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Can you open a checking account at a credit union if you owe a bank money for an overdrawn account?
Wiki User
∙ 13y ago
Yes, u can, they just do different terms, I was told u jus can't deposit money at the atm, that's all...
Wiki User
∙ 13y ago
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Can they take your money out of savings for a closed overdrawn checking account If so how much?
If you had overdraft protection that linked the two accounts, then yes.
What technical word starts with the letter O?
Overdrawn is a technical banking term. It means that you do not have enough money in your checking account to cover your check.
What happens if you transfer money from your checking account to your credit card?
When you transfer money from your checking account to your credit card, you make a credit card payment. If you do not have a balance owed on your credit card, then you will have credit or a positive balance on your card.
Which type of account allows you to deposit money and write checks?
The type of account that allows you to deposit money and write checks is a checking account.
What is a check written for more money than your account contains?
overdrawn
What is the advantage of using a checking account?
One advantage of using a checking account is that you can pay only with money you actually have in your account, which can help you avoid overspending and getting into credit card debt.
Does opening a checking account hurt your credit?
It can if you don't keep an eye on how much money you use.
Can Bank of America take money out of my checking account to pay off a charged off credit card debt?
AnswerTo whomever posted this question, please e-mail me. I have a similar issue with Bank of America and am currently doing some research. Contact me and we can possibly discuss.MMonterio@comcast.netThe answer to this question is YES, to anyone out there that has credit cards at bank of america, and also have checking accounts there that have balances, at a certain point in default, they can and WILL take money out of your checking. I just had it happen to me, and my lawyer says its legal because its in the fine print of the loan. Your checking account is collateral. They also do this completely un-announced.
What is an overdraft protection fee?
An overdraft protection fee is a fee assessed to your account when: 1. You have set up overdraft protection for your checking account, usually in the form of a savings account or line of credit/credit card; and 2. You spend more money than you have in your checking account. Overdraft protection transfers money from the linked savings account or line of credit/credit card in order to pay for the expenses that you did not have enough money for in your checking account. There is a fee for this transfer, but it is usually much less - sometimes a savings of 50% - than an insufficient funds fee, which you receive when you spend more money than you have and do not have overdraft protection.
What is the difference between check card debit card and credit card?
A check card and debit card are the same thing. Basically, if you already have a checking account, you would use a debit/check card the same way you would if you wrote a check. You make sure that you have the money in your checking account, scan the card at the retailer, and they will deduct that money from your checking account. A credit card is a loan. You don't necessarily need a checking account to have a credit card. When you swipe the credit card, the credit card company is paying for your purchase out of their money. In turn, they will send you a statement or invoice at the end of each month detailing how much you spent and how much you must pay. The major difference is that a credit card can lead to debt if you aren't disciplined. If you only use a check/debit card, you will never go into debt. When you run out of money in your checking account, new transactions will be declined.
Can you get a credit card if you have a decent job and make good money but have no checking or savings account?
While a checking and savings account may factor into the decision whether or not to grant you a credit card, a much larger factor would be whether or not you have established other credit accounts.
Can you withdraw money if your account is overdrawn?
No, you have no money left. You may however have arranged an overdraft on your account (a loan form the bank) and if this is the case, yes.
