If a deposit of 00 is being processed but hasn't yet been cleared, then can I immediately use that money to pay with my debit card?
For the record, I use Bank of America. I have a 00 deposit (from the account of my parents) that's being processed, but that's still waiting to be cleared. The available balance adds it in though. Should I still wait until it's fully cleared to avoid overdraft fees if I want to pay for a roughly 00 roundtrip air ticket now? (I had less than 00 in the bank before today.)
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Yes, wait.
While the bank promises to process the deposit quickly, there is still a window of a number of days. Many people have found themselves with high overdraft fees when the withdraws came before the deposits.
best case: it all works out
worse case: high fees
worst case: the overdraft causes a ripple effect across accounts, or the airline transaction is voided.
I called Bank of America today about the same problem on my account. The service representative said that part of money is available to me and I can use the money.
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