I am short on money until tomorrow.There will be an electronic transffer to my account tomorrow but need money today.If I deposit a check at the ATM it clears immediately.What will happen if I deposit my own check?Will they charge me a huge fee or will I be breaking any rules?
2007-03-15 09:40:53 · 15 answers · asked by RX 5 in Business & Finance ➔ Personal Finance
This is what credit cards are for... as long as you pay them off when you get the money. A better bet would be to borrow some cash from a friend or family member... or even a payday lender (*gulp* I never thought I'd suggest that!) IF YOU PAY BACK ASAP.
2007-03-15 09:50:02 · answer #1 · answered by Anonymous · 1⤊ 1⤋
I work for a bank and I see people do this all the time. DO NOT DO IT. It's Deposit Fraud and not only could you lose your ATM privileges your account can be closed because of it!
Not to mention any fees you might be charged if the account is overdrawn. Also you might see your account frozen by a hold because they are investigating for the deposit fraud.
THIS IS NOT A GOOD IDEA.
2007-03-15 17:05:49 · answer #2 · answered by Trumania 2 · 1⤊ 0⤋
If you don't have money in your checking account, the check will bounce and you will be charged by your bank. Depending when you deposit the check into the ATM is when you will get that charge. If you don't want to lose money in this situation, it is best to deposit the 'check' at night so that you have more time for the check to process, increasing the chances of an early bounced check. Good luck.
2007-03-15 09:48:56 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Are you sure the check clears immediately? Usually deposits made into an ATM do not clear until the next business day at the earliest due to the exact scenario you said above.
I'm not sure about fees, but you are breaking the law.
Good luck.
2007-03-15 09:46:23 · answer #4 · answered by Karen 3 · 2⤊ 1⤋
It's bank fraud. I had a friend that did this but instead of writing a check at all she just put an empty envelope in the ATM. I dont think they ever did anything about it, just reversed the charge and gave her an overdraft charge of $35 for the $30 she "faked".
2007-03-15 09:45:53 · answer #5 · answered by Anonymous · 2⤊ 1⤋
You could end up losing your ATM privileges. That is considered ATM fraud if you attempt to deposit money that isn't there.
2007-03-15 09:43:55 · answer #6 · answered by Anonymous · 2⤊ 0⤋
You're breaking the rules, because you're accessing cash that you don't currently have. You'll likely get charged fees for overdrawing your account, and run the risk of being flagged for writing bad cheques, which could result in holds on your account. It's bad for your credit rating. Ultimately, it's fraud, and not something that I'd advise.
2007-03-15 09:45:00 · answer #7 · answered by taotedan 2 · 2⤊ 0⤋
My friend did that and had double the money from his deposit check from work and got arrested he had to do 5 years in prison I wouldn't do it.
2016-06-22 00:36:05 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You mean write a check out of your own checking account back to the same account?
That's check kiting and illegal. You could be charged with fraud.
2007-03-15 09:59:17 · answer #9 · answered by Faye H 6 · 1⤊ 0⤋
You won't be breaking any rules, but the check still will not clear until the next business day at the earliest.
The check may show up in your account (if you check it online) as in your balance, but it would not be "available" funds.
You may try a cash advance on a credit card, and then send a check for that amount to your CC issuer to cover it as soon as your EFT comes in.
Good luck!
2007-03-15 09:45:52 · answer #10 · answered by arosenboy1 2 · 0⤊ 2⤋