A request for banks, particularly Wachovia
February 27th, 2008 by Sam
On Monday, I deposited a check from a buyer of one of my eBay auctions. The check posted to my Wachovia account yesterday. Knowing of eBay scams where a check is deposited, the item is sent and then the check bounces, I called the issuing bank to ensure funds were available before depositing it. I just got off the phone with Wachovia to learn of when the funds should be collected by them - 4 to 5 days. That’s fine, though in the age of electronic money, I’m a bit surprised. However, the one thing I found out Wachovia could not do is confirm the money has been collected. All they can tell me about (and act on immediately) is the failure of the collection. That seems like something that could easily be tracked. I would like to be able to call (or better yet, find out online) when a deposited check’s funds are collected and the money is finally mine.