Tip: Link your checking and savings accounts to a budgeting app like Mint to receive email alerts when your balances are getting low.
Because I didn't have a clue about how deposit cutoff times worked, I added an extra $36 on to the cost of my purchase. When I logged in Tuesday morning, however, I saw that I'd been charged an overdraft fee because the transfer was credited after the purchase had cleared. On Monday, my account balances reflected the transfer even though they hadn't actually been processed yet. There was just one problem - it was a Saturday, and it didn't occur to me that transactions initiated on the weekend wouldn't be processed until the next business day. It was something I'd done before without problems, so I assumed there wouldn't be one this time around. My checking account already reflected a negative balance, but after a punching a few buttons, I was able to schedule a transfer from my savings account to cover it.
I immediately logged in to my account through the mobile banking app to transfer money over to cover the transaction. It was and still is my policy to keep just a few hundred dollars in my checking account and the rest of my money in savings, but that backfired one weekend when I unexpectedly ended up making a big purchase with my debit card. That's something I found out the hard way a few years ago when I was a BB&T customer. You missed the cutoff time I missed my bank's cutoff time, and because it was a Saturday when I initiated the transfer, I didn't see that I was charged with an overdraft until the following Monday. Missing the cutoff time can put you in a tight spot if you're making a transfer to keep your account from going in the red. If you're transferring $100 from your savings to your checking account, your balances should reflect this right away, but when the transfer is completed depends on when you initiated it. When you're moving money from one personal account to another at the same bank, the same rule applies, regarding the processing time. at an ATM, with a teller or through your mobile device. The times may vary based on whether you're depositing cash or a check and what method you use to make the deposit, i.e. If you make a deposit after that day's cutoff time, it won't be processed until the end of the next business day. Timing is everything for internal transfersīanks have specific guidelines in place regarding when deposits to your checking or savings account are processed.
Enter pending transactions into moneyspire how to#
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