Problem was such sleazy tactics as when customer would
deposit money in account and then go shopping. Bank would
make withdrawals FIRST then credit the money to account
often resulting in overdrafts
Also if go to gas station and say “Fill ‘yer up” will place
a hold on your card for $100, even if purchase much less
Result customer would accidently overdraw account thinking
still had money available.
Because of such thieves have the heavy hand of gubmint....
A few points.
I’ve used BofA for 20+ years.
I’ve never seen a $100 hold for a debt card transaction getting gas or anything else ever.
If you deposit a check that check isn’t normally processed until late that night on business days. If the check is for a large amount or is drawn on a distant bank it can take longer. Big shock... If you absolutely have to have the check cash now, take it into the bank and talk to a teller to get it credited immediately or go to the issuing bank and get it cashed.
If you use a debt card it is the same as cash to the bank. It is normally taken out at the time you use it. Why would you expect a float, it isn’t a credit card.
To expect a check to be credited the same day before any charges you make immediately following the deposit is just plain foolish. Basic common sense can’t be forced by government regulation.
My bank (US Bank) places a $1.00 hold.