Banking error?
November 30, 2013 5:35 PM Subscribe
I deposited $200 cash into my checking account today and requested that the teller push the funds through so they would be posted today and I could use them on Monday. This evening, I checked my online banking statement and I had two deposits and an available balance totaling $200 more than expected.
The statement reads like this:
11/30/2013 Inquiry credit post $200
11/30/2013 Checking deposit $200
What is an "inquiry credit post"? Both $200 amounts are listed under "credit" to the account and the available balance includes both amounts. Is this a banking error or something to do with asking for the funds to be available today? Will the bank correct this or do I need to call them on Monday?
The statement reads like this:
11/30/2013 Inquiry credit post $200
11/30/2013 Checking deposit $200
What is an "inquiry credit post"? Both $200 amounts are listed under "credit" to the account and the available balance includes both amounts. Is this a banking error or something to do with asking for the funds to be available today? Will the bank correct this or do I need to call them on Monday?
Call them. They will probably fix it anyways but it's good to check. Do not spend it!
posted by epanalepsis at 6:00 PM on November 30, 2013 [1 favorite]
posted by epanalepsis at 6:00 PM on November 30, 2013 [1 favorite]
Do not spend the money. You are liable for it when they find out. I read an article about a lady who spent the large amount of "mistake money" and then had to pay it back. It's not free money.
posted by eq21 at 6:10 PM on November 30, 2013
posted by eq21 at 6:10 PM on November 30, 2013
I suspect that it will self-correct. The Inquiry Credit Post may be a bookkeeping way of pre-crediting the account so that your $200 is available earlier than the actual deposit normally would be, and will be deducted when the account is reconciled the night the actual deposit clears. Banks have all sorts of weird ways to get around the "unalterable" rules in the computer.
posted by jferg at 6:12 PM on November 30, 2013 [1 favorite]
posted by jferg at 6:12 PM on November 30, 2013 [1 favorite]
And yes, as others have said, do not spend the extra $200. But I'd assume that would be self-obvious.
posted by jferg at 6:13 PM on November 30, 2013 [1 favorite]
posted by jferg at 6:13 PM on November 30, 2013 [1 favorite]
Rule of thumb: Always ask your bank about anything you don't understand. It may be nothing, it may be a glitch, it may be that the system displays information in a weird way, or it may be an error. If it is an error, it will usually (but not always) be found and corrected, but this may take time. You are always better off asking and find out that it's nothing, than assuming it's nothing and not asking, then finding out too late it was an error.
Most banks that are open on weekends and holidays treat transactions as if it were the next business day. That is, the computer "thinks" today is Monday. Your deposit will probably not be posted to your account until after close of business on Monday. This "Inquiry Credit Post" is most likely the teller's only method of making those funds available for ATM withdrawal or debit card authorization during the day on Monday. So, don't expect to see it self-correct until Tuesday. Call your bank Monday to find out for sure what's happening with your deposit.
You should double-check your account on Tuesday, as well, just in case it actually was an error. Sometimes, when an error is manually corrected, a further error occurs that just compounds the problem, and no-one follows up to make sure the original error was corrected properly. Rare, but it happens. If there was no error at all, everything should look normal on Tuesday.
Finally, you are wise to keep a close eye on your account. I wish more of my depositors did.
Bottom line: you're okay to spend your $200 on Monday, but not the "extra" $200. You should call your bank on Monday, just to be sure exactly what's going on. Check your account again on Tuesday.
posted by ogooglebar at 6:31 PM on November 30, 2013
Most banks that are open on weekends and holidays treat transactions as if it were the next business day. That is, the computer "thinks" today is Monday. Your deposit will probably not be posted to your account until after close of business on Monday. This "Inquiry Credit Post" is most likely the teller's only method of making those funds available for ATM withdrawal or debit card authorization during the day on Monday. So, don't expect to see it self-correct until Tuesday. Call your bank Monday to find out for sure what's happening with your deposit.
You should double-check your account on Tuesday, as well, just in case it actually was an error. Sometimes, when an error is manually corrected, a further error occurs that just compounds the problem, and no-one follows up to make sure the original error was corrected properly. Rare, but it happens. If there was no error at all, everything should look normal on Tuesday.
Finally, you are wise to keep a close eye on your account. I wish more of my depositors did.
Bottom line: you're okay to spend your $200 on Monday, but not the "extra" $200. You should call your bank on Monday, just to be sure exactly what's going on. Check your account again on Tuesday.
posted by ogooglebar at 6:31 PM on November 30, 2013
There should be a secure messaging option within your online banking platform. I would inquire about this in writing within secure messaging so it doesn't go to a call center.
posted by headnsouth at 6:45 PM on November 30, 2013
posted by headnsouth at 6:45 PM on November 30, 2013
This has happened to me, and as others have said the bank will figure it out soon enough and correct it. I was excited for about a day that I might have a few extra hundred dollars to spend but no, that wasn't the case.
posted by alms at 7:56 PM on November 30, 2013
posted by alms at 7:56 PM on November 30, 2013
Agreeing with everyone else not to spend it, but also couldn't help popping in to link to this. ;)
posted by juliebug at 8:13 PM on November 30, 2013 [5 favorites]
posted by juliebug at 8:13 PM on November 30, 2013 [5 favorites]
I wouldn't waste my time calling the bank about it, personally. It will almost certainly be fixed on Monday or Tuesday when they actually post the check and settle everything.
Sadly, banks are pretty good about not giving away free money.
posted by Kadin2048 at 8:15 PM on November 30, 2013 [2 favorites]
Sadly, banks are pretty good about not giving away free money.
posted by Kadin2048 at 8:15 PM on November 30, 2013 [2 favorites]
This thread is closed to new comments.
posted by Lyn Never at 5:58 PM on November 30, 2013 [4 favorites]