Question:

How does a student banking overdraft fee work?

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So i wanted to purchase something online for $112.00, and i only had 61.00 in my checking account, but the money still went through anyways...so does this mean that i will be charged the other portion of that amount of money in which i didn't have in my account which is $51.00 plus an overdraft fee, or will i just be charged the whole $112.00 + an overdraft fee? and how long do you think it will take them to send me the amount of the fee in the mail?..

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4 ANSWERS


  1. You shouldn't spend more than you have but you will be be overdrawn the amount of the difference plus your fee. So you will probably be overdrawn 51 + a 35 fee. So about 86.00. I really hope that you don't have any other purchases trying to clear your account because you'll get fees for those as well if you don't have the money to cover them.


  2. You'll have to pay the amount of money that wasn't there which is the $51.00 plus the overdraft fee....how long will they let you be overdrawn....it varies bank to bank but generally speaking they 45 days before they charge off you account also known as forced closed....the fee should have already been deducted from your account when they paid your transaction so you should already know how much you owe...just check your account....if not call and simply ask how much it is....

    Hope this helped

  3. You will be charged the amount of the OD fee and the amount of the purchase. Typically your account will just stay negative until you make the dposit to cover. Many banks will allow accounts to stay overdrawn for at least 30 days before the will close it or send to collections. Some banks charge additional fees while the account stays negative. I am not familar with your bank so you'll want to contact them for more details. Additionally, if this is a first occurrence for you, they may be willing to work with you and waive any charges. Many banks do that as well.

  4. I am not sure about specific details, sometimes its just according to your bank. But whenever you overdraw they will cover what you were trying to pay for and then still take out the od fee.

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