i don’t even know how these checks work.
can someone explain to me?
It depends on the bank and what kind of account/coverage you have with them. You need to talk to your local bank manager.
June 28th, 2009 at 8:23 pmIt does depend on your account and your bank’s rules, but it might still be possible to make a deposit which will cover the amount.
Call your bank immediately and explain your situation and they can explain everything to you. Other than that, I’d definitely suggest depositing enough money to cover the bill and any insufficient funds fees, into your account immediately.
You also need to contact the company whose bill you were paying. When the check comes back insufficient funds they’ll most likely send it to Check Law immediately, who will start trying to collect on it.
June 30th, 2009 at 11:54 pmMany banks have something that’s called Overdraft Protection on their Accounts, and many banks also will allow a small grace period by covering the initial Overlimit amount but bouncing future checks afterward until the Account is brought up to good standing.
So for example, say you pay a bill that’s $100, but you only have $50 in your Checking Account. In many cases reputable large banks will cover the $50, and depending on their Terms & Policies, may or may not charge you an OverDraft Fee/Insufficient Funds Fee if you can fund it in time.
Since you paid it on Sunday, it won’t start being processed until Tuesday (since Monday is a Federal Holiday), that will only be about 3 days. If you fund it by Friday (your Paycheck), then you probably wouldn’t have anything to worry about.
To be 100% sure, contact your Bank’s Customer Service. Hope that helps, and good luck I’m sure you’ll be okay if this is your 1st time.
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