Easy Banking question..?

Question

I was wondering, If a payment comes out of my account but I do not have the funds, will my account stay in negative until I put the funds in, or will my account just go back to normal and I'll be charged a overdraft fee? Or does it depend on the bank...

Answer 1

It depends on your relationship with your particular bank. I've had banks do both. Sometimes you can call them and cut them off at the pass by giving them the "heads up". Call them tomorrow and explain as it cannot hurt to talk to someone over there on the phone.

Answer 2

usually the account will stay negative unless your bank returns the check, then it will get put back in, but in addition to the $35 or whatever they charge for the overdraft fee, a lot of banks also charge a daily overdraft fee for every day it is in the negative, which to me is not only a ripoff, but it's stupid too, because it just makes it harder to get back to where you were.  One bank I know of for instance charges $36 for the OD and then $5 a day for up to 20 days, so one overdraft can actually cost you $156.  And good luck getting it refunded to you.  

the overdraft fee is charged because you go into the negative, then the bank either pays or returns the check, but you get charged the OD fee either way, and some banks charge as much as $50 for one overdraft

and as for that overdraft protection, some banks charge a fee when you use it, so you now you are paying a fee for using your own money

bottom line - go back to stuffing money into a mattress, it's much cheaper

Answer 3

Depends on the bank and your relationship with the bank. Usually your account will go negative and stay that way till you deposit money and make it positive. if you get alot of NSF fee's from your bank it might be returned and you will be charged a return fee. This will likely also lead to a fee from the vendor which you issued a check or authorized a withdrawal from your bank account from in the form of a returned check fee or a returned payment fee. Sometimes if you call the bank and explain your situation they may allow you get away with it and or overturn an overdraft fee as a 1 time courtesy. Again this depends on the bank and your relationship with them.

Answer 4

in my bank you get charged if you dont pay in the same business day the overdraft happened.....and yes you stay in the negative until you finally pay the full amount overdrawn. If you have a good excuse and can prove that it was not your fault then they would give you a refund on the overdraft fee, and you are entitled to one refund if this is the 1st time it happened even if you cant prove it was not your fault!!