How much does banks let u over draft?

Question

i need to get my car out of the shop, so i was going to write a personal check for $1000, however, my bank only has $200 in it, i dont have any other way to do it. The last time my bank accidentally over drafted, it got up to $960. I plan on paying it back monthly by making $200 dollar payments. I know it will look bad on my banking records, but i have to do what i have to do in order to get this fixed. Any suggestions? I dont think i could get a loan b/c i have a past due credit card.

well i would like to meet a mechanic who does that...NONE!!!!!!!!!!

Answer 1

You need to call your bank and make sure you even have overdraft privileges. It's not automatic. You could wind up bouncing the check, which means your bank would charge you an insufficient fund charge and the shop you wrote the check to would also be coming after you.

Call the bank and find out what your options are. You don't want to just write a check knowing you don't have the funds to cover it. You're bank may be willing to put overdraft protection on your account. Make sure you know what the charges will be when you do go over what you have in the bank. Some banks charge a pretty hefty fee every time you dip into your overdraft protection.

Answer 2

Writing a check for which there are no funds in the account is check fraud. 99% of the time with a scenario you lined out, your check is going to bounce-- banks almost NEVER overdraft you that far unless its a feature of your account. Sometimes banks "look" like they paid out $1,000 but if you wait 24 hours you'll see that they reversed it and now you get an NSF fee. . The mechanic will charge you a $35 NSF fee, and so will the bank, meaning you just cost yourself $70 and you still owe the mechanic.

Your bank may charage you extra overdraft fees every 2 weeks or so. They may close the account if its not brought current within 14-30 days.

You should have bargained with the mechanic to pay $200 down and $200 a month.

Answer 3

Some banks charge a DAILY fee for overdrafts. My bank charges $34 per check and an additional $8 per day after the first 6 days. This is a guaranteed way to ruin your credit.

Answer 4

All you have to do is go have a talk with your Bank Manager. I've done it when I have been in overdraft. They are understanding most of the time. Just make sure you pay it back on time if your Bank Manager gives you one.

Answer 5

they can redeposit your check over and over and each time will cost you more money. also my friend did that more than once and her banks wouldnt keep her and she lost 2 accounts and now no bank wants her based on her history.