A banking question! (it's a little weird ;o)?

Question

if you have $20 in your checking account and you spend $21 the same day that you deposit a check for $100 (which has not yet been credited to your account), will it count as an overdraft even if the transaction for the $21 has not been cleared? or would it only could as an overdraft if the $21 transaction is cleared before the $100 check (because if the check is cleared first, you'd have $120, so it wouldn't be an overdraft.. right??)

ty, that is all!

Answer 1

the 21.00 would have to clear before your 100.00 deposit is credited or it would be an overdraft.

Answer 2

most banks deposit cash immediately, but if you deposit the check it may take up to 3 days to clear, depends on the bank procedures. next time you deposit say as cash or cash it first then deposit it, if they do charge you a fee call them and ask for a 1 time courtesy waive

Answer 3

Got to read banks fine print. Some state funds are not available  till cleared, and will stick you with over draft. some banks with America in their name really stink. If you have had an account with a local bank a long time they usually will give you credit if computer gets you, but it's what in writing that counts. If you can't get money using debit card, then it would be best to wait. On second part of your question the answer is obvious. How long before it is credited again is in the fine print. Some credit something as small as hundred dollar check immediately if they know check writer, and some take as long as ten days.

Answer 4

Ok so many people do not know how this works. You spent 21 dollars you are now negative 1 dollar. Now if you deposit your 100 dollars on the same business day you will not be given a fee. However if you deposit after the business day you will get the fee. Remember a banks business day are not its open to close hours. Generally a banks business day ends at 2,3,4pm. That is something you would ask them to find out when it ends.

In the case you are describing the order means nothing. Now if you have 20 dollars and you buy 2/3 things for 5 dollars and then a 50 dollar item and do not deposit anything then order matters. Because some banks put through largest first then rack up the fees others don't. Just have to ask questions.