Banking question....

[zipideedooda]

What is the name of your state? OH

When your bank card is used for purchases (either as a debit card or a CC) who determines when the transaction is posted to your account? Are there state or federal laws regulating how bank card transactions are handled or is it up to each bank to make their own policies?
If requested is the bank obligated to show the account holder(s) their records regarding when transactions (date and time)were posted? Also when any deposits were credited?

 

[ecmst12]

The date that charges were posted should be on your statement. The date should reflect the day the charge was put through, not necessarily the day you made the purchase. Same with deposits.

 

[zipideedooda]

Thank you for responding ecmst12. I will give an example of what I am asking. I use my bank card as a CC for 3 transactions, all on the same date. I transfer money for my savings account the same day (should be credited same day as transfer was made by 3pm) to cover these transactions. Only the bank knows what was posted when. The bank claims that the 3 transactions were posted prior to my transfer and charges me $36 for each transaction. The customer doesn't really know what was posted first. Your statement doesn't give time, only date.
What is to stop the bank from delaying posting your deposit just long enough so that the customer can be charged for not having the funds to cover the transactions? If requested must the bank provide exact transaction dates and times to the customer?

 

[Debt Guy]

It is possible that those 3 purchase transactions were transmitted electronically to your bank. They might have been posted real-time or could have been posted in batch based on the "time-stamp". In either scenario, the purchases could have been legitimately posted before the deposit.

I have heard of banks who post checks first and then post deposits with the intent of increasing overdraft fee income. But, I have never actually seen one.

I don't know of any banking rule that requires the bank to provide the specific information you seek.

I have several recommendations.

First, change banks. If you don't like the way the bank handles things, vote with your feet.

Second, stop playing games with timing on when things clear. The banks are clearing payments faster and faster -- real time is not unheard of.

Third, stop using the damn credit card. Period. You will be amazed at how many places will take cash -- you will save money in more ways than one.

 

[zipideedooda]

Thanks for taking the time to respond DebtGuy. Most of your comments were very helpful. You made some assumptions without knowing the facts.

1. This is a hypothetical scenario.

2. I was referring to a bank check card which can be used as a Visa or a debit card....either way the money comes directly from you bank account. There is no balance, interest etc.

 

[Debt Guy]

Ahh ... one of those hypothetical things. You should have said so.

Also, you shed more light with the "debit card" information.

More and more it is common that debit card transactions are processed real-time electonically.

Just keep that in mind. There is no float (or durn little) as there would be with a paper check. Even paper is starting to clear electronically.