Bank Support

Keep financially fit by learning more about banking and how it can work for you. For tips on your banking success, just ask Alex, our expert banker.  Learn what it means to have a delay accessing funds after depositing a check. Understand how a cash advance on your credit card works. Discover what it means to have a reverse mortgage.

Question: I made a check deposit on Saturday, but the teller told me I wouldn’t be able to access the funds until Tuesday.  Why is that?  – Matthew from Brookhaven, New York.

Answer: Branches that are open on the weekend do this as a convenience to their customers.  Transactions done over the weekend are not officially processed until the next business day.  This is usually Monday unless it is a federal holiday.   Cash deposits and transfers from different accounts at the same financial institution are available immediately.  Unfortunately, most check deposits will not be made available until the second business day.   Several banks and credit unions do make up to $225 available on a check deposit.

Question: Should I get a cash advance with my credit card?  – Sam from Delacroix, Louisiana.

Answer: One feature that credit card companies offer their customers is the ability to use a credit card to withdraw cash from either an ATM or a branch.  Unlike withdrawing cash from a bank account, receiving cash from a credit card is considered a short-term cash loan and like credit card purchases, they need to be paid back.   While convenient, there are a lot of hidden costs.  First, the card issuer will typically impose a cash advance fee.  It is either a flat fee (usually $10 to $15), a percentage of the amount that is being advanced (up to 5%), or a percentage with a minimum dollar amount (for example, 3% or $10, whichever is greater).  Second, the financial institution processing the transaction might impose an ATM or bank fee.  Finally, the interest rate for a cash advance is often much higher than that on purchases and will generally start accruing immediately.  My recommendation it to not do a cash advance unless necessary.

Question: What is a reverse mortgage?  – Katarina from Milwaukee, Wisconsin.

Answer: A reverse mortgage is a loan for senior homeowners (age 62 or older) who have considerable equity in their home.  The borrower can receive the funds, generally tax free, either in a lump sum or fixed monthly disbursements.  The homeowner will not make any mortgage payments but instead the entire balance is due once the borrower no longer lives in the house.

Written by: Alex Sanchez, Branch Manager

Important: For your specific questions about banking, contact your banking expert, Alex, at:

Alex is starting his 17th year in the banking industry.  He has worked for such notable banks as Bank of America, US Bank, and Chase.  Alex has his bachelor’s degree in Business Economic from the University of California Riverside.