What does a bank do if you have overdraft privelages , and someone shows up to cash a check and your overdrawn?
would they cash it?
how about if they simply deposit it in their bank?
how does it affect them or charge them?
please explain.
Thanks for your ansewrs!
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August 22nd, 2010 at 9:15 am
i think they will cash then they will take of what you own them you could ask them to take the overdraft of your account that a much more easier way to deal with things then you won;t get overdrawn hope this helps
August 22nd, 2010 at 9:30 am
It depends on the amount of the overdraft and whether you have money in savings or any other checks trying to clear at the same time.
If the bank is willing to cover it, they would cash it and charge you a fee. The last time this happened to me it was $29.
If the overdraft won’t cover it, the check bounces and the casher walks away with nothing. The bank still charges you an overdraft fee. Then, if the failed check casher was a business, they will charge you their own bounced check fee. It could wind up costing you about $100, and you would still owe the money for the bounced check.
August 22nd, 2010 at 10:02 am
everyone has overdraft it is not a privilege, the banks love when you use it , they make a pure profit from you
August 22nd, 2010 at 10:36 am
probably cash it and hit you with another overdraft charge – that’s how they are making a lot of their profit now – fees
August 22nd, 2010 at 11:21 am
It would be an unwise decision, to say the least, it’d actually against the law to knowingly write a check when you know you don’t have the funds to cover it. Now everyone has to pay, if the person you wrote the check to deposits it into their account it will be returned as a NSF check and they will charge that person a fee even though they didn’t know they check was bad. If it is taken to your bank they won’t cash it without checking your account to be sure you have sufficient funds. No matter which way it happens the check will be no good the person you wrote the check to will not get the money. Did you not think of the consequences before you wrote the check?
August 22nd, 2010 at 11:40 am
If you have an overdraft and the check is not going over your overdraft limit the bank will cash it. You will be hit with a fee.
Now if you do not have an overdraft (you can decline it or if you have a bad history) then the bank would tell them the check cannot be cashed at this time.
If it was deposited and you have an overdraft when it came through it would go through. If you didn’t have an overdraft the persons account would have a returned item and your account would be hit with an nsf fee.