Got hit with a $35 returned check fee because my bank's mobile deposit took 4 days to clear

3 comments

3 Comments

Man, that's rough. @wells.reese hit the nail on the head though - banks are definitely not fast on purpose with mobile deposits. A buddy of mine once tried to pay rent with a check from his grandma's account and it took forever to clear. He ended up with a $50 returned check fee from the landlord plus another late fee tacked on. The landlord almost evicted him over it too. Now he just waits a full week before spending any money from a check, no matter what his bank's website says about availability. It's a hassle but the alternative is way worse.

wyatt_garcia13d ago

Read a thing from the Consumer Financial Protection Bureau about this... banks can hold funds longer if they smell risk.

wells.reese27d ago

12 days is pretty standard with my credit union too. I used to think banks were just being slow on purpose to nickel and dime us, but then my own check bounced on a utility payment because I spent the money before it cleared. That $35 fee plus the late fee from the utility company was a hard lesson. Now I set aside whatever the deposit amount is in my checking until it actually posts. It's a pain, but it beats the alternative of getting hit with two fees for one transaction.