if my overdraft starts on monday, can i put money in same day and be ok?

Question

anyone know..i use bank of america..

overdraft policies?..

my rent should be ok..

but on monday i have to pay court fee, but i wanna take out money on sunday,

will i be ok to put money on monday?..

how long does an overdraft take if u put money in at same time?..

Answer 1

The usual cycle for deposit accounts is that credits [deposits] are posted before debits [reductions].

However ... money taken out on Sunday can only be done if your closing collected balance on Friday was larger than what you want to take out.

Further, deposits of checks may be termed 'uncollected' for a number of days so that an attempt to pay a court fee Monday from uncollected funds [checks] deposited earlier the same day might fail. ["uncollected" time is controlled by Federal law at the longest and bank policy at the shortest.]

In theory, uncollected is so the bank can find out from the other bank if the item is backed by good funds.

BofA [I have accounts there] can be quite unforgiving of overdrafts and paying on uncollected. Stiff fees apply for each incident AND an excess number of them will result in your account being closed without notice or warning.

So, deposit cash. Then go to court with a clear mind.

:-)