OVERDRAFTING YOUR BANK ACCOUNT

[divinelygrindin]

When I worked at the bank in the overdraft department.... Its basically credit for the poor that they make hella money on. So yes, she is right...take out the full amount at once .... If you have to... You get a fee for each transaction. ..

[tamarashardaejones]

To the people who has a problem with what’s she’s saying, y’all probably never had any problem with over drafting y’all account but to someone like me who use to do it all the time who maybe needed help with learning how to budget my finances, Thank God that’s not the case anymore, I wish i knew this because it would have help
me save so much money that i lost form items that was only 2 dollars over so Thank you Peach, because this can save someone from being evicted and i couldn’t at the time get a payday loan!!!!

[snowblo]

I actually see what she's saying. I'm currently with BMO Harris, and I need to find out what my OD limit is.

[Bambi]

I got what she was saying the first time... If ur going to overdraft just do it once instead of doing it multiple times and getting multiple overdraft charges!

[CookingWithFatt]

Peach is right, if you’re going to borrow money then borrow from yourself. If you overdraft a lump sum instead of doing multiple transactions then you only pay 1 overdraft fee instead of multiple fees. Most banks give 30 days to clear the negative balance before closing your account. Most instances, it’s cheaper to pay 1 overdraft fee then to pay crazy interest rates on a payday loan. Y’all be safe out there

[jdw]

Overdrafts create fees too for each item. Shes right if you know you're going to overdraft do it all at once. They do give 30 days to get back right.

[veronicahenderson]

Iam glad you clarify it to the viewers.

[oliviabarb]

Anyone confused. She’s referring mostly to Navy Federal. They have a $500 overdraft limit and you’re able to just go and pull it out at the ATM as long as you are opted in. They give you 30 days to pay it back, and you are charged a $20 fee (per overdraft transaction) . I agree it’s bad if you can’t pay it back, but if you’re regularly receiving income, and you have an emergency, this helps until your next payday.

[kitaboo]

I wanted to add that if you overdraft your bank account. The banking standard is you get 3 overdraft fees returned back to you per calendar year. You have to call your banks customer service number and speak to a representative in order for these fees to be refunded.

[yogiegemini]

Wish I had done this about 5 years ago. I had to pay my car insurance. I had full coverage at a GREAT rate. I didn't overdraft my account to pay the bill. My auto insurance coverage lapsed. When I wanted to renew my coverage, it was 2x what I was paying before. If I had overdrawn my checking account, the bank would have charged $35 OD fee. My insurance went from $65 to $165. 😢
I got rid of my 2005 kia after the pandemic. Engine and transmission problems.
The only thing I write a check for these days is my rent.

[Simply_Mimi_]

She's mainly speaking on Navy Federal cuz that's who she banks with. Most banks will allow you to overdraft up to $100 I believe. That's how it was when I had BB&T. I am with a local credit union in my state and any overdraft that happens on my account they charged me a $35 fee so I try not to overdraft my account or have something come out and the money is not there.

[smoochezz]

Typically your overdraft amount is determined by your direct deposit up to a certain amount of that. For example if you Typically get a dd of 1200 your overdraft limit maybe 500.

Also if you need to do this have another acct with another bank to deposit the money so that you can make electronic payment for certain items ie a bill.

[TheRealUniquelyQ]

Y’all she’s talking about emergency cases! Sometimes you have to redo the budget. Especially when Covid hit. Some people don’t have extra money saved up for emergencies to spend. Good Lord! Everyone is not out here being irresponsible and spending frivolously. What if you’re faced with a hard decision that requires money that you won’t have until the next payday? It’s not the end of the world.

[TM-pwtb]

Miss ma'am what's understood don't need to be explained for the most part we got you tell them people if it don't apply let it fly.❤

[crystalclear]

Very bad advice! Overdrafting a checking account regardless of it being paid back within 30 days have negative consequences. There's countless negative consequences when you overdraft your account. This type of negative advice is a " lack and poverty mindset." Why not teach people how to plan, budget and spend wisely?

[pb]

I dint realize most people did not have at least one credit card for emergencies till recently. I’d you keep 1000 in your checking and never let it go under you will never overdraft. Plus I have protection it just moves over from my savings automatically

[ShereeHarris-qv]

They can also go to the atm and just take it out or get a cash advance.

[kietramcdonald]

Peach up right my mom told me this you is exactly right ❤

[rayarene]

How can you withdraw money and you don’t have it in the account? ~ Former Bank Teller

[turb]

I have a question for you guys can a bank put an overdraft on your debit card without your permission because I never opted in for the overdraft.