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by rawr.760 on October 17th, 2007

rawr.760

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If you overdraft your bank account, do you owe them what you spent and a charge... or does it build interest like a credit card?? Approximately how much are these charges (I know they vary w/your bank and kinds of accounts)

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Answers. 5 helpful answers below.

  • by AnnieB on September 16th, 2009

    AnnieB

    My bank charges a NSF fee of $35 per day.

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  • by 40ishVoiceofReason on August 24th, 2008

    40ishVoiceofReason

    Our bank would put in $100.00 blocks and then charge another $24.00 for doing so. We would have to pay back the $124.00, although it may have only been a few dollars over. Every bank is different. Yours can explain it's policies to you if you ask.

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  • by BigDaddyBS on February 28th, 2008

    BigDaddyBS

    Yes... Most likely you own them both what you overdrafted (putting your account back in the black) PLUS the overdraft charge.

    Any checks written (or debits) AFTER the initial overdraft will incur another OD charge, and many times, they recharge ANY overdraft charges after a period of time (say a week) until it's clear (positive).

    If you get multiple OD charges, though, if you call them, they MAY remove SOME, if you made deposits to cover what you owed them, and an overdraft note MAY have crossed in the mail.

    My bank charges $32 per overdraft.

    (NOTE: SOME banks/accounts will have overdraft protection loans, and yes... THEY will charge interest on those loans, too.)

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  • by SarahK on February 28th, 2008

    SarahK

    It depends on your banking arrangements. The "line of credit" may very well charge interest, but it may be wort it to avoid a $25 or $30 NSF fee for each transaction.

    (This is part of why I use credit cards and have enough cash in the bank to pay my bill in full and still have some cushion.)

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  • by Sodahead on October 17th, 2007

    Sodahead

    I belong to a credit union and the charge just $30.00 for any negative balance in my account.

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