Can a bank really do this

Question

i didn't check my debit card for a while and ended up in $120 debt on my debit card. Does this mean i have to pay off my debit and then go and pay the people who billed me 120? my dad says that my 120 is actually 240 because the bank bills me the same amount if i don't have any money in my account and then i have to go and pay back the people who billed me.

Answer 1

It depends on your bank. My bank will pay the people I owe and then charge me about $30 per transaction. So if I charged 120 then $1 then $5 I would owe the bank about $216, but the people who I paid using my card would have their money. However, like I said it depends on the bank as to how much they want to charge.

Answer 2

If you are $120 overdrawn you only have to give the bank money. They have paid the stores, and that is why you are overdrawn.

Answer 3

you better hurry up and pay it off.  The friggin banks will charge you like 10 dollars per day for every day that you are negative.

And since this 10 dollar charge is like bouncing a check, they will also nail you for non-sufficient funds on TOP of this, so they will probably rape you for like 50 dollars PER day !!

Within a week, you will be like 500 dollars in the hole.

Answer 4

A little bit more information might be helpful in answering your question.

First, is this $120 dollars worth of debt from purchases that you made on the debit card?  Were they unauthorized transactions or fraudulant transactions?  If that is so, most banks have a way you can file a fraud claim so that you can be reimbursed for any monies you are out.  This normally includes any fees that would be assessed for overdrawing the account as well.

Overdraft fees are pretty standard at most banks.  If you use your card or write a check for over the amount that you have on deposit in your account a Non-Sufficent Funds fee or Overdraft fee is normally assessed per item.  Some banks have maximum amounts into the negative that you can go, and some are forgiving on your first overdraft fee - so you can ask for a refund.

I would speak to a representative at the local branch of your bank to determine what your options are.

Hope that helps!

Answer 5

It is not really $240. Find out if the bank payed it. If they did then you only owe the bank. If they did not pay it then you only owe the people who charged you. You will, either way, owe the bank fees for either covering you or for going in the negative. Usually the fee is anywhere from $30 to $35 for going in the negative.

Answer 6

I would really need more information to clarify. I debit card (or sometimes called checkcard) deducts the amounts of the charges directly from your account. If you charge an amount (or several amounts) and the funds are not in the account, the bank may or may not honor that charge depending on their policies. In either case, they will charge you a fee. If they honor the charge, your new balance will be negative the amount of the charge your were unable to cover plus their fee and you would not owe the company you initially authorized the charge through. If they did not honor the charge, you would see a deduction of the fee only in your account and you would owe the company you authorized the charge through for the original amount of the charge plus fees they may impose.  In the case of the later, you would owe the bank the amount of their charge and the company authorized to charge you, the amount you authorized plus their fees.  And, the bank charges their fee per debit. So if this were several companies authorized to deduct money from your account, they can charge you a fee for each one whether or  not they have paid it.