Thursday, July 29, 2010

I need some advice about my checking account?

Alright so a friend of mine wrote a check for his cable bill and Electric bill and he didn't have money in the bank to cover it what will happen. And if he didn't have the money in the account why did the payment get approved.I need some advice about my checking account?
That would mean the bank paid the checks and your friend now has a overdraft and overdraft fees with their bank. if the bank would return the check, their electricity and cable would have been shut off. Also let your friend know it is ILLEGAL to purposely write a check with out funds.I need some advice about my checking account?
I don't understand the part about the payment being approved. Do you mean that the check cleared the bank?





Usually what happens is if you don't have enough money in the bank the bank returns the check to the person you wrote it to. The check ';bounces'; and the bank charges you a fee. Sometimes, though, if the amount is really close, the bank will cover the difference and then charges you both a fee for covering the check and an over-draft fee.





Oh, also, if the bank returns the check to the person you wrote it to, then that person will also charge you a fee and they might not accept checks from you in the future, meaning you will have to pay with cash or a credit card.





So, in essence you could be out close to $100 in fees between the bank and the cable company and electric company. It's always better to just pay late than to bounce a check.

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