Never On Sunday? - Not Any Longer!

Kaight | Feb 12, 2023 | 1,192 posts since 2011

With all due respect to Melina Mercouri, this is not about her famous movie.

Instead, this is about banking. Today is Sunday; it's Super Bowl Sunday to boot. That's almost like a double Sunday. But no matter:

I just logged into my savings account and was surprised to see a multi-thousand dollar ACH withdrawal dated today. I had initiated that withdrawal last Friday at Ally. Their promise was that the funds would be debited tomorrow, the thirteenth of February.

Now you're thinking "that's what you get, Kaight, for dealing with those big NYC money center banks. Serves you right! You should know they operate 24/7/365 and will debit your money as quickly as they're able.". Well, that's wrong.

This Super Bowl Sunday debit occurred at a small, hole-in-the-wall, understaffed credit union. Of all places. I was quite surprised and I'm pretty certain this is the first time such a thing has happened there. Fortunately for me the funds were in the account to cover the withdrawal. For a number of years now I have forsaken the once ubiquitous float which, years ago, was routine in banking.

Something like this happening at Citi or Chase, or even at one of the larger regional banks, would not have surprised me and would not have elicited such a post as this. Not today. But at a small credit union? Over the weekend? Yes, that did catch my attention.

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Ally6770 | Feb 12, 2023 | 4,310 posts since 2010

Using float is illegal. You can't write a check or authorize a transfer on a deposit that is not made yet or collected unless your institution specifically approves it. Some now let people write checks on their direct deposit paychecks 2 days before payday.
People working in banks have been fired for doing that in the past. Even the check for my property tax was subtracted from my account the same day I dropped the check off. It was deposited in an institution not even in our state. People used to make a game of this between 2-3 or more banks until they were prosecuted.

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me1004 | Feb 12, 2023 | 1,381 posts since 2010

I didn't think the ACH operated over the weekend. I'm very surprised to hear anything was delivered over the weekend. I know they now have same-day ACH, but I did not think they changed about weekends.

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Ally6770 | Feb 12, 2023 | 4,310 posts since 2010

ACH's are not done over the weekend. Perhaps it was done Friday when the request was made, or maybe the receiving institution uses another system. When I ACH my credit card payment it is subtracted immediately from my balance owed before they debit my account to pay it in full, but not sure it is debited from my account immediately. I will have to check it out. I do know when I transfer to a different checking account within the same institution that I use for large CD debits or direct deposits from the IRS or gifting, I usually keep that account with a $10 balance or less and that money it is available immediately.

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me1004 | Feb 13, 2023 | 1,381 posts since 2010

Oh, in rereading Kaight's post, I see the withdrawal was from the initiating bank, Ally, not the receiving bank. That's a diffent matter.

Frankly, I'm surprised it was not debited same day it was initiated and should have been sent into the ACH. I have not had any delay on such a withdawal. It seems Ally was generous. Still, Ally should have told the proper information, if they are going to debit it on Sunday, tell the customer Sunday, not Monday. But that is simply the common problem of dealing with CSRs anywhere, they far too often give out the wrong info.

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Kaight | Feb 12, 2023 | 1,192 posts since 2011

Just for the record, I have never in my life kited a check. Period. However, the following happened just within the last couple of weeks:

I appeared in person at a local CU, not the one mentioned in the OP, to open a CD there. I told the rep straight up that the Ally Bank check I handed her was bad until I could reach home and move funds. The rep opening the CD for me stopped, explaining she would have to receive approval from the manager. The approval was obtained. Whereupon:

Reaching home not too long thereafter I went straightaway to my computer, closed an Ally NPCD, and moved that money into my Ally online savings account. The latter is configured to backstop checking. Then I began watching.

Nothing happened that same day. After midnight I moved funds for the CD from online savings into checking. It was not until quite late in the day, that second day, that money for the CD was finally debited from my Ally checking. So the money went into checking early and was debited from checking much later on the same day. And the check was good within an hour or two of my presenting it to the credit union, as I had promised. Meanwhile I earned an extra day's interest on those same funds in Ally online savings, along with earning CD interest at the CU. Double interest. And when it comes to double interest, I'm a fan.

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111 | Feb 12, 2023 | 672 posts since 2019

Coincidentally, I called a small-to-midsize CU today mainly to hear their recording list call-center hours for tomorrow so I could call them and have a CD started - and amazingly, a person answered who could actually start the CD! On Super Bowl Sunday, no less. Heretofore I thought only Navy CU did that.

Personally, I blame these eerie happenings on all the “Chinese weather balloons” (yeah right, that's what they are) we've been experiencing lately. They're clearly messing with the fabric of space-time - and even worse, banking practices!

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Ally6770 | Feb 13, 2023 | 4,310 posts since 2010

Yes there are some do that do the CD's on line at the call center. That is amazing that they are now all bonded who work there to be able to do that or some of them that do it are bonded and insured. It is very convenient when they can open the CD on line and you can sign it by docusign in a new institution.

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