Would i be in trouble with the bank?

Question

I deposit my paycheck today morning at around 9 am. I check with my account and it say Available balance is 100 dollars. In addition, it says Present Balance 2900 dollars. About 12 hours later around 9PM, i went to my school's online site to pay tution by check. I enter the account number and made the payment. I check my school's site, it says i paid my tution. However, i went to check my account , it still say the check i deposit is pending. Will I be in any trouble?

Answer 1

if the school takes the money out of your checking account before it is made available, you may have to pay an overdraft fee. I always wait until my money is available before spending it.

Answer 2

You're fine because you deposited your check before the clearing time (most of the time it's 2pm).  It will take overnight before your bank will post your payment.

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Answer 3

There should be no reason why you would get in trouble.  It just takes a little bit for your check to clear through the bank.  I do this with my paycheck all the time.  My house mortgage comes out on the same day that my paycheck gets put in the bank.

Answer 4

What you did is called Check Kiting. You are basically spending money you don't have. Most states depending on the amount of the check is a felony. You better hope and pray the check you wrote doesn't get to the bank before the one you deposited clears. I see the booty house is your near future.

Answer 5

Your paycheck has to clear before you can write checks against it.  That's why your available balance was lower than the present balance - your paycheck funds were not available.  If the tuition check is presented at your bank before your paycheck clears, you will be overdrawn.  

The bank may bounce your check and charge you a fee or may cover the check and charge you a fee.  If the paycheck has cleared before the tuition check is presented, all is well.