how much money is the fee when you overdraw money from a checking account for the first time?

Question

i have a student saving and checking account

Answer 1

Probably between 20 and 35 per occurrence. If you haven't done it don't. If you use a lot of checks or a debit card running short even a couple of dollars can cost you hundreds because many things try to clear while they are charging fees.

Answer 2

Yikes, get some money in there fast because a bouncing account can snowball into a very expensive proposition! They will probably charge you for each and every transaction that occurs while your account is in the negative. So even if you used your debit card for $2, congratulations! A whopping $25-$30 charge (depending on the bank) each time.

If you respond quickly with an additional deposit, you'll limit the damages. Borrow money if you have to; it will be cheaper to pay a person back rather than paying all the bank fees!

Sometimes when you haven't had a history of overdrafts, the bank will charge you the fee but still cover your payments, which is good.

If they don't cover your payments (by which I mean if they don't give the money to whomever you promised it to via check or debit card), then the person you owe will not get their money and will probably also charge you a fee for the returned payment.

I'm not familiar with the specific rules for "student accounts," but the above is true for regular checking accounts. Also, in addition to the overdraft-per-item charge, the bank may charge you an additional fee for each day your account is negative.

Contact your bank right away to find out how much they might have charged you, and get money in there asap! Keep checking the account each day for a couple of days after you think you have it fixed, just to be on the safe side.

Don't feel too bad--it sucks, but I think pretty much every one has to experience what this is like at some point! Good money management skills are developed, not inherent, so don't get discouraged--it's a matter of practice and learning!

Answer 3

If you don't have overdraft protection (where the bank takes the money from your savings acct and automatically transfer it to your checking)to coer the check you wrote - the Fee's range from bank to bank - think it's generaly around $25.-$30 Overdraft Charge

Answer 4

about $20 dollars maybe a little more depending on the bank you go to.

Answer 5

each bank is different