Compass Bank ripoff held my direct deposit and added nsf Decatur Alabama

Most banks have a "credits before debits" policy. This means that in a business day, no matter the order in which they occurred, any credit (deposit) will post before any debits that took place during that business day

Say your direct deposit is received before the bank opens on Tuesday. You use a debit card on Tuesday afternoon. They will pay the debit before posting the deposit. The deposit posts last, regardless of when the check is presented to Compass Bank for payment.

And Mark is a little misleading on his explanation. If I am told that a direct deposit is made on Monday, and I write a check that is written on Monday, and that person deposits the check at another bank, he doesn't automatically get the cash. He may not get the cash available for days later if a hold was placed on the deposit. It depends on the funds availability policy of the bank. But if both the direct deposit and the check post on Tuesday, one day later, the check will clear first. The float doesn't disappear.

This is how compass operates:

If your write a check to someone on a date prior to the money being available in your account there is a chance that person will take that check to their bank and cash it. That same date they take it to their bank is the date compass bases its processing order off of. If you have a DIRECT DEPOSIT come in on a friday, and a check you wrote presents itself the same day its going to debit your account first before the credit is processed. The reason for this is: You wrote the check, the recipient party cashed it on that thursday. That is the date will will process the check off of. That party RECIEVED THEIR MONEY on that thursday, one day AHEAD of your money being presented into your account. Once this occurs, we try to post the check as close to the date as possible that it was cashed. Thus, as an example:

Monday: you write a check to joe thinking the money will be available on friday and hopeing joe does not deposit it before then.

thursday: joe takes it to his bank and deposits it.

friday: your direct deposit comes in but oh no, your check is presenting also. you think everything is ok, but unfortunately since joe claimed his cash on thursday, one day AHEAD of your money being available, we will process at the end of the day the check coming out first and presenting against the ending balance of thursday. This can cause fees if the money is not there beforehand. Meaning? Dont write checks if you dont have the money in your account at the exact time you hand over that check. Remember: It is illegal to write bad checks. Dont be upset because you recieved NSF fees based off og guaranteeing money to someone when you gave them the check. Its you're own doing and most other banks operate this way. Keep an accurate register and keep accuracy of your funds. You can avoid any problems by doing this.