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Overdraft on a Bank of America debit card?

  • Thread starter Thread starter Deleted member 4644
  • Start date Start date
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Deleted member 4644

What happens if you have $100 on a debit card (checking acct) and try to buy something for $200 online? Will it automatically reject the purchace?

I want this for a 15 year old kid who wants to buy stuff online but I dont want him to be able to spend $1000 we don't have.
 
Most likely the transaction will go through, but it will leave you with a negative balance and a $28 overdraft fee.
 
Originally posted by: ggnl
Most likely the transaction will go through, but it will leave you with a negative balance and a $28 overdraft fee.
Click to expand...

yep, theyll gladly take your overcharge and some extra cash on the side.
 
Originally posted by: Nik
What did Bank of America tell you when you called them to ask them what their policy is on these issues?
Click to expand...

apparently they told him to make a post on ATOT!! c'mon Nik...
 
Damn... what is a safe way to give a child a banking card?
 
Originally posted by: LordSegan
What happens if you have $100 on a debit card (checking acct) and try to buy something for $200 online? Will it automatically reject the purchace?
Click to expand...

I set my debit card to overdraft onto my B of A credit card so as to avoid the finance charge. However, I do not know for sure what their policy is
 
I think you can get overdraft protection, where if you go over your balance it automatically pulls the funds from a savings or credit account to cover the difference.
 
Originally posted by: ggnl
I think you can get overdraft protection, where if you go over your balance it automatically pulls the funds from a savings or credit account to cover the difference.
Click to expand...

Without overdraft protection, the transaction would be refused.

 
Originally posted by: EagleKeeper
Originally posted by: ggnl
I think you can get overdraft protection, where if you go over your balance it automatically pulls the funds from a savings or credit account to cover the difference.
Click to expand...

Without overdraft protection, the transaction would be refused.
Click to expand...

They won't refuse the charge. Overdraft protection will just let you avoid the fees.
 
Originally posted by: ggnl
Originally posted by: EagleKeeper
Originally posted by: ggnl
I think you can get overdraft protection, where if you go over your balance it automatically pulls the funds from a savings or credit account to cover the difference.
Click to expand...

Without overdraft protection, the transaction would be refused.
Click to expand...

They won't refuse the charge. Overdraft protection will just let you avoid the fees.
Click to expand...

Try to use the charge to purchase something when you do not have the funds in the account.
It will be rejected.

Because some charges can be "authorized" in advance, the authorization goes against the current account balance. Therefore until the actual charge hits the bank (Credit charges can take a day or two, Debits are immediate) you may have more charges pending than funds.

When those charges hit, the overdraft protection will protect you from those fees. the ODP will also protect against returned checks that show up against funds that are not available/non-existent. When a credit authorization is processed, the transation will occur even if it will exceed the limit at a later time frame.

 
Originally posted by: EagleKeeper
Originally posted by: ggnl
Originally posted by: EagleKeeper
Originally posted by: ggnl
I think you can get overdraft protection, where if you go over your balance it automatically pulls the funds from a savings or credit account to cover the difference.
Click to expand...

Without overdraft protection, the transaction would be refused.
Click to expand...

They won't refuse the charge. Overdraft protection will just let you avoid the fees.
Click to expand...

Try to use the carge to purchase something when you do not have the funds in the account.
It will be rejected.

Because some charges can be "authorized" in advance, the authorization goes against the current account balance. Therefore until the actual charge hits the bank (Credit charges can take a day or two, Debits are immediate) you may have more charges pending than funds.

When those charges hit, the overdraft protection will protect you from those fees. the ODP will also protect against returned checks that show up against funds that are not available/non-existent. When a credit authorization is processed, the transation will occur even if it will exceed the limit at a later time frame.
Click to expand...

EagleKeeper, that is what I am worried about... I found out there is a program called Visa Buxx for kids... its a sort of pre-paid card... seems like that might solve my problems.

Thanks everyone for the input.
 
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