Overdrafted Checking Account

[byalexandr]

My car has been racking up in my finances, and along with the other bills I have I now accidentally overdrafted my checking. I get paid Thursday at 2AM, but I currently have no other funds to move into my checking to bring it back.

 

Is that too long of a time span to leave it overdrafted like that (it's Tuesday afternoon at the time of posting this)? I don't even have a credit history or anything like that so I don't know if it can affect my credit in the future when I do apply for credit.

 

Any advice?

[dalekphalm]

5 minutes ago, byalexandr said:

My car has been racking up in my finances, and along with the other bills I have I now accidentally overdrafted my checking. I get paid Thursday at 2AM, but I currently have no other funds to move into my checking to bring it back.

 

Is that too long of a time span to leave it overdrafted like that (it's Tuesday afternoon at the time of posting this)? I don't even have a credit history or anything like that so I don't know if it can affect my credit in the future when I do apply for credit.

 

Any advice?

That's up to the discretion of your bank.

 

It likely won't affect your credit rating - your bank probably can't be assed to report something as minor as an overdraft to the Credit Bureau.

 

The bigger risk is that whatever made your account become overdraft will have a Bounce Back, and your bank will charge you an NSF fee (Not-sufficient funds). It varies, but in Canada they're around $45.

 

Some banks will give you the occasional "get out of jail" card, and will just charge you interest or a small fee, but won't bounce the last withdraw.

 

EDIT: I'm also assuming you don't have an overdraft limit, which is essentially a form of credit.

[dizmo]

I don't think this is really the right forum to be asking such things...

I mean, really, you should be asking your bank. Just give them a call.

 

[dalekphalm]

3 minutes ago, dizmo said:

I don't think this is really the right forum to be asking such things...

I mean, really, you should be asking your bank. Just give them a call.

 

Haha yeah... if the OP calls them, they'll literally have all the answers.

[byalexandr]

3 minutes ago, dizmo said:

I don't think this is really the right forum to be asking such things...

I mean, really, you should be asking your bank. Just give them a call.

 

Bank of America is what I have. They already charged me a $35 fee. I know for sure I will not be touching my account for the next couple days until I get paid, I just want to make sure I don't get into amy deeper trouble.

[byalexandr]

5 minutes ago, dizmo said:

I don't think this is really the right forum to be asking such things...

I mean, really, you should be asking your bank. Just give them a call.

 

Eh, 'tis in Off Topic.

[dalekphalm]

1 minute ago, byalexandr said:

Bank of America is what I have. They already charged me a $35 fee. I know for sure I will not be touching my account for the next couple days until I get paid, I just want to make sure I don't get into amy deeper trouble.

What trouble, exactly, do you think you'll get in?

 

From the bank? Nothing. This won't even make it into your credit report.

 

As I said, the bigger risk is a bounce bank (Eg: say your car payment was what made the account go into the negative - this charge could be reversed, then your car lender could go after you with additional fees, depending on the details of your loan contract).

[dizmo]

3 minutes ago, dalekphalm said:

Haha yeah... if the OP calls them, they'll literally have all the answers.

More importantly, all of the correct answers. I mean, we can tell him what our banks would do. But we're in a different country, and I imagine even bank to bank in the US has different policies.

Sometimes I worry about future generations.

1 minute ago, byalexandr said:

Eh, 'tis in Off Topic.

Sub forums aren't the same as forums.

I meant the forum as a whole. You might get better results in a Financial Reddit thread.

Seriously though, if you're asking about things like that, you really should just call them. Part of being an adult.

[dalekphalm]

14 minutes ago, dizmo said:

More importantly, all of the correct answers. I mean, we can tell him what our banks would do. But we're in a different country, and I imagine even bank to bank in the US has different policies.

Sometimes I worry about future generations.

Sub forums aren't the same as forums.

I meant the forum as a whole. You might get better results in a Financial Reddit thread.

Seriously though, if you're asking about things like that, you really should just call them. Part of being an adult.

I feel like part of the problem is that a lot of LTT forum users are... hesitant? to call someone on the phone. And would rather "find" the answer online in a forum or something. Even if it's literally impossible for anyone on the forum to know the answer, unless that user happens to work at the place the OP is dealing with (and even in that case, it would be an illegal breach of privacy for that forum user to help the OP).

 

The younger generation seems to have this aversion to simply picking up the phone and calling a company. Be it out of impatience, or fear, or something else entirely.

 

I can understand preferring other contact methods with the bank (and other companies) such as web chat, but when that's not available, you just gotta pick up the phone lol.

[cekkonen]

LOL WHAT?! CHECK? You still live in the frickin 80's? Who the hell uses checks these days? I haven't even seen one in 15 years, and back then it was outfashioned to use a check for anything. I can't even recall any business/ company accepting checks for as long as I have understood anything about money

[dalekphalm]

2 minutes ago, cekkonen said:

LOL WHAT?! CHECK? You still live in the frickin 80's? Who the hell uses checks these days? I haven't even seen one in 15 years, and back then it was outfashioned to use a check for anything. I can't even recall any business/ company accepting checks for as long as I have understood anything about money

Actually, adults use cheques still, occasionally. Some places require it as the only accepted form of payment (Rent payments to apartment buildings, for example - quite common for them to not accept cash).

 

Anyway, that's besides the point. This is talking about a chequing account (Or "Checking account" for you Americans). This is a bank account. One used for "day-to-day" usage. You can still issue cheques that will debit out of the account, but that's only one aspect of a chequing account.

 

Retail businesses do not accept cheques, because it's far too easy to fake one, and it's still based on the honour system (I can write you a cheque for $158,992.38 - but that doesn't mean it will clear).

 

They are being slowly phased out, but until all industries and financial systems have adopted an alternative system, there is still some holdover.

[byalexandr]

14 minutes ago, cekkonen said:

LOL WHAT?! CHECK? You still live in the frickin 80's? Who the hell uses checks these days? I haven't even seen one in 15 years, and back then it was outfashioned to use a check for anything. I can't even recall any business/ company accepting checks for as long as I have understood anything about money

Checking as in a bank account.

[dizmo]

16 minutes ago, dalekphalm said:

I feel like part of the problem is that a lot of LTT forum users are... hesitant? to call someone on the phone. And would rather "find" the answer online in a forum or something. Even if it's literally impossible for anyone on the forum to know the answer, unless that user happens to work at the place the OP is dealing with (and even in that case, it would be an illegal breach of privacy for that forum user to help the OP).

 

The younger generation seems to have this aversion to simply picking up the phone and calling a company. Be it out of impatience, or fear, or something else entirely.

 

I can understand preferring other contact methods with the bank (and other companies) such as web chat, but when that's not available, you just gotta pick up the phone lol.

I think it's partially due to age, and partially due to the need for instant gratification. Heaven forbid should someone have to wait on hold for more than a few minutes. I don't get the fear at all...the other person can't see you, and they're getting paid to talk to you, it's their job. Oy. Once they get into powerful positions it'll be interesting to see how the whole service landscape changes.

7 minutes ago, cekkonen said:

LOL WHAT?! CHECK? You still live in the frickin 80's? Who the hell uses checks these days? I haven't even seen one in 15 years, and back then it was outfashioned to use a check for anything. I can't even recall any business/ company accepting checks for as long as I have understood anything about money

Chequing is a type of account. For example I have 2 savings and 1 chequings accounts.

Cheques are still widely used for things like rent.

[byalexandr]

8 minutes ago, dizmo said:

I think it's partially due to age, and partially due to the need for instant gratification. Heaven forbid should someone have to wait on hold for more than a few minutes. I don't get the fear at all...the other person can't see you, and they're getting paid to talk to you, it's their job. Oy. Once they get into powerful positions it'll be interesting to see how the whole service landscape changes.

Chequing is a type of account. For example I have 2 savings and 1 chequings accounts.

Cheques are still widely used for things like rent.

The thing is, I'm not afraid to make a phone call. I do so all the time. What I was afraid of was the ramifications of calling the bank and having to talk about my overdrafted account. To me that is embarrassing to me regardless if the other person is paid to do this kind of thing, especially when I know I can have it cleared up in a couple days time. It's not a thing of waiting on hold or any other part like that.

 

At the same time you'd think I'd know better.

[dalekphalm]

8 minutes ago, byalexandr said:

The thing is, I'm not afraid to make a phone call. I do so all the time. What I was afraid of was the ramifications of calling the bank and having to talk about my overdrafted account. To me that is embarrassing to me regardless if the other person is paid to do this kind of thing, especially when I know I can have it cleared up in a couple days time. It's not a thing of waiting on hold or any other part like that.

 

At the same time you'd think I'd know better.

Well - if there are going to be any ramifications, it's gonna happen whether you call them or not

 

Worst case, they'll be like "Yo, don't do that, or you'll get charged a fee again".

[Guest Kloaked]

Wells Fargo closed my account for overdrafting a few pennies and didn't let me know before. I had to go up to a location and ask what was up and ended up finding out I went a few pennies over when I got gas one time. Charged me $40 to reopen it and shit.

 

Banks are dumb but water you gonna do

[cekkonen]

7 hours ago, dalekphalm said:

Actually, adults use cheques still, occasionally. Some places require it as the only accepted form of payment (Rent payments to apartment buildings, for example - quite common for them to not accept cash).

 

Anyway, that's besides the point. This is talking about a chequing account (Or "Checking account" for you Americans). This is a bank account. One used for "day-to-day" usage. You can still issue cheques that will debit out of the account, but that's only one aspect of a chequing account.

 

Retail businesses do not accept cheques, because it's far too easy to fake one, and it's still based on the honour system (I can write you a cheque for $158,992.38 - but that doesn't mean it will clear).

 

They are being slowly phased out, but until all industries and financial systems have adopted an alternative system, there is still some holdover.

I'd consider myself an adult, being 29 years old, and I don't know anyone who uses checks. Yes, I know it's a sort of bank account and how the system works, but still WTF dude? Paying rent with a check? That's just stupid. I've got a banking app on my phone I use to pay my rent and bills, which btw come in as e-bills straight to the app, just accept the bill and give it a single-use key it asks, done.

Americans are stupid for not abandoning such an ancient system already, while civilised world has moved on, but what can you expect from a nation that has chosen Trump as their almighty overlord...

[Suika]

3 minutes ago, cekkonen said:

I'd consider myself an adult, being 29 years old, and I don't know anyone who uses checks

As somebody who runs a cashier time from time, it's usually just really old people.

[KuJoe]

7 minutes ago, cekkonen said:

I'd consider myself an adult, being 29 years old, and I don't know anyone who uses checks. Yes, I know it's a sort of bank account and how the system works, but still WTF dude? Paying rent with a check? That's just stupid. I've got a banking app on my phone I use to pay my rent and bills, which btw come in as e-bills straight to the app, just accept the bill and give it a single-use key it asks, done.

Americans are stupid for not abandoning such an ancient system already, while civilised world has moved on, but what can you expect from a nation that has chosen Trump as their almighty overlord...

It's all about money. A 3% fee to accept a credit card is more than a 0% fee to accept a check/money order.

[Mooshi]

BOA is ass, I left them for good reason. I've been there myself and accidentally drafted a few times. Thankfully my bank was understanding in those cases and it only happened near payday.