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Start Now for Free. Latest Research. Latest Reviews. Paying Down Debt? When a charge is made against your account that would take it to a negative balance, there are three potential outcomes. First, your bank may foot the bill on your behalf and charge you an overdraft fee. Some banks will continue charging you for any additional transactions you make while the account is negative.
These fees are often pretty steep and will add up quickly if you have to pay multiple times. Second, funds from another account you own may be used to cover the charge. When the primary account reaches zero, funds from the other account are used transferred to cover the amount. You will usually pay a small fee for the transfer.
Ideally, your linked account would be a savings account or another checking account. You typically want to avoid using a credit card as your backup account , because it will likely be processed as a cash advance. Third, if you do not have overdraft coverage or protection and your bank decides not to foot the bill, it will refuse the transaction. If you have overdrawn your account or have insufficient funds, here are steps to consider taking.
Others prefer to avoid fees. Keep in mind that some banks offer an intermediate solution, often known as overdraft protection. If you choose to use this service, the bank can use a linked account, such as a savings account or line of credit, to cover the transaction if you are short of funds in your checking account. This service usually comes with a fee, but it is often much smaller than an overdraft fee.
As mentioned, any kind of transaction on your account could create an overdraft. But the order in which these transactions are applied to your account may determine the number of overdraft fees you are charged. There are a variety of ways in which banks may post transactions to your account. Other banks may post transactions in sequential order, or the order in which the bank receives the transactions.
Yet other banks may post transactions using a combination of factors, including when the transaction was received and the type of transaction. In addition to understanding the order in which your bank posts transactions to your account, you should familiarize yourself with how your bank allocates funds during posting.
These holds reduce the funds available to cover posting items, which can result in overdraft fees. Commercial Banking. See all. About Chase J. Chase Overdraft Services. What's an overdraft and what are overdraft fees? What are your overdraft services? If I overdraw my account, how long do I have to deposit more money to avoid being charged a fee? Can I get an alert when my balance is low or overdrawn?
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