Banking???

Question

I checked my bank account online yesterday and noticed that i was overdrawn by 83 cents. So i tranfered 50 dollars from my savings account to cover it. The debit that put me over was post dated for the 26th which is tomorrow. I am wondering if since by the time the bank gets the debit i will have sufficient funds, if i will be charged the 25 dollar fee? If so, is there ne thing i can do about it since im only 17 and have only had the account open for a month?

Answer 1

You shouldn't be charged a fee for being overdrawn if the money your transferred is posted to your account by the time the the debit reaches your bank.

Answer 2

By post dated do you mean that you wrote a check from you account that was dated for the 26th or do you mean that the debit coming from your account is scheduled to post out of your account on the 26th? That can make a big difference.

If the debit was a check that was dated for the 26th and has already cleared your account then you have overdrawn the account and probably will be charged the fee. However, if the debit is only PENDING to come out tomorrow then you have not actually overdrawn the account yet and my not be charged the fee. In that case it depends upon whether your bank posts credits before debits (in which case your deposit should cover the outgoing debit) or the other way around ( in which case the debit will show before the deposit

If the bank does charge the fee, and its the first time, try going in and asking them to refund the charge this one time.
Then in the future be careful not to let it happen again.

Answer 3

Number one, most banks do not allow a person who is underage, to open an account by themselves. Usually an adult has to be on that account also. It does not mean anything to the bank if the check was post dated. The banking system cannot read the date on the check. This should have been discussed with the individual or company you wrote the check too. Most people and places will not guarantee that the check will not be deposited until the date you put on it. You say what overdrew your account was the postdated check. If it is posted to your account already causing the .83 cents overdrawn, it is posted and the $50.00 deposit will only use the .83 cents from the $50.00. The bank does not send it back waiting for the date on the check to post it to your account. Some banks have a "first overdraft is free" rule. You might check to see if your bank has this rule. Also some student accounts are treated differently than other accounts. You may check and see if your bank has any allowances for you being a student. DO NOT depend on the date on the check to keep it from running through your account. This does not always work out.

Answer 4

It really depends on the bank you have. Some banks post debits before credits (meaning that the transfer will post after the debit card transaction) and some banks post credits before debits (meaning that the transfer will post first). Other banks post items in the order by which they occured. I know that you are hoping to get a definitive answer right now, but the only thing you can do is wait until tomorrow so you can talk to your bank. Good luck!

Answer 5

If they charge you a fee, talk with a rep and explain this is your first time of having a problem and you did your best to cover it, and will they please reverse the fee, and talk to the Manager if necessary, in order to get the fee reversal. From now on get some money in there to cover your expences and then have some left, in that way it will not happen again. The fees are very high now, and it is difficult to pay them. You are doing well at 17, best of luck

Answer 6

Call and ask the branch if you go thte fee. If it showed up on your online bankng then the bank kows about it already. They may reverse the charge...maybe.