Overdraft fee/ insufficient funds/ help! :(?

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

btw.. this was an online purchase and my bank is wamu if that helps

yikes "kate"- i can be a b*tch on here too so you kinda make me laugh.. but clearly i wasnt asking you if you knew exactly what would happen on my specific account. Other people have "nicely" told me possibilities of what could happen as opposed to exactly what will happen. You mean your not a fortune teller? aww man geez.. i got yahoo answers all wrong. b*tch.

Answer 1

If you have not over drafted in the past most likely you can get the bank to waive the fee. What I would advise is getting direct deposit, that way if you get paid on Friday, the funds are available the minute the bank opens on Friday, and you do not have to take the time to go there wait in lines etc. Less hassle quicker access to your money, check into it. It is the way to go

Answer 2

Really depends on a couple of factors. First off, is there a cut off time with your bank, meaning, do they change business days at some point during business hours? If so, you may have taken the money out on their Monday's business day. Are they on imaging? With the Check 21 act, and imaging, it generally takes less time for checks to clear, but many banks still have a cut off time. It also depends on the other bank, the one the business or person you wrote the check to uses. Sometimes some companies on line will not take money out immediately, but again, don't do transactions this way if you're not sure the money is in your account.
With technology advances in banking, never write checks before the money is in your account.
If you have questions, talk to your bank manager, every bank handles these procedures differently. If you get NSF/over draft fees, you may have up to 1/3 of them reversed, depending on the manager's discretion, if this is your first time, and you're a long time, good standing customer.
I suggest you try their on line banking, keep track of your transactions, see when your items are clearing, be mindful of when some business place a hold on your account (usually when using debit card to pay at the pump or reserving a hotel, these can also cause you to go in the negative until the hold falls off) and be careful in the future.

Answer 3

The money must post to your account before it is available. "Fees" are the pits but you must be careful. I canceled WAMU earlier this year after 10 years of no overdraws or being late at anything and they didn't even say "boo". They were slow to post money. I use USAA now and it is like night and day. Deposits credit instantly even if I scan the check and make the deposit at home. USAA is the best. I also have overdraft protection.

You are a responsible person but the banks do not care .. so if your bank is inefficient you better watch them. Most of their money comes from "fees". Go online and track them constantly .. you will pick up on how they work.

Good luck.

Answer 4

you should be alright, a credit transaction usually takes a day or two to clear. Most banks put a hold on youre funds until the check clears which could take anywhere from 24 hours to 5 days. Hopefully the check clears by monday, or else I'm afraid youre stuck paying the overdraft fee.

Answer 5

if you have an overdraft protection on your acct.
the transaction will post and you will have usually 3 days to replace the money or get hit with charges
but since your check is in the bank waiting for transfer you shoud be covered on the 3 day part

if you dont have an overdraft protection on your acct. you will get hit with a usually around 35.00 fee for insufficient funds

but i personally dont think either of these will apply since usually the bank will have you money in your acct. the next day even though in your case the next day would be sat. sometimes it gets posted anyways
and the online transaction might not hit until monday


B.

Answer 6

If you overdraft then you are pretty much out on this one, if had been something you could control you might have a shot. Your best bet is to go to multiple branches and find that kind manager/ assistant manager who will save you from the overdraft fees.
Many branch managers will not reverse them because if they did this for everyone who came in the door they would shell out a fortune in a month. I work in a branch and deal with this same thing for people.

Answer 7

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 8

if you have been a long term customer with the bank and have never bounced a check before, then more then likely you will be okay. also since the card wasn't denied at the store then i would say your alright. i wouldn't worry about it unless it happens.

Answer 9

Why are you asking us to be fortune tellers ?
Are we suppose to be able to see Your future ?

We can't see your account , we don't have the #s or passwords .
YOU can see your account ,
You can see if the bank is saying denied NSF .

Log onto your account .
Check to see if the deposit credited .
Check to see if the purchase posted .
Go Look Now .

And chill out , what's done is done and spinning your wheels about it will NOT change anything .
If they charge you for overdraft ,
Call customer support and veryyyyyyy nicely point out your deposit & ask what can be done .
Asking strangers for future predictions is pointless .

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