i get paid bank on the 27th, couple days after christmas, i allready spent all my money in my bank, but i have over draft protection on my checking account. but i havent recived my actuall physical credit card so i cant use it. SO can i just use my debit checking card and buy like 150 dollaz of xmas gifts with no money in my bank but jsut letting overdraft take care of it till the 27th? thnks i got Bank of America
2007-12-19 22:44:14 · 7 answers · asked by Feeln' myself 2 in Business & Finance ➔ Credit
If you have a debit card, you can pay for items and your overdraft will cover it, but as a past customer of Bank of America, I am telling you that you should repay as soon as possible. I am sure they will also post financial charges as well for using the overdraft. If you don't have a debit card, the only way Bk of A will cover you is if you issued checks.
2007-12-19 23:46:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Don't know if your bank would allow it, but there are some that would. Unfortunately this will cost you interest and bank charges.
From my perspective not a good idea. The overdraft is for when you run a little short such as 10-30 bucks for a payment that must be made. It is not a credit line for anything (or at least it's not supposed to be). Does your overdraft have a limit??? Some do.
2007-12-19 22:55:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
probably not. overdraft is really for accidental overdrawing, not on purpose.
accidental meaning, checks or debit charges haddn't cleared, so when you charge again, thr bank says you have money, when you really wouldn't after those charges cleared.
if you have all charges cleared already, and have no money, you probably will get a NSF message from using your card.
2007-12-19 22:55:17 · answer #3 · answered by no body 6 · 0⤊ 0⤋
If everything has cleared the system and your available balance shows at $5 then your transaction will be denied for not having the funds available. It is not a free loan ability.
2007-12-20 09:45:30 · answer #4 · answered by Pengy 7 · 0⤊ 0⤋
Not sure, depends on their policies, but would be very irresponsible to do so. See instead if you can get a small loan from someone, write it up with the 'payback' date.
2007-12-19 22:55:49 · answer #5 · answered by magy 6 · 0⤊ 0⤋
my bank uses overdraft as a loan liner so yes. i have 500 available anytime i wamt it
2007-12-19 23:01:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Dude, that is DUMB. You will be hit with some pretty hefty fees.
Why not budget your money more responsibly instead?
2007-12-20 02:27:04 · answer #7 · answered by Anonymous · 0⤊ 0⤋