Go Premium for a chance to win a PS4. Enter to Win

x
?
Solved

Business bank deposits

Posted on 2016-09-28
4
Medium Priority
?
69 Views
Last Modified: 2016-09-29
Do banks initially give businesses that manually deposits large volumes of checks credit for the deposit amount(s) claimed on the deposit ticket(s) or do they count (manually or through a check scanner) the items first and then give credit based upon the count.

In other words, let's say a bag full of many checks is deposited with a deposit total of $1 million claimed on the bag and deposit slips but the bag only contains $999K.  Do the banks first credit the account for $1 million and then adjust it for the $1 thousand shortage?  Or do they wait until the $999K is counted and then give credit for that amount with no adjustment recorded and no reference made to the amount claimed by the customer?

Thank you.
0
Comment
Question by:dbfromnewjersey
  • 2
4 Comments
 
LVL 14

Accepted Solution

by:
Michael Dyer earned 1200 total points
ID: 41820500
Different banks have different policies.  Some give no credit until the deposit has been processed, typically one business day later.  My bank gives me a partial credit for the deposit initially if I make a deposit at the ATM and then deposits the full amount after the deposit has been processed.
0
 
LVL 26

Assisted Solution

by:pony10us
pony10us earned 800 total points
ID: 41820523
@Michael - very well put.

I work for a bank and what your bank does is pretty much standard.  This information should be in the disclosure that the bank provides the customer.
0
 
LVL 26

Expert Comment

by:pony10us
ID: 41820554
Additional information:  The disclosure I was referring to is the Funds Availability disclosure.  It is advisable to discuss with the bank as there are some variances however most banks (in the US) have to adhere to the Federal Guidelines at a minimum.  

As with anything there are a lot of things that impact this.  Such as the total amount of deposit per day, checks drawn against the same bank, etc.

Again, one would really need to ready the funds availability disclosure provided by, and discuss with one's own bank.
0
 

Author Comment

by:dbfromnewjersey
ID: 41821951
Thanks.
0

Featured Post

Free Tool: ZipGrep

ZipGrep is a utility that can list and search zip (.war, .ear, .jar, etc) archives for text patterns, without the need to extract the archive's contents.

One of a set of tools we're offering as a way to say thank you for being a part of the community.

Question has a verified solution.

If you are experiencing a similar issue, please ask a related question

CSS is a visual language used to classify objects and define rules about how they should be displayed. CSS skills aren’t restricted to developers anymore, there is a big benefit to having a basic understanding of the language, regardless of your occ…
One of the biggest challenges facing freelancers is balancing multiple projects and deadlines. Organizational skills and time management are key to keeping up with projects and staying on track. Luckily, we’ve curated seven tools to help you focus o…
Notifications on Experts Exchange help you keep track of your activity and updates in one place. Watch this video to learn how to use them on the site to quickly access the content that matters to you.
Where to go on the main page to find the job listings. How to apply to a job that you are interested in from the list that is featured on our Careers page.
Suggested Courses

972 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question