Does Account Memo Post Mean That The Money Is Avalible To Use

Thread Options #725757 - 05/02/07 07:35 PM Memo posting and funds availability We've installed a new teller system and were going to move to memo posting of greenbacks and on-us checks. Now the choice is moving to memo posting everything. Won't that require us to state our funds availability policy as "aforementioned mean solar day"? Return to Top #725865 - 05/02/07 10:28 PM Re: Memo posting and funds availability In the middle of it Gold Star Joined: Mar 2005 Posts: 355 WY - still a CO girl, though Memo posting items doesn't change your availability. It simply shows that there has been items coming through (whether they are credits or debits). Atleast with the few different systems that I have worked with... Last edited by smcfarland; 05/02/07 10:28 PM. _________________________ ...it's all opinion, until proven otherwise... Return to Top #725870 - 05/02/07 11:15 PM Re: Memo posting and funds availability cologirl@heart Gold Star Joined: Oct 2000 Posts: 276 Cardinal U.s.a. That's reassuring...though I had been led to believe this would change the available funds totals and allow the amounts to be withdrawn right abroad (?). Return to Top #726037 - 05/03/07 02:48 PM Re: Memo posting and funds availability In the middle of it Platinum Poster Joined: Feb 2007 Posts: 597 Central Texas We also memo mail service, it works wonderfully and equally smcfarland said it merely shows the actual amount coming through. _________________________ In my pill box counting my stash! Return to Peak #726068 - 05/03/07 03:11 PM Re: Memo posting and funds availability Happy Drugs 10K Club Joined: Jul 2004 Posts: eighteen,957 That's what happens here besides. A Memopost is non offically posted to the account - it is just showing what is coming in/going out at the close of business...so if I accept a memoposted debit considering I paid my credit card online and the debit is showing my account overdrawn, if I come in and deposit money that day to embrace the OD, the account is never shown as overdrawn, i.eastward. the statement does non reflect a negative residue or an NSF accuse because I won't prove upwards on the NSF written report. _________________________ With the lights out, it'southward less unsafe. Return to Top #727125 - 05/04/07 07:09 PM Re: Memo posting and funds availability A_G Gold Star Joined: Oct 2000 Posts: 276 Cardinal Usa Thanks all. Endeavor this out.... I'g thinking just in terms of the teller deposits and the definition of funds availability under Reg CC. The deposits would be memo posted and increase the bachelor funds totals. That is the total used past ATMs and such. Of grade over the counter withdrawals and bank check cashing is a little trickier when human judgment comes into play. But basically the funds are noted as available and could be used for withdrawals and checks. With the use of a courtesy overdraft program the bachelor balance would be evaluated along with the ledger residual in those decisions. If we had ready our organization to merely memo post greenbacks and on-us checks, those items would exist noted in our funds availability disclosure every bit same solar day items. I've seen that in the disclosures of some banks. And so if we flip the switch for memo posting everything, and and so making those eolith amounts available for withdrawal, it would seem to bear upon our policy and disclosure. It's unusual, simply I have located one other bank disclosing in these terms. Return to Top #733396 - 05/16/07 05:44 PM Re: Memo posting and funds availability In the heart of information technology Power Affiche Joined: Sep 2001 Posts: vi,029 Sugariness Domicile AL The Reg CC disclosure should disclose your funds availability. If I deposit a bank check and go immediate availability to the funds, you take an immediate non-cash item availability policy. The disclosure should reflect the practices and depending on the system, this can sometimes exist tricky to figure out. Get with the person that best understands your core system and teller system parameters. The policy at most of our banks is immediate availability of cash and adjacent-day availability of non-greenbacks items (a not-cash eolith volition memo-post to the current rest in an account, but not to the available balance). _________________________ Life without Jesus is like an unsharpened pencil - information technology has no point. Return to Superlative #752551 - 06/13/07 07:20 PM Re: Memo posting and funds availability BrendaC Platinum Poster Joined: Jun 2001 Posts: 644 In cases where deposited non-cash items don't immediately add together into the available balance, is there a problem if a Reg CC agree is placed that immediately deducts from the available balance? For example, the customer has a $500 available balance and makes a $700 check deposit. If a hold is placed on $600 and deducts from the bachelor balance, the available balance would exist negative $100 until that night's processing. Return to Top #753112 - 06/14/07 03:26 PM Re: Memo posting and funds availability Summer101 Power Poster Joined: May 2002 Posts: 3,606 Nearly the Country of Enchantment That sounds like a problem to me. It would be finer holding the entire eolith, plus some other $600. _________________________ Opinions my own. Render to Meridian #761668 - 06/26/07 08:53 PM Re: Memo posting and funds availability Lestie G New Poster Joined: Oct 2006 Posts: 19 Florida In a prior life, I could memo mail items in my computer without making a teller transaction. It afflicted the available balance and the funds shown on the ATM screen. All this happened instantly. If I memo posted something, it was available immediately. When the proof ran, the memos dropped off and but the actual tickets mattered. Only for that afternoon until midnight, I could change the availability of funds for a customer. Return to Top

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