check card bank overdraft charge

[Bill-zilonhost]

What is the name of your state? Missouri

I made a point of sale purchase with a debit card. I used my PIN number and the purchase was approved. The bank did not process the payment until the next day. I had a check come in the same day and had insuffeciant funds. The bank charged me an overdraft charge for the check and the debit charge from the previous day. I thought debit purchases were instantanious. Where can I get more information on check card terms?

[I AM ALWAYS LIABLE]

Originally Posted by Bill-zilonhost

What is the name of your state? Missouri

Where can I get more information on check card terms?

My response:

From the bank that issued your card!

Duhhhhh!

IAAL

[Veronica1228]

Originally Posted by Bill-zilonhost

What is the name of your state? Missouri

I made a point of sale purchase with a debit card. I used my PIN number and the purchase was approved. The bank did not process the payment until the next day. I had a check come in the same day and had insuffeciant funds. The bank charged me an overdraft charge for the check and the debit charge from the previous day. I thought debit purchases were instantanious. Where can I get more information on check card terms?

IAAL is correct, you would get this from your bank, but what does it matter? It is possible that your bank has a cutoff time for these POS transactions, and you were past that time. Either way, it is still your responsibility to know the balance of your account. Your bank processes transactions as they come in and has no knowledge of outstanding checks. This is why it falls upon you to keep accurate records by writing everything in your check register and balancing your checkbook regularly.

No matter what check card terms info you find, it is still your fault for the overdraft.

[efflandt]

You overdrew your account one day, funds were deposited the next day, and you act surprised that there was an overdraft?

One thing to note if you view your account online is that there may be some lag until that is updated. So the debit may have been accepted the day it was made, but did not show up in your account detail until the following day.

If you are lucky, in addition to detail transaction balance, there may be a more up to date "available balance" for charges/deposits received, but not detailed yet. Available balance may also include reserve (like when checking into hotel/motel) which may be adjusted when the actual charges come in. If you get direct deposit, wait until it least shows up in your available balance before spending any of it.

[Veronica1228]

Originally Posted by efflandt

You overdrew your account one day, funds were deposited the next day, and you act surprised that there was an overdraft?

One thing to note if you view your account online is that there may be some lag until that is updated. So the debit may have been accepted the day it was made, but did not show up in your account detail until the following day.

If you are lucky, in addition to detail transaction balance, there may be a more up to date "available balance" for charges/deposits received, but not detailed yet. Available balance may also include reserve (like when checking into hotel/motel) which may be adjusted when the actual charges come in. If you get direct deposit, wait until it least shows up in your available balance before spending any of it.

Where do you get that a deposit was made the next day? The OP didn't mention anything about a deposit to his account, so your response makes no sense.