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List of Partners vendors. Even if you regularly peek at your bank balances online, it is possible to accidentally let your account fall negative, otherwise known as overdrawing your account. For example, you may have written a check to a company or individual who did not deposit it immediately. A debit card transaction may not have cleared quickly, and your balance was larger than it should have been.
Or, a deposit could have been delayed, leaving you with insufficient funds to cover your withdrawals. Whatever the reason, the consequences for having non-sufficient or insufficient funds NSF or overdrawing your checking account will depend on your bank's policies, whether or not you have a linked savings account , and if you have opted for overdraft protection. Your bank may offer an overdraft protection program. In some cases, you can link another account to the checking account, and if your balance goes negative, funds will automatically be transferred in to cover the difference.
In other cases, the bank will process the transaction, and you will be charged fees until you deposit money to cover the difference. Either way, you may pay multiple fees for using these services. There could also be a monthly service fee and daily fees for each day your account is negative. If a check bounces, you may have to pay a returned check fee. Additionally, you may obtain a free copy of your report once a week through April at AnnualCreditReport. Editorial Policy: The information contained in Ask Experian is for educational purposes only and is not legal advice.
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When that happens, your bank can charge you fees , make you pay it back and even close your account. When your account gets to a negative balance, your bank will probably charge you an overdraft fee that makes your account even more negative.
Your bank can also close your account if it's negative for too long, or if you repeatedly go negative. Be sure to check your balance regularly. An overdraft happens when you take more money out of your checking account than you have in it. This can happen because the transactions you do don't always immediately get reflected on your account, so it's possible that you could keep spending without realizing that you've taken too much out of the account.
At times, your bank will know that you've spent too much but will still approve the charge to save you from being declined. Overdrafts can also happen if you deposit money into your account, but something goes wrong and it gets delayed being credited to the account. But, try to pay the fee as quickly as you can. In that case, not only do you need to settle up with the bank to pay the NSF fee, but you also need to settle up with the third party.
You owe them money and could face adverse consequences if you do not pay them. It is usually best to resolve this as quickly and amicably as possible. Simply contact the merchant, explain the mistake, and submit the necessary payment. There are a few basic strategies and habits you can use to keep your checking account at a positive balance moving forward.
Here are a few:. Having your bank account go to a negative balance is certainly not an ideal situation, but it is also not the end of the world.
If this happens to you, be sure to resolve it as quickly as possible and then make a plan to keep it from happening again. Our credit counselors can help you make a budget and financial game plan to help you meet all of your financial obligations. You can get started today with a free counseling session.
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