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If you hqve a checking account in an overdraft condition can you open another account in another bank without having the account attached to the first account?
Wiki User
∙ 14y ago
Yes, you will be able to open another bank account at a different institution until the bank account that is in overdraft decides to report you to check systems. Once you are reported to check systems as having owed a bank via a checking account, it is very hard to get off of it and that may prevent you from opening a bank account pretty much anywhere. Most banks check check systems.
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∙ 14y ago
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What does overdraft on your checking account mean?
== == Overdraft on your checking account happens when a withdraw or check written exceeds the funds in the account. Often banks will honor the withdraw or check but then charge the account owner on the borrowed funds. Many banks will offer overdraft protection which will pull money from a different account (often a savings account, line of credit, or credit card).
Which of these is not an example of a bank free that is charged when opening and using a checking account?
overdraft charge
Can bank pull money from your account for an overdrafted business account?
Yes, banks can typically pull money from your account to cover overdrafts in a business account if you have agreed to certain terms and conditions, including overdraft protection or overdraft privilege. Here's how it generally works: Overdraft Protection: Many banks offer overdraft protection services to their customers. This service links your business checking account to another account, such as a savings account or a personal account, or it may provide access to a credit line. If your business checking account does not have sufficient funds to cover a transaction, the bank may automatically transfer money from the linked account or credit line to cover the overdraft. This helps prevent declined transactions and potential fees. Overdraft Privilege: Some banks also offer overdraft privilege programs, which allow transactions to go through even if there are insufficient funds in the business account. In this case, the bank covers the overdraft temporarily, but you will usually be charged an overdraft fee for each transaction that exceeds your account balance. You will need to repay the overdraft amount promptly, often with an associated fee. It's essential to understand the terms and conditions of any overdraft protection or privilege program offered by your bank, as they can vary significantly from one institution to another. Additionally, some banks may require you to opt into these services, while others may automatically provide them unless you opt out. Keep in mind that while overdraft protection and privilege can be helpful in emergencies, they can also lead to additional fees and potential debt. It's crucial to manage your business finances responsibly and maintain a sufficient balance in your account to avoid overdraft situations whenever possible.
What are the best deals for opening a new checking account?
The best checking accounts have a low minimum balance and overdraft protection as well as good interest rates. Commerce bank offers pretty good checking accounts.
What cause overdraft on cheque account?
Writing a check for more money than is actually in the account will result in an overdraft.
What is the best kind of checking account to have?
The benefits of a bearing checking account is that if there are errors of overdraft you can dispute them better but overdraft protects the person from paying more in the long run.
What does overdraft on your checking account mean?
== == Overdraft on your checking account happens when a withdraw or check written exceeds the funds in the account. Often banks will honor the withdraw or check but then charge the account owner on the borrowed funds. Many banks will offer overdraft protection which will pull money from a different account (often a savings account, line of credit, or credit card).
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.
How do you get a checking account with bad credit?
Credit scores have nothing to do with checking accounts. Unless you've had major overdraft issues with a previous checking account you will have no problems opening a new one.
Where can one obtain a free overdraft?
Most banks offer free overdraft protection on your checking account. There is no charge for having it however if you do overdraw your account you will be charged interest on the amount that you have overdrawn.
How much can you overdraft with Bank of America?
Do not overdraft ever on your checking account or they will constantly take away the amount that you overdrew and that your next paycheck will not be enough to cover your bills.
If a person is added to someone's checking account are they both responsible for an overdraft?
yes both partys will be responsible
Can overdraft be possible in savings account?
No, overdraft is not possible in a savings account. Overdraft occurs when you spend more money than you have in a checking account. Savings accounts typically do not have the feature of overdraft protection, so you can only spend the amount that is available in your account.
If you have a joint checking account with your 70-year-old dad and he constantly overdraws the account before his checks come in will that affect your credit?
No,Not as long as the overdraft is paid in a reasonable time, however overdraft charges can be expensive take your name off the account. Fast!!
What is the difference between overdrafts and loans?
An overdraft is a specific type of loan associated with a checking account. A loan is a generic way to provide value immediately to the borrower in return for that borrower to pay back the value (plus interest) over time to the lender. An overdraft (also known as overdraft protection) is specific type of loan that is associated with a checking account. With overdraft protection, checks that are written that are cashed where there is not enough money in the account are paid by the bank and the amount that was not covered by the account is represented in a loan. For example, if there was $27 in an account and a check was cashed for $750 for rent, the $27 would be used and an overdraft loan would be charged for $723. Any additional checks might be accepted by the bank and charged to the overdraft loan.
How much can you overdraft a checking account?
my income tax return was to be deposited to my checking account but the account number was wrong so they[re rerouting it to my old address. I need to pay some bills but will have to wait until two weeks until my return comes in. My account is currently overdrawn and I need to know how much will the bank allow me to overdraw on my checking account.
How many bank accounts should you have?
At least 3. A checking account, a savings account to link to the checking account so the bank doesn't charge you for overdraft fees and a separate savings account in a different bank just in case of emergency purposes.
