I bought a jacket with my card (checking account), but i didn't know that i didn't have enough money in my account to pay for it. What will happen to my account now that i've spent more than i have?
2007-11-05 10:49:47 · 6 answers · asked by Mya A 1 in Business & Finance ➔ Personal Finance
You will probably be charged with an overdraft fee. Get enough money into that account to cover the overdraft ASAP.
2007-11-05 10:53:49 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It's called insuffiencent funds the same as a paper check. The merchant will probably get paid but you will have an overdraft fee to pay to your bank. It could be as low as 15 or as high as 50.
If the merchant is not paid then you will have to pay the merchant for the purchase plus pay the merchant a bad check fee in addition to the bank's bad check fee.
So, your purchase could cost you with the bank's bounce fee and the merchant's bounce fee between 30 and 100 dollars.
It's pretty simple just write down each check amount written and each debit card amount used and subtract.
Banks make good money off those who are sloppy in their personal finances.
Good Luck
2007-11-05 19:02:40 · answer #2 · answered by thefinalresult 7 · 0⤊ 0⤋
when you write a cheque , you normally produce a cheque gaurentee card to go with it, that card is a promise from the bank that they will honour the cheque to a value printed on the card, (started at £50, but the norm now is £200, in britain).
so your cheque shouldn't bounce, but you will be charged a fee by the bank for going into the red, that charge will then be inflated by them sending you a ltter to tell you that your in the red, as they will charge you for the letter too, so... asuming you went £5 into the red... they would charge you £25 for being over drawn, then an additional £25 for the letter, then charge you interest charged weekly on that overdrawn amount, (now £55) at an inflated rate.
banks... dont you just love them ....
2007-11-05 19:02:03 · answer #3 · answered by lager_and_regal 1 · 0⤊ 0⤋
Since the transaction was approved, the bank will charge you an overdraft fee. As long as you pay that fee in a reasonable amount of time, you'll be ok.
2007-11-05 18:55:30 · answer #4 · answered by Chris F 3 · 0⤊ 0⤋
Do you have overdraft protection, that's where you have say $200. over on your acct to use. I have a feeling that's what you have or when the store tried to run it through it would have declined.
2007-11-05 18:54:50 · answer #5 · answered by JF_14 3 · 0⤊ 0⤋
overdraft at the bank ... charges apply. oops ouch
2007-11-05 18:55:21 · answer #6 · answered by Spock (rhp) 7 · 0⤊ 0⤋