If i have $20 in my bank and i buy something worth $500 what happens if i don't pay the bank right away?

Question

Metaphorically speaking...and say i don't pay for a couple of month????

Answer 1

Its called fraud... and bordering on Grand Theft... which is a felony......

Answer 2

First of all, the purchase might NOT get thru since you don't have enough money, and the purchase amount is such a big difference. If you don't have the money, you better not buy something NOW. It is better that you wait for two months..If that purchase really gone thru, and you have not pay for 2 months. The bank will close you account and put you on a chex system, that means, you will not allow to open an account anywhere at any bank. The chex system is like a credit check system for banks. Do NOT do that to yourself....is not worth of whatever you want to buy. BTW, you will owe bank the difference in amount plus a very high fee.

Answer 3

With todays technology, if you're writing a check the store will use Telecheck which will confirm to them that there are enough funds in the account. So they purchase wont go thru anyway. If you use a check card samething. Some banks use what is call good faith money, meaning they will allow up to a certain amount to go over what you dont have in the account. They will pay the item and charge you overdraft fees out the ying yang. And if it goes on for too long where payment isnt made, your account will be charged off and your name gets sent to a system that allows banks to run checks to see if stuff like this has happened to they wont get stiffed either.

Answer 4

You don't owe the bank. You owe whomever you wrote the check to. The bank is the middleman.
If you don't have overdraft protection with your checkings account you will be charged a NSF fee by your bank for insufficient funds and the check will be returned to who ever you wrote the check to. If they run it through your bank again, and the money isn't there you will be charged another NSF fee. If don't have overdraft protection then the person you wrote the check to may begin collection methods to recover the funds giving you notice of the bounced check and steps in remeding the situation. (Please note that you could be brought up on charges because of this.) Five hundred dollars is alot of money.
If you have overdraft protection the bank will cover the check and you will end up owing the amount of the check plus lucrative bank fees for this service. If you don't pay the bank within a couple of months they will probably take you through their collection methods to recover the funds. To write a check knowing that the funds are not there and will not be there by the time the check hits your bank is being deceptive and constitutes fraud. If you continue to do so you could be brought up on charges depending on the amount you are writing these checks for and how frequently you are doing it. Your bank will take notice of the repeating behavior and become aware of it. Please note that it is illegal to write bad checks.

Answer 5

You can buy it but remember you will have to pay it back plus overdraft fees. If you have direct deposit, count on that money coming right out of your account. If you don't pay for a couple of months, they will close your account and it may be hard for you to open another account with another bank.

Answer 6

Aren't you sly, or I mean stupid. You need to tell the bank ahead of time what you intend to do, and what they will do is offer you a loan for interest. You don't just take it upon yourself and take the banks money and not agree to anything.

If you don't like their interest rate, check my profile. I think the website has better interest rates.

Answer 7

My bank will charge you 50 bucks plus interest until it is paid off, once it is paid off they may close the account, then you will have trouble finding another checking account because it will show what you did, so be careful.

Answer 8

its bank fraud and you could go to jail..not a good idea to try to get away with nowadays anyway..lots of places have autocheck..its just like a credit card or 'mac' and they take the money directly out of your checking account right away.

Answer 9

That is what credit cards are for, purchasing an item knowing not having the funds is larceny. Which is a crime, in actuality.

Are you a pretty boy, they love pretty boys in jail.

Answer 10

Dude's right. It's ILLEGAL to write bad checks and you'll go to jail if you do enough of them. Here's an idea........if you don't have the money, don't friggen buy anything!!!

Answer 11

they charge you interest and a service fee.

so when you finally do pay it will be $500 + $5 interest +$7.50 service fee. this makes your total cost $512.50