Your Questions About Business Online Banking
George asks…
What’s the difference between a posted and authorized balance in a checking / savings account?
My Wachovia online banking site shows both balances, but I’m confused as to which is the available balance. Which one shows the amount of money I can use without incurring an overdraft penalty?
Jere answers:
The posted balance is what has been posted to your account…(while the bank was closed for instance, you spend $X) and it hasn’t been deducted yet…usually it will the next business day.
Go according the authorized balance. That is how much you have in your account that you can spend. Just be careful if you use a bank card as credit…it may take a few days before those transactions are posted and it risks you overdrafting if you don’t count them.
Sharon asks…
How long does it take for a check deposit to clear at Bank Of America?
I went in the bank and did this today at like 2:08. It’s only $303. Should it show up in my online banking by 6 pm tonight?
Jere answers:
Is the check drawn on a local bank? If so, three business days. Banks usually clear the first $100 in 24 hours.
Checks drawn on foreign banks can take up to 10 business days.
Carol asks…
How can I find an attorney that will take on a large company?
I’ve been dealing with a large online bank with horrible customer service which has negatively impacted my business at several turns. How can I find a litigation firm willing to take on such a case?
Jere answers:
Look in the phone book. The primary consideration for the lawyers is getting paid (as it is with any other occupation). If you have the money, lawyers will do the work. If you are asking if you can find someone who will take the case for a percentage of the judgment, they are all over the place but only if your case is strong enough and you have a claim for enough damages that their cut will make it worthwhile.
William asks…
Is the instant verification for a bank account on PayPal safe?
There are two options to verify your bank account on PayPal. One taking around 2-3 business days by depositing two small amounts (usually under a dollar) and you then confirming how much those two amounts are. The other option is to verify instantly by entering in your online bank ID and password.
Normally I would be fine with this, except for the Privacy Policy, which to me, sounds like that they have the right to distribute this information to third parties.
So, is it safe?
Jere answers:
Yes it is safe. I have used PayPal several times with no trouble.
Jenny asks…
Can you open a bank account with a registered fictitious name?
I like to do business online as an independent contractor, and would like to keep my business account separate from my personal account.
I haven’t registered a fictitious name just yet, but before I do, I would like if someone could give me a little insight on how this works.
Jere answers:
Since your bank account must be tied to your Tax ID number, you must use your real name. Also, all bank accounts are monitored by the Homeland Security Agency to insure funds are not being used for Terrorist Activities, and monitored by the Drug Enforcement Agency for money laundering.
Using a fake name is a federal felony, violating IRS guidelines, Federal Banking Laws and Homeland Security Laws.
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