My tuition is due tonight at midnight. Me procrastinating, I deposited money into my bank account at 11:40 am this morning. I have to now use my debit card to pay off my tuition online tonight. Will the money be there for it to be debited or will I get an overdraft charge? The bank teller said that the check will deposit in my account tonight. I figured when I pay online it cannot immediately take it out of my account until the following morning. Am I wrong?
2007-08-08 14:20:12 · 4 answers · asked by hapigrl85 4 in Business & Finance ➔ Credit
This could be close. If the online payment gets processed tonight, you will overdraft. However, the school's processing time might just make it tomorrow before it pulls the money. You might squeek thru.
Good luck. And don't wait till the last minute next time.
2007-08-08 14:25:12 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
It depends on alot of things, if you bank has unavailble funds fees then you probably get a fee. If you check clears tonight at midnight and there is no hold generaly banks credit deposits before debits there for you would not recieve a fee. But it always is best to check with your bank and to read the depositers agreement which would have the answer. And when you pay online it can be taken out immediately
2007-08-08 14:29:25 · answer #2 · answered by Amanda 3 · 0⤊ 0⤋
It could happen that the money will be taken out tomorrow, but normally it takes about 2-3 business days for it to clear from an online payment. My mom and dad paid my tuition by credit card on the 2nd of August, and it didn't hit until the 5th of August. It also depends if it runs on a weekend, because if you pay your tuition tomorrow, and it takes 2-3 business days, it will most likely hit Monday or Tuesday. Hope that helps.
2007-08-08 15:23:30 · answer #3 · answered by BTB 08/15/2009 2 · 0⤊ 0⤋
If you deposit money before 3pm, it should post on your account on the same day. Anything after 3pm will post on the next business day.
If you make a payment today, it will withdraw your money out of your checking account on the following business day.
You should be fine.
2007-08-08 17:31:31 · answer #4 · answered by Phoenix 3 · 0⤊ 0⤋