| Title: | DCU |
| Notice: | 1996 BoD Election results in 1004 |
| Moderator: | CPEEDY::BRADLEY |
| Created: | Sat Feb 07 1987 |
| Last Modified: | Fri Jun 06 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1041 |
| Total number of notes: | 18759 |
I used my new check card the other day (Thursday 11/10), and from what
I understood, the funds would be withdrawn immediately from my account.
There was some discussion in this notesfile about like the days float
for a written check. Well, the funds for the two check card
transactions took 5 business days to clear from my account, and the
only way I knew they had cleared was to keep checking the balance. I
used an account that I never write checks from, so the balance doesn't
change regularly. If I had written a check, it would have cleared 2-3
days, and the check card took longer to clear. Also, there is not way
of determining through the automated system whether they were cleared.
I get the message "check has not cleared" indicated there were no
checks processed.
Anyone else used this new card yet and watched the timetable to have
the funds cleared?
Jane
| T.R | Title | User | Personal Name | Date | Lines |
|---|---|---|---|---|---|
| 904.1 | Works fine for me | POWDML::KGREENE | Fri Nov 18 1994 11:47 | 10 | |
I used my check card as a credit card recently, once on the 10th, and
once on the 12th. Both transactions were posted to my checking account
on the 14th.
BTW, in speaking with DFCU Customer Service, apparently they are
working on trying to assign a transaction code to check/debit card
entries so that they are visible through EasyTouch.
kjg
| |||||
| 904.2 | floating is ok but what is this freezing thing | SLOHAN::FIELDS | Ain't gonna worry my life anymore | Tue Nov 22 1994 08:50 | 6 |
I understand this float concept but what is the freezing of funds all
about (or should I ask, is the amount charged lock until they take the
money @3days later).
Thanks
Chris
| |||||
| 904.3 | QUARK::LIONEL | Free advice is worth every cent | Tue Nov 22 1994 13:21 | 12 | |
It's probably just like the hold placed when you use a credit card. When the merchant swipes your card through the reader and punches in the amount, the charge isn't posted to your account right away. Rather, that amount is reserved against your credit limit, reducing the amount you can charge. The hold remains until the charge gets posted or two weeks elapses, whichever comes first. So I'd think with a debit card that the bank reserves the purchase amount from your available funds, but doesn't actually debit it until the transaction is posted. Steve | |||||