Okay... so I overdrafted today.

[Powdered Toast Man]

First time in YEARS! (gas station from a week ago) And the bank did NOT charge me an overdraft fee. I assume I have President Obama to thank for this? Or did my bank just decide to be really nice and not charge me their customary $29?

[depakid]

1. Some banks will give you one or two freebies

[Orrex]

2. You think that you got off lightly now, but...

In the near future you will be contacted by a furtive man in a business suit demanding that you perform certain favors of a dubiously legal but non-sexual nature.

Then you'll learn the cost of overdraft.

[Powdered Toast Man]

4. LMAO!

I wouldn't be surprised. I know credit card companies now have to ask you if you want to overdraft, but I wasn't sure about check cards. Of course, all my transactions for today were still in "pending" status, so perhaps because I rushed to the bank and put cash in before everything was out of pending status... I don't know. Just glad I didn't have to pay a fee.

[FarCenter]

7. Most likely they would compute and apply the overdraft fee during the overnight computer run

Most banks "memo post" transactions intra-day using some sort of real-time system. Then they finalize the transaction in a batch program computer run (quite possibly still COBOL and mainframes) that posts all of the day's transactions to the demand deposit accounts, applies fees, etc.

Check in the morning and let us know if depositing the cash avoided the fee. It probably did if your balance went negative after the debit card transaction and then back positive after you deposited cash.

[nykym]

8. When you rushed to the

bank and put enough cash in to cover the charges you were in the clear. By law you have till the close of business to bring your account up to snuff. But don't overuse the privilege (yeah I know privilege LOL) because it is up to the banks to extend the credit to you and if the see a lot of it happening in your account you loose.

[Powdered Toast Man]

9. Oh no...

Like I said, first time in years it happened. I forgot about the gas station. Normally I use cash or debit so I don't have an issue.

[Orrex]

13. nykym is right, and in addition...

Make sure that the deposit is made in cash or otherwise "good funds," such as a cashier's check. If it's a payroll check or a check drawn against another bank, they might hold onto it for several business days until the funds are considered collectible, by which time you'll already have been stomped for the overdraft fees.

The hold-time can vary, I believe, but figure 5 to 7 business days at least (check the fine print!)

[SharonAnn]

11. A"lot" of that happening is called "daylight overdraft"

[ProudToBeBlueInRhody]

3. Do you have a seperate savings account with them?

My bank will take the money from there to cover it.

Or, if you've been a member long enough, you have overdraft protection.

[Powdered Toast Man]

5. Nope.

and they don't offer that, at least not that I am aware of. They have been bought out by another bank. Maybe that has something to do with it?

[mdmc]

6. Which bank are you using my friend?

:kick:

[Powdered Toast Man]

10. LOL...

I don't think I want to post that info, but it's not a "big bank," just a regional.

[mdmc]

12. gotcha

I'm looking for a big bank to hook me up with a credit card - sounded like the bank you have is good -
peace out..