the reason i ask is because last month i whent to 24 hour fitness and the guy paid with my debit card but i only had about $15 did he macke a check or something out of it but any ways i paid it off.i just want to kkno if i can purcase an item with a check even though i have $10 and its a teen checking acount i will pay the money back with fees.???
2007-11-22 10:53:04 · 21 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
There are only TWO ways this can work...
1) You can make sure that you put money into your account ASAP - BEFORE they have a chance to cash the check!
2) If your account has "Overdraft Protection" - then they CAN take more money then you have. It will put you at a NEGATIVE balance - and what happens then depends on the bank...
Some will let you carry your account this way for an exteneded period of time (while hapilly charging you interest) - while others will freeze your account until there is a positive balance ;);););)
2007-11-22 10:59:57 · answer #1 · answered by kr_toronto 7 · 2⤊ 0⤋
if you only have $10 and you write a check for $140 then you don't have enough money to cover the check and it will bounce. You will then have to pay the bank a bounced check fee and possibly the person you wrote the check to a fee as well. This could cost you as much as $60 in fees plush the $140 you don't have in the first place.
2007-11-22 18:57:58 · answer #2 · answered by Leizl 6 · 1⤊ 0⤋
Wait until you have the money. Aside from it being fraud, the item that is $140 will actually cost you about $190.00 after the NSF fee for overdrawing your account. Or worse, if Wells Fargo returns your check to the merchant the item will cost you about $250.00 because of the NSF from Wells plus the merchant's returned item fee. Is it worth that to you? Spending money you don't have is a very bad cycle to get into because it will cost you thousands of dollars in fees and charges over the course of a year or so. I have been in banking for 12 years. Trust me. Save up for the items you want. You'll save tons of cash!!!
2007-11-22 20:58:42 · answer #3 · answered by SterlingRose7 2 · 0⤊ 0⤋
I would not advise that. I am a banker and by doing this you check could be returned to the company you wrote it to as well as the company who it was returned to assesing a fee. Not to mention your bank will be glad to asses a fee as well. Also when that company tries again to deposit you will get another fee if you dont have the money in the bank. I would not advise this. When you do things like that the bank will close your account and put your name out so other banks wont let you open an acct. being a teen do you really want to start your adult life out this way?
2007-11-22 19:01:53 · answer #4 · answered by bermie 2 · 1⤊ 0⤋
Your agreement with the bank is set with your account. I'm sure you have a list of fees somewhere. You will be charged an NSF fee. My bank charges something like $50. Not a good idea to pass bad checks, there are laws against that.
2007-11-22 18:56:38 · answer #5 · answered by marie 7 · 1⤊ 0⤋
If you write a check knowing that there isn't enough money in the account to cover it, you're committing a crime, and can be CRIMINALLY prosecuted.
You can also be sued for the value of the check, at least. In many places you can be sued for three times the face value of the check, plus the businesses bank charges. Your bank will also hit you with a fee for NSF.
Richard
2007-11-22 18:57:57 · answer #6 · answered by rickinnocal 7 · 0⤊ 1⤋
Ok so dont do it. If you only have 10 bux...make some cash and earn the other 130. If you pay the fees you wont go to jail and even so you dont go to jail....you get fined and a ticket...THEN after a certain period of time you get a warrant put out for you..and when they find you..its off to the slammer you go. MAKE IT EASIER ON YOURSELF KID. Earn your cash...avoid the worrying and back-handedness. Be honest and have principles.
2007-11-22 19:05:20 · answer #7 · answered by dahlia b 1 · 1⤊ 0⤋
Don't do it. The fees for a bounced cheque can be as high as $30 plus other additional fees. Spend only what you have.
2007-11-22 18:56:53 · answer #8 · answered by Wendi lu who 4 · 1⤊ 0⤋
NO, technically by law you're writing a bad check, and at that amount it would be a felony charge in some states. You have $10 to spend. Period.
2007-11-22 18:56:33 · answer #9 · answered by Anonymous · 2⤊ 0⤋
Don't do that. No matter what, it's called bouncing a check & that's against the law. Plus, your going to trash your credit rating. If you haven't got the money to buy something, you don't need it.
2007-11-22 18:55:47 · answer #10 · answered by The Eagle Keeper 7 · 2⤊ 0⤋