2007-02-22 21:40:15 · 14 answers · asked by lifeboat51 1 in Business & Finance ➔ Credit
It depends. If you;re trying to buy groceries and theres insufficient funds, then it wont go through. But if you make a purchase online, it might put a negative in your account and you'll get charged an overdraft fee. It all depends on your bank. Whether or not they'll let the transaction go through even though you have insufficient funds, and how much the overdraft fee will be. Bank of America for example..I made a purchase online and had insufficient funds which put a negative in my account, then the next day I received a $35 overdraft fee. Another pending transaction from the same website was denied due to insufficient funds, though.
However, in the past, I already had insufficient funds, but 4 pending transactions somehow went through, adding 4 more overdraft fees to my account. Closing my account with BoA was the best thing i've ever done. So you should talk to an accountant at your local bank and ask about overdraft fees, and whether or not pending transactions will be accounted for even if you already have a negative. It can be real frustrating.
2007-02-22 21:49:03 · answer #1 · answered by Kim 3 · 1⤊ 0⤋
Yes as it will take you into an unauthorised overdraft. Different banks have different charges for this but be careful as some charge a set fee plus a daily charge whilst you are overdrawn.
My advice would be if you know you don't have enough in your account for purchase use your Visa if you have one or a cheque - that would bide some time til it clears. Or better still do without til you have the money :)
Hope this helps x
2007-02-22 22:04:25 · answer #2 · answered by Anonymous · 1⤊ 0⤋
If you knowingly write a bad check it is illegal.
Submitting a debit card without money to cover is not illegal. If it was banks would have to deny the transaction.
However, some people do forgot that you can get overdraft protection with your checking account and will cover checks and debit cards insufficient funds.
2007-02-23 03:29:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No. But if you have a direct debit payment from your account and there are insufficient funds they sure know how to charge you then and the more this happens the richer they get.
2007-02-22 22:58:20 · answer #4 · answered by holly 7 · 0⤊ 0⤋
Hi!
All these "yes" answers. Has anybody ever had to pay a overdraft fee because a checkcard transaction or a force pay took the account into the negative? I have not.
It has happened to me..but no overdraft fees. And no..it's not the same thing as writing a bad check.
The best thing to do is to ask you bank. Tell them you are aware of force pays..and that sometimes big companies can indeed force a bank to pay them..and see what they say.
2007-02-22 22:38:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If the payment doesn't go through ie the shop refuses your card, then no the bank dont charge you
2007-02-22 21:55:35 · answer #6 · answered by OriginalBubble 6 · 1⤊ 0⤋
Yes - but usually in that situation your card would be refused. Banks charge for anything they possibly can.
2007-02-22 21:48:44 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Depends on you bank and if the transaction goes through, If the transaction goes through then they charge you for card misuse and for going over your agreed over draft / insufficient funds.
2007-02-22 21:52:37 · answer #8 · answered by djp6314 4 · 1⤊ 0⤋
Yes, you'll be charged an overdraft fee (basically like bouncing a check).
2007-02-23 11:27:09 · answer #9 · answered by Jason 3 · 0⤊ 0⤋
Yes they will charge, it is also illegal to make purchases on your card without sufficient funds to cover them, Be careful
2007-02-22 21:51:26 · answer #10 · answered by newciderman 6 · 1⤊ 1⤋