I live in wisconsin and my checking account is negitive150.00 and I was going to deposit 75.00 and then that will make it negitive 75.00 and I want th write a check for 170.00 for my electric bill tomorrow? Can I write a check and deposit all the money in my next payday?
2006-09-08 14:23:44 · 7 answers · asked by reallyblessed2009 1 in Business & Finance ➔ Credit
Unless you have overdraft protection you are in deep doodoo. Do not write a check for money that is not in your checking account. It is likely to bounce (checks clear almost instantaneously these days so you can't count on a few days "float"). You may be better off going to the electric company with the $75 you have and begging more time from them. If you do have overdraft protection, make sure it is sufficient to cover this check and any other checks that may be outstanding. You really need to learn to budget your money better.
2006-09-08 14:34:53 · answer #1 · answered by just♪wondering 7 · 0⤊ 0⤋
Not a good idea! You should never write a check unless you have the money in the account already. It's like counting your chickens before they hatch. Anything can happen between now and payday that will cause you not to have the money. Overdraft protection on an account usually has a maximum time limit on how long you can be overdrawn also. Your bank should be able to tell you how long that time period is, or it would be in the paperwork you recieved from your bank. Don't get into the habit of banking like this, it can only lead to trouble.
2006-09-12 18:16:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, not a good idea.
The same day your check hits the bank, it is cleared.
This is due to a law that was passed among banking regulations last year.
You will go further into the negative.
Just call your electric company and tell them your bill will be a day late or whatever. It will be cheaper than a bounced check.
2006-09-11 14:51:10 · answer #3 · answered by Big Bear 7 · 0⤊ 1⤋
Your $170 check will probably clear the bank before your next payday and it will bounce. You will then be responsible for the NSF fee, late fee for the electric company because payment is now late and you will have a bigger negative balance in your checking acct.
2006-09-08 21:32:09 · answer #4 · answered by lolo 5 · 1⤊ 0⤋
It is never good to write checks for money you do not have in your account. Do you have an overdraft account in your banking? How are you managing to pay all the fees for checks that do not clear? Oh dear.. wish you well and I think you need a lesson in banking and checking.
2006-09-08 21:32:51 · answer #5 · answered by oldone 4 · 0⤊ 0⤋
Contact the electric company and find out if you can post-date your chack to them to a date after your pay-check is deposited. They will apreciate that you are paying and will most likely not have a problem with it.
2006-09-08 21:45:45 · answer #6 · answered by sirade1 4 · 0⤊ 0⤋
or call electric company and ask them for an extension
2006-09-08 22:04:15 · answer #7 · answered by cali909boy 2 · 0⤊ 1⤋