That’s pretty much the answer I got when I went into my local Wells Fargo branch to follow up on a deposit my son had made earlier in the afternoon. Sure Starbucks only got $3.95 for their foo foo coffee but the bank got $35.00 because the coffee purchase caused you to go negative. ATM deposits will usually credit you the next day unless the item you are depositing is placed on hold by the bank. This will act like a credit card or a small personal loan and will advance money from the line of credit to cover your purchases and you pay it back like a credit card or loan.
Most major banks will allow you to connect their credit card..meaning a credit card issued by them and not another bank. Bank of America, Chase, BBVA Compass, Union Bank, Wells Fargo, PNC Bank, these all have credit cards that you can attach to your checking account as a form of overdraft protection. You can take the other persons check and take it to the bank and deposit it in the joint account and then take the money out.
So, if you let the account stay negative, the bank will close the account and send the amount owed to a collections. There are some banks that will still let you after a year or two IF the money was paid back to the other bank and your account would be restricted until you can prove you can keep your account from going negative. As a reminder, all bank account products, such as checking, savings, CD’s and money markets are FDIC insured up to $250,000.00 per depositor. I responded by telling him the Chevron Credit Union said the check was no good.
Well the primary bank did not pay anything but did charge me 4 nsf fees for the transactions attempting to go through. Unbelievably, another man, a Mr. Jimmy Prince, responded by telling me the check was good and to go cash it. I informed him he needed to contact his credit union and find out why they will not honor his checks I have not heard back from either man. I would encourage you to call the credit union and verify whether or not it’s a valid check. I googled chevron federal credit union and saw this story, the check is exactly the same done to the check and routing number.
And Rochelle, I asked the credit union if they wanted to see a copy of the check and she said no. She said they were aware of the scam and repeated that their legal dept is looking into it. The check looks so real, I wouldn’t be surprised if some people fall for it. Even the bank couldn’t tell if it was genuine or not! NCUA placed Helping Other People Excel Federal Credit Union into conservatorship on Oct.