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Questions tagged [overdraft]

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3
votes
3answers
9k views

Consequences of having an ACH payment declined?

Apart from embarrassment, is there any other consequence to having an ACH transaction declined (like an automatic payment of some sort)? Is it treated the same as a check bouncing? Does it affect ...
6
votes
1answer
1k views

Legal to apply dormant account fees until the account overdrafts?

Is it legal in the USA for a bank to assess and apply dormant account fees until the account overdrafts and goes negative? This is happening to a friend of mine and it doesn't seem like it should be ...
3
votes
1answer
111 views

Do online billpay/banking force NSFs when they can?

When online banking and payment systems first came out, I remember they used to have a lot of issues with giving indicators (visual/email payment confirmation) that a payment was 'locked in', but then ...
1
vote
1answer
402 views

Does an unused overdraft help or hinder credit score?

Whilst at university, I was given an interest- and fee-free overdraft of £2000. I finished uni a few years ago by now, and the interest- and fee-free deal has now ended. I don't use the overdraft at ...
10
votes
6answers
4k views

Is a debit card dangerous for an account with low balance and no overdraft protection?

I have a checking account that I keep very little money in. I use a debit card as a credit card at shops, and at the ATM. I have turned off overdraft protection on the checking account. I've heard ...
0
votes
2answers
239 views

How much risk is a debit card, if stolen?

I have a debit card that I share with my spouse. I keep just a small amount in the account linked to it. She was overcharged accidentally, and I noticed a negative balance on the card. I ...
16
votes
6answers
3k views

Using a credit card to clear my overdraft

I'm currently into £2000 overdraft with Santander. It was entirely interest free while I was a student. Sadly those boozy days are behind me and with this new responsibility comes a charge for the ...
7
votes
3answers
990 views

Overdraft Protection - Is this legal?

I recently got an overdraft when I forgot about a pending transaction. That's completely fair and I understand what happened. However, what followed concerns me deeply. I had OD protection on my ...
1
vote
1answer
63 views

Thinking on asking for an overdraft, if I pay the entirety of it next month, how much interest do I have to pay?

So I'm thinking on getting a overdraft in my bank, it says that the interest is 15% annually, however I only need little money to cover something before the end of this month, I can pay that amount in ...
0
votes
2answers
452 views

Do overdrafts on a checking account affect credit score?

I unfortunately had an overdraft on my checking account and my bank transferred money from a reserve line. Will this affect my credit score? Or is it independent from that?
2
votes
1answer
552 views

Hotel, double charges, overdraft and bank interest

Situation: During check-in at a hotel, I give them my (debit) card, do paperwork (fill in forms, sign documents and so on...). They hold some funds ($100 for example). Finally, during check-out, ...
3
votes
2answers
123 views

What leverage do I have to negogiate reduced overdraft fees?

Through a comedy of errors involving other financial institution, my checking account at a credit union went negative, and I was charged $200 in overdraft fees. I don't think I'm responsible for the ...
21
votes
4answers
3k views

Why do banks insist on allowing transactions without sufficient funds?

Specifically, to a checking account. I have not heard of, in a long time, any bank that will simply decline a charge if there isn't sufficient money. Either by default or even at the customer's ...
13
votes
3answers
90k views

What happens when PayPal overdrafts a checking account (with an ample backup funding source available)?

I recently made a large purchase with PayPal two days ago, but didn't realize that it would try billing my checking account with the whole amount rather than splitting it between my checking account (...
1
vote
1answer
120 views

Overdraft on students account damages credit rating?

I have a student account with a bank in UK with a overdraft of 500 pounds. Speaking to one of the clerks, he explained to me that the overdraft bears no cost and I can keep my bank account in the red ...
4
votes
2answers
2k views

How quickly are the funds from a bank deposit available via my debit card or a check?

I deposited a cashier's check into my account at 8AM, the account had nearly nothing in it. If I were to use the "credit" option on my debit card at the grocery store would I overdraw my account? Do ...
0
votes
2answers
102 views

Current Account without Savings Account

Is it possible to have a current account without a savings account? If it is possible, then if the client withdrew more than of its balance, how will the overdraft occurs?
2
votes
3answers
2k views

Paying off Overdraft first or Credit Card

I have accumulated 18 000 in debt between my Credit Card (-8000, interest=16%) and Cheque Account Over Draft (-10 000, interest=15%). I make 10 000 per month, and I have around 3000 after all my needs ...
4
votes
1answer
144 views

What do new Overdraft rules for U.S. banks mean for transactions, when they go into effect July 1, 2010?

The rules will affect ATM withdrawals and debit card transactions, and are meant to protect consumers with an opt-in option. What does this mean?