I have a free student checking with Wachovia, if i am already in an overdraft, and i draw more money will i..?

Question

incur another overdraft charge for each additional use of my card? or is that one overdraft fee of $35+the amount i spent over what i had, the only charges?

Answer 1

Not sure about Wachovias policies, but most other banks will charge you an additional overdraft charge (i.e.- $35) for every single transaction...so be very careful or you will end up owing them a lot of money!

Answer 2

Yes you will be charged a fee for each time you use your card once you are overdrawn. Here is a trick. If you are waiting for payday and need money. Find out your overdraft limit. Ex: 500 then go in withdrawal 400 getting only 1 fee. Then just use what cash you need till you get paid then redeposit what leftover cash you have along with your check. Then only 1 fee vs. dozens for using your debit card repeatedly.

I recommend not using your whole limit because you might have checks out or something.  

Answer 3

The charges will compound so fast it'll make your head spin  

Answer 4

It's typically $35 each time you use the card.

Answer 5

You will incur an overdraft fee for every transaction that occurs.  In other words, if you have no money in the account and use it twice, you will be charged $70 in fees in addition to the amount you attempted to pay out.

The thing is, if you are already in an overdraft situation and have no money in the account, you will not be able to use your debit card.