Going below zero on a bank balance??

Question

Is it possible to have a bank account balance below zero?? ie: i had £50 in my account, then bought something on the internet without realising for something a little over that amount...i still got a confirmation email saying that the transaction had taken place...so is it possible??

cheers

Answer 1

Yep!  It's called being overdrawn.

Answer 2

The bank I'm with charges £25 every time someone goes past their overdraft, they also charge a small percentage interest on how much the unauthorised overdraft was.

Answer 3

Welcome to the  world of the unauthorised overdraft.It will prob cost you dearly if you are in UK

Answer 4

Yes you must have an overdraft facility  that you are unaware of!!!

Answer 5

you should put money in your account quickly because those BANK idiots charge your so much for being overdrawn.....  

Answer 6

/ Yes, it happens to many people, and the penalty by the bank is to assess a fee for being overdrawn.

If you write bad checks, and can not cover them, the bank may or may not decide to cover the payments, then charge you a fee (mabye L15) for each check overdrawn.

If you never add more funds, but keep writing bad checks, you have committed fraud, and can be prosecuted.  

Answer 7

No, unless you had arranged with your bank for an overdraft account.  

Answer 8

Yes, it's called going overdrawn.  You may get a small charge from your bank for this though.

Answer 9

Yes. All you have done is taken more money out than you had in the bank. If you look at your statement, you will see how much "overdraft" you are allowed. If it's £100 (e.g.) you can spend up to that with no charges. Go over it, though and you will be charged for it.

Answer 10

most banks honour a payment but you pay .