Overdraft fee/ "insufficient funds" question?

Question

Im a responsible person financially so stuff like this usually doesnt happen.. and i dont know what happens when it does.

I got paid yesterday (Friday) and didnt realize it takes a couple days for the check to be available at the bank.. i guess usually i have enough money where i dont notice.

anyways after i put it in the bank i immediately went out and made a 400 dollar purchase for something that i needed... not knowing that money will not go through until monday.

When that company tries to take the money out of my bank will it go through and then me just get a late fee?

or will the bank tell them "sorry the funds are there" and i also get a late fee!

I hate doing irresponsible things- any advice appreciated! The purchase was made on my debit card btw but using the credit card way (aka.. not putting in your pin) Right now it is a "pending transcation" in my account

Answer 1

Depending on your bank's policy, and whether the check you deposited was written on their bank, a different but local bank, or an out of town bank, you might get lucky and have everything work out OK.

If it doesn't and they charge you some kind of fee for overdrawing, call them and they'll very possibly reverse the fee if this is the first time you've done this.

Good luck.

Answer 2

It may happen one of 3 ways...

1) it may go thru with no problem depending on the order in which your bank processes the transactions (this is the least likely considering the situation)

2) your bank may force it thru (because they can see you are making a deposit) and they would charge you a NSF fee (not considered a late fee, this is the most likley of the 3)

3) your bank may send it back and charge you an NSF fee and then the company they sent it back to would charge you an NSF fee as well (this is not very probable, most likely because the bank can see you are making a deposit they would just pay the item).

Consider signing up for direct deposit if your company offers it...the money goes into your account at midnight on the day you get paid...no going to the bank, no waiting for holds or delays in processing (which is quite common now due to the extreme amount of check fraud that banks are dealing with right now, they do have the right to hold payroll checks), and you never have to wonder when the money will post, it's just there!

Answer 3

You might get lucky and the bank will cover it. What you should do is go to your bank and ask if they have overdraft protection. It's to your benefit to spend a couple of extra bucks a month for just such a program.

Answer 4

hunny im a teller at a bank im actually at work right now and if its a payroll check it should be as good as cash there shouldnt be a waiting for it to clear they should put it in the system as available payroll i would discuss that with them and if they continue to do that to you i would suggest changing banks because thats bogus...payroll is always first day available which means when you deposit your check the money is immediatly there! good luck and im sorry for you misfortune with you bank literally!