I'm 17 and I've had my own bank account for a little over a year, since I got my first job. I got a letter from the bank today saying my account is overdrawn and I have no idea what that means. Then they go on to say that if I'd like to discuss repayment options, I should call them. Uhm what? Repayment?
I'm 17 and I've had my own bank account for a little over a year, since I got my first job. I got a letter from the bank today saying my account is overdrawn and I have no idea what that means. Then they go on to say that if I'd like to discuss repayment options, I should call them. Uhm what? Repayment? How could I possibly owe them money If I try to buy something and I don't have enough money in my account, it just gets declined. Furthermore, its been ages since I've bought anything big with my debit card. Ive been saving up for a trip I'm taking (which I put almost all the money I make into) so I've been taking it out in cash, but I always leave 20 dollars or so in my accountI'm just very confused and kind of scared. Can someone tell me what overdrawn means and what I should do?
Kylie: It means that you've spent more than you put in so it's in a minus. Sometimes things like charges or fees are applied to accounts and these can result in in being overdrawn. Best thing to do is call them and see what has happened
It means you have no money in your checking account. You probably owe money in overdraw fees. If you do not repay it, they will report it to checksystem and when that happens, your account will be close and you will be allowed to open a new account at a different banks until you pay the fees you owe
it means you spent more money than you have in your account…
It means you spent more money than you have in your account.
you spent more money than you had in the account, the bank allowed you to be overdrawn on the account–actually paying for your negligence, so now you owe the bank for the stuff you bought you didn't have money to pay for
It means that you do not have as much money as you think. Go to the bank and find out what happened
$20 or so? Most banks require a minimum amount to be left in to have the account 'active', you better get clear on what your bank requires. TCF that I'm with says $50 minimum. BMO Harris requires $200 in the account as minimum. If you go BELOW that they charge you fees, which would clear out your $20 in a heartbeat.
You're 17. Time to wise up.
it means you have withdrawn/spent more money than you had in the account and it is in the negative, you owe the bank and there will be fees attached, Call you bank, or better yet go down there and find out what transactions have been done, someone took money out, since you are a minor a parent has to be on the account, maybe it was your parent
Over drawn means you have less than zero in the account. You need to reconcile to see where they and you disagree. You may have made an error or they may have charged a bank charge you didn't record on your records. Many first time bank account users don't keep proper records and assume the balance the bank has is correct. This causes things like a withdrawal in transit to come through after they spent the same money on something else. Review your account and figure out your differences then make an agreement to repay the shortage.