Who rents an appartment?

Question

Ok im just curious...I'm kind of in a little situation here...I dont get paid until next week...so my question is if you only have, say, $500 in your account and your rent is $699, can they still withdraw the rent, even if it exceeds what you have in your account and put you in the minuses?

Answer 1

if your rent of $699 is automatically withdrawn from you account, but you have only $500 in your bank account, then i think they can still take the money from your account and put you at -$199.  additionally, the bank will slap you with a non-sufficient fund... usually around $30.

Answer 2

not renting.

the basic rule: buy something if you are gonna stay for a while since selling it may be harder these days.

if you rent you have some money left (hopefully) every month which you can uh invest. if you buy that money goes poof into the mortgage

since the interest rates that banks pay for saving are low and the stock market does funny things, investing the money you save by renting is not so attractive.

what do you think

Answer 3

If you have the type of account that will cover overdrafts, then the bank will cover it, charge you for the NSF and charge you overdraft interest.  If you don't have overdraft coverage, then they will bounce it and still charge you the nsf fee.  Some banks run it through a second time and bounce it again and charge you another fee.  Depends on your account and what you agreed to.