Beware of banks increasing transaction speeds

TULSA - Experts at the website say some banks are telling customers it's "improving transaction speeds."

Site employee Bill Hardekopf says one such bank is BBVA Compass.   

The change means ATM withdrawals and certain debit card purchases will post immediately.

And online bill payments, automatic debits and checks drawn from accounts will post throughout the day.

The bank is switching from batch processing, which receives transactions throughout the day and enters them into accounts at the end of each business day.

Hardekopf says the faster processing can increase the chances of insufficient funds and overdraft fees because of the unfortunate timing of a deposit or withdrawal.

Deposits may be processed immediately, but all of the funds may not be available right away for withdrawal."

Hardekopf says it's important you keep up with your bank's rules, especially with all that fine print you get in notices from your bank.

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