Does an overdraft ruin my credit for only $4?

Question

I was charged $25 for an overdraft of $4 using a student checking from bank of america. I repaid it the next day with the fee since i forgot to deposit a check. Will this ruin my credit?

Answer 1

Absolutely not.  You paid it off.  It's fine.

By the way, if you have never had an overdraft before, give them a call and ask if there's a way for them to give you back the fee.  Many banks will do this if you haven't overdrawn your account before.  It can't hurt to ask.

Good luck.

Answer 2

I can tell you without a doubt that this will not even show up on your credit, let alone ruin it. The only time your banking activity (checking.savings) affect your credit score is in the event that you didn't pay that negative balance for so long...that the bank actually sends the negative to a collections agency, which generally takes weeks if not months before this happens....no worries, it happens all the time and it isn't reported...just fyi whether a 1$ unpaid or 10000000$ unpaid, both are reported the same as a big ding so just make sure if it happens again pay it again and you'll be good!

Answer 3

Doubtful . . . usually there has to be consistant abuse before they do any reporting . . . I would suggest a one time thing that you took care of quickly would not be reported to the credit agencies.

Answer 4

No, your bank account doesn't report to the credit bureau.  However, it can really hurt when they charge the overdraft fees.  Get those paid quickly & be more careful to keep track of what you have in your account.  It hurts to pay those fees!