Any Bank of America Biz users? Could use some help.

chatmasta said:
You don't have an ATM card or can't write checks for your business account? Or you don't have a personal account? How can you have NO accessible money? Wtf?
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Apparently quite few people can't read on here.

1) I 'DO' have an ATM card, that can also be charged as a credit card (But only to the amount that I have in my bank account).
2) I 'DO' have money, just nothing more than 20 cents currently in my bank account that has the card attached to it.

The Problem was this, I had a couple hundred already in paypal... I do NOT yet have the paypal Debit card to charge those funds immediately off my balance. So I had to start a transfer to my bank account from paypal, which is currently PENDING, and will not likely clear until tuesday.

So very simply put, I have money, some in paypal, some in transit to my bank, I just don't at this current moment have a way to spend it in the local vicinity.

In any case the issue at hand has been resolved since I found a hidden stash of diapers, and as such the need for something like 20$ over the weekend is no longer an issue. I can just sit tight til the money shows up in my bank account.

So if you actually read... you'd know that.
 


InternetAuthor said:
Head to Wal-mart, buy what you need and write a check. It generally takes 2-3 days to process the check and that's more than enough time to get the rest of the money out of whereever into whatever.
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I'm already going to be waiting 3-4 days for the funds from paypal to get transfered to my bank. If I could actually write a check, that would mean I already have money in my bank account, and if that's the case, I would have just used my debit card and wouldn't be asking someone to transfer me money in exchange for the same in their paypal account. "Ya Know?"

Bank = 0.23
Paypal = ~ 200$
In-Transit from Paypal to Bank (won't complete til tuesday) = ~ 400ish
Can charge, check, withdrawl, etc just fine with bank... but no funds to do so with yet
Can only transfer via 'paypal-to-bank' with paypal, takes 3-4 days.

Understand now?

The issue with persona/business is that, while Bank of America does allow two BOA account holders to instantly transfer funds to each other, they only allow the transfer to happen between two of the same types of accounts (personal to personal, business to business). Clients that I have been working with who have BOA accounts only have a personal account as such couldn't do an immediate transfer of funds to my account.
 
kblessinggr said:
I'm already going to be waiting 3-4 days for the funds from paypal to get transfered to my bank. If I could actually write a check, that would mean I already have money in my bank account, and if that's the case, I would have just used my debit card and wouldn't be asking someone to transfer me money in exchange for the same in their paypal account. "Ya Know?"
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I believe she was implying that you "float" the check.
 
Sure you can still do it - especially on a weekend when new transactions don't usually post anyhow. Just like using your debit card as a credit card doesn't immediately withdraw funds, using a check or EFT can take time to completely clear your bank. I write plenty of checks when my husband "borrows" my debit card and forgets to put it back. EFT or not, it takes about 3 days for the check to hit the bank after I write it. Note: There are funds available when I write the checks before anyone gets any big ideas. :)

But regardless, I'm glad the diapers showed up and it's no longer an issue.
 
InternetAuthor said:
Sure you can still do it - especially on a weekend when new transactions don't usually post anyhow. Just like using your debit card as a credit card doesn't immediately withdraw funds, using a check or EFT can take time to completely clear your bank. I write plenty of checks when my husband "borrows" my debit card and forgets to put it back. EFT or not, it takes about 3 days for the check to hit the bank after I write it. Note: There are funds available when I write the checks before anyone gets any big ideas. :)

But regardless, I'm glad the diapers showed up and it's no longer an issue.
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This might be your experience, but certainly is not the rule. Also, we're all aware that if you charge $x.xx with your debit card (even when using as a credit card) your financial institution can put a hold on those funds PLUS some additional until the transaction clears - thus putting you in negativeland if you are cutting things close.

For example: charge $15.47, bank holds $20
charge $11.32, bank holds $20
charge $4.98, bank holds $10

Now if you have a check coming in for a few dollars and it arrives while those funds are being held and you don't have enough to cover the check (even though you had enough to cover the charges and check) you get slapped w/ an NSF fee.

I've had one bounced check in my life - was my own stupid accounting mishap and it happened 8 years ago. Paid the fee, moved on - but I think the above is b.s.

And does anyone use their PIN when swiping their card? Why?! Doesn't that charge you a fee? I always select credit.

Finally, we're all aware that ATM/Debit cards even w/ the VISA/MC logo don't come with the same protections that a real credit card come with right?!

Sorry for the thread hijack Karl.
 
It's interesting how different banks are. When I use the debit as credit, my bank preauthorizes the exact amount and it takes 1-2 days to clear. Using the pin does not charge a fee and it deducts the funds immediately. I've never had a fee for using my pin since that is what the card is designed for.

You can get stung pretty badly with the check game, but if you need diapers, it might look more appealing, especially if you know how your bank works check-wise.

But hijacking is over. Crisis averted. :)
 
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