Overdrafting question?

Question

I need to pay my undergraduate school $500 to release my transcript to my grad school so that I can register for classes. I have 3 weeks to do so. I don't think I can get that much money through work in only 3 weeks, so what if I were to purposely overdraft on my bank account to pay it; what would happen? Would it pay them and then I would just owe the $35 to my bank, plus the money that my account was short?

If it makes a difference which bank I use, I have an account with Bank of America and an old one with Washington Mutual that I never use but that still has a couple of bucks and is therefore still active.

Answer 1

It depends on the bank policy. Some banks will pay the check and charge you the overdraft fee plus the amount of the check. Some banks will not pay the check. If you overdraft your account and have any other transactions come through the account like other checks, checkcard purchases, loan drafts, etc. you will also be charged the overdraft fee for each transaction, you can rack up a lot of money in overdraft fees. Can't you use a credit card, or line of credit instead of overdrafting your account?

Answer 2

No it would not pay them.  The money sent to the school would be revoked, you would owe $35 to the bank, AND you may even owe more money to the school when it has to return the bad money due to insufficient funds.  

It is never worth it to overdraft your account.  You could end up causing even more problems.  Perhaps you could use a credit card, take out a small loan, or borrow money from friends or family.  

Don't overdraft your account!!!!!!!!!!!!  I have seen many people overdraft their accounts, and I can never understand why people do it!!!!