I have used another phone that is attached to my accounts, several times over the last 5 years, to make mobile deposits on the rare occasion that I actually have a paper check that I need to deposit. For the first time, I used my phone to make the mobile deposit, and they put my money on hold for a week, while payments were already scheduled to come out. Now they are charging me an overdraft fee for the $12.00 that my account went "negative". I use the word "negative" sparingly, because the check that I deposited over there mobile app, was from another one of my bank accounts which I needed to transfer money from, and because I was not aware of any hidden holds or fees I used there mobile depoist app blindly, paid my bills, and now they are imposing overdraft fees for money that has already cleared my other account 4 days ago. I asked if they would release the 12 dollars to avoid an overdraft fee and 3 different representatives refused to do anything to help me or the situation. After I pay this ridiculous overdraft fee I will be cancelling ALL of my accounts and coverage with them. If these banks werent banks, but instead were individuals, and they kept somebodies 200 dollars, that would be called theft.
Sincerely ANOTHER Valued Customer,
It is disheartening to hear of this experience. I hope there is something we can do to make you stay, your membership is very valuable to us.
If you could please send us an email to email@example.com, along with the details you have provided above and your member number. A banking specialist will be reaching out to you.
Thank you for taking the time to post in the community.
You need to read and understand the Depository Agreement and Disclosures (DAD) that you receive when you open a bank account. This contains the agreement between you and the bank on how to conduct your business. Many Banks have a hold policy on deposits because of the time it takes to receive the funds and the risk of bad/fraudulent checks. In some cases the bank may front you the funds based on the various factors as listed in the DAD (again why you need to read and understand it). It is at their discretion to do this. Remember they are providing you with a free service with various risks that they need to mitigate. Keep in mind that a bad check will take longer to determine and if they front the funds or the hold time expires and the check is returned, you are still responsible for that money.
“I used my phone to make the mobile deposit, and they put my money on hold for a week, while payments were already scheduled to come out.”
Here is what caused your issue. What you are saying here is you authorized withdrawals from your account before ensuring you had sufficient funds available. What you should have done was deposited the check first, ensured the funds were made available, and then authorized your withdrawals. Unfortunately, this was a costly lesson for you to learn.
Recommend trying opening your other account before closing USAAs, your account history is normally reported and based on that report the other bank may not allow you an account.