kicker is that they have no record of the deposit yesterday. I asked her how it is possible for the bank to NOT have a record of the running tally of my available funds. This seems impossible. I was assigned a case number and will be contacted by someone. She also told me to check with the IRS. I did, and their app shows that the refund was sent to my bank two days ago for direct deposit.
For the record, I transferred money from another account so I won't be overdrawn - it's the principle here. If it was just "pending," that's on me - but AVAILABLE funds are AVAILABLE funds. Did I mention that yet?
I'm royally pissed. You can't make funds available then take them back after they've been spent. If this were just normal bills I paid that were allotted for in my budget, it's an inconvenience. But this is over $5K that wouldn't have been spent otherwise - that's a problem, not an inconvenience.
So I called them today, and the first guy tells me that sometimes the IRS sends a message that the funds are on their way (thus pending), but then the funds don't arrive. He apologizes for the inconvenience and says they will cover any fees I encounter from being overdrawn. I called BS on this because the money was in my AVAILABLE funds. I used my AVAILABLE funds. You can't take them back after I used them! I told him this was not acceptable so he transferred me to a supervisor.
She gave me the same story, then said that's why it was pending. I explained that something can not be both PENDING and AVAILABLE at the same time - it is either available or it isn't. She finally conceded that point. The kicker is that they have no record of the deposit yesterday. I asked her how it is possible for the bank to NOT have a record of the running tally of my available funds. This seems impossible. I was assigned a case number and will be contacted by someone. She also told me to check with the IRS. I did, and their app shows that the refund was sent to my bank two days ago for direct deposit.
For the record, I transferred money from another account so I won't be overdrawn - it's the principle here. If it was just "pending," that's on me - but AVAILABLE funds are AVAILABLE funds. Did I mention that yet?
I'm royally pissed. You can't make funds available then take them back after they've been spent. If this were just normal bills I paid that were allotted for in my budget, it's an inconvenience. But this is over $5K that wouldn't have been spent otherwise - that's a problem, not an inconvenience.
This post was edited on 3/27/18 at 3:56 pm
10
Posted on 3/23/18 at 11:53 am to TigrrrDad
We use Gulf Coast Bank.
My direct deposit always shows up as both pending and available on the day it hits, and the next day, pending term goes away.
Same with most non-check charges - for a day or more, they say pending, but the amount of the charge is reflected in my available balance.
The money WAS available to you. Now it's not. Which is a problem that needs to be dealt with. But their language is correct.
My direct deposit always shows up as both pending and available on the day it hits, and the next day, pending term goes away.
Same with most non-check charges - for a day or more, they say pending, but the amount of the charge is reflected in my available balance.
The money WAS available to you. Now it's not. Which is a problem that needs to be dealt with. But their language is correct.
Posted on 3/23/18 at 11:56 am to TigrrrDad
I sure there is some clause in your banking agreement that you agreed to this behavior
Posted on 3/23/18 at 11:56 am to LSUFanHouston
Right, it works the same way with them. I assume there are varying levels of pending - such as "we received it, but it's currently being process, but it's available to you because it's here." That's very different than "the IRS sent us an email saying it's on the way, so it's pending but not yet available." But it can't be 'pending but available" then just "gone". In that sense, it is either pending or available - not both. Available is either available or it isn't.
This post was edited on 3/23/18 at 11:59 am
Posted on 3/23/18 at 11:58 am to achenator
quote:
I sure there is some clause in your banking agreement that you agreed to this behavior
The scary part there would be that they have no record of it whatsoever, when it was in my available funds yesterday.
Posted on 3/23/18 at 12:02 pm to TigrrrDad
If you have a certain amount in your bank account or a certain percentage compared to your deposit, then that is when it is available immediately.
Since you didn't have much in your account and were trying to get a $5000 deposit then that is one reason why its not available immediately.
If you have say $100k in your account and you make a $5k deposit it becomes available immediately. Even if there is an issue, you have enough in your account for it to be covered.
Since you didn't have much in your account and were trying to get a $5000 deposit then that is one reason why its not available immediately.
If you have say $100k in your account and you make a $5k deposit it becomes available immediately. Even if there is an issue, you have enough in your account for it to be covered.
Posted on 3/23/18 at 12:05 pm to baldona
FWIW, I have a mortgage through Wells Fargo on an investment property that I changed banks and forgot to change my auto withdraw info.
They called me on the 10th of this month to ask me if I could pay my mortgage. That was the first time I got a message saying it wasn't paid yet. I logged in while on the phone with the girl, and paid it. She confirmed that she saw the payment.
I get a call this past Monday asking if I could pay my mortgage. I said wtf I paid it already and a lady with you confirmed it. Lady told me she had no record of my payment or failed payment. So i don't know wtf happened.
They called me on the 10th of this month to ask me if I could pay my mortgage. That was the first time I got a message saying it wasn't paid yet. I logged in while on the phone with the girl, and paid it. She confirmed that she saw the payment.
I get a call this past Monday asking if I could pay my mortgage. I said wtf I paid it already and a lady with you confirmed it. Lady told me she had no record of my payment or failed payment. So i don't know wtf happened.
This post was edited on 3/23/18 at 12:06 pm
Posted on 3/23/18 at 12:23 pm to baldona
quote:
Since you didn't have much in your account and were trying to get a $5000 deposit then that is one reason why its not available immediately.
But that's the thing - it WAS available immediately according to the bank. I had over $6K in that account initially, then after that deposit it said I had over $11K in available funds. I paid around $6,500 in bills, then that other $5K just vanished, leaving me around $500 overdrawn.
If I had spent a pending deposit that wasn't available, that's on me. But my account said I had $11K in available funds. And like I said, what is most disturbing is that they have no record of it at all as a pending deposit OR as available funds.
This post was edited on 3/23/18 at 12:26 pm
Posted on 3/23/18 at 1:21 pm to TigrrrDad
Well that's a different story then. I was expecting like $500 and you got a $5000 deposit.
I agree it doesn't make sense to have no record of it.
I agree it doesn't make sense to have no record of it.
Posted on 3/23/18 at 1:38 pm to TigrrrDad
quote:
He apologizes for the inconvenience and says they will cover any fees I encounter from being overdrawn.
I don't really understand what the problem is then
quote:
But this is over $5K that wouldn't have been spent otherwise - that's a problem, not an inconvenience
Ok, I kind of see your problem now. But if your $5k refund shows up today or tomorrow, it's not that big of a deal. If it is delayed for weeks, you have a right to be mad.
Posted on 3/24/18 at 8:58 am to baldona
quote:
If you have a certain amount in your bank account or a certain percentage compared to your deposit, then that is when it is available immediately.
Not true. At least not with all banks. My company receives direct deposits from a client on a regular basis. As long as the transfer is under $50k the funds are always immediately available. The amount of money in the company bank account has no impact on availability of funds from the wire transfer or direct deposit (same thing).
ETA: The bank has the same rules regarding personal accounts. A deposit under $50k always has funds available the next business day. PNC Bank.
This post was edited on 3/24/18 at 9:00 am
Posted on 3/24/18 at 9:05 am to VABuckeye
Yea this is actually how some of the craigslist scams work I believe. Your bank essentially is showing checks/deposits you deposit as available because they trust you have vetted the third party yourself. I guess you could call it a convenience, but when that check bounces you are SOL in most cases.
Posted on 3/24/18 at 10:20 am to TigrrrDad
Why would you buy Vanguard if you have that small of amount of cash on hand? Maybe I'm not understanding the situation?
Posted on 3/24/18 at 12:45 pm to Marlbud
quote:
Why would you buy Vanguard if you have that small of amount of cash on hand? Maybe I'm not understanding the situation?
This is so far off kilter of the actual problem, and based on preference no less, its laughable.
I don't keep more than a month's worth of cash on me either. Whats the point? Make the money work for me.
Posted on 3/24/18 at 6:46 pm to TigrrrDad
quote:
Capital One
Megabank. There's the problem.
Posted on 3/24/18 at 10:14 pm to TigrrrDad
Seems with all the anti-money laundering and anti-terrorism laws the banking industry have to follow that they would have record of money going in and then out of your account.
Posted on 3/26/18 at 10:14 am to TigrrrDad
I use Barksdale Federal Credit Union. My pending amounts do not show up on my online banking. I have to call to see if anything is pending. So when it hits my acct it is truly available.
Posted on 3/26/18 at 10:24 am to VABuckeye
quote:
Not true. At least not with all banks. My company receives direct deposits from a client on a regular basis. As long as the transfer is under $50k the funds are always immediately available. The amount of money in the company bank account has no impact on availability of funds from the wire transfer or direct deposit (same thing).
Yes, I should have specified the type of deposit. I'm not in banking, but certainly some types of direct deposits and wire transfers are essentially automatic. I was more specifically talking about check deposits and anything else where the deposit has to have the funds verified first.
Posted on 3/26/18 at 7:50 pm to baldona
Agreed which is why a tax refund like the OPs is a curious event.
Posted on 3/27/18 at 12:18 am to TigrrrDad
I was assigned a case number last Thursday and told I would be contacted. Still have not heard back from the bank. That is disturbing. I’ll have to call tomorrow.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News