Anything I Can Do?

[Anonymous]

Here's the scenario:

Got paid yesterday so I went ahead and made payments on 3 CC (2 PIF) leaving $X in my checking account.

Then my mom went and cashed a check I wrote her back in July for >$X.  Obviously once the payments to the CC actually get taken out of my checking, it will overdraft my account.  I tried to call all 3 CC to see if I could cancel the payment but all 3 said the payments had already been funded and could not be canceled.  

Is there anything I can do?

[LTomBerry]

Best case scenario - borrow money from a friend/relative to cover the amount. Otherwise it'll cost you.

Other options - Request a stop payment from your bank, but it might be too late and it'll probably cost a fee. Or get a cash advance from a CC but you'll have to pay interest with no grace period. Beats getting a cash advance from a check cashing store where you'll pay $XX interest.

Ask your bank if the transaction will go through and overdraft you (pay overdraft fee) or will some or all of them get rejected (NSF fee mess)

Oh well, chalk it up to experience and promise yourself it won't happen again. Happened to me last year, I scheduled a $4K payment to my student loan, requested a check from Scottrade to deposit into checking to cover the pmt, check got put in my neighbor's mailbox. Got it fixed a day late and got hit with a fee. Oh well life goes on.

[Booner72]

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@Anonymous wrote:

Here's the scenario:

Got paid yesterday so I went ahead and made payments on 3 CC (2 PIF) leaving $X in my checking account.

Then my mom went and cashed a check I wrote her back in July for >$X.  Obviously once the payments to the CC actually get taken out of my checking, it will overdraft my account.  I tried to call all 3 CC to see if I could cancel the payment but all 3 said the payments had already been funded and could not be canceled.  

Is there anything I can do?

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Can you get that money from your mom back?

[Anonymous]

Nope, can't get the money back from my mom. 

I signed up for overdraft protection (US BANK) using my credit card.  I'm assuming that the amount overdrafted from my checking account will just be charged to my credit card and will ultimately be like any other CC charge?

Ah, here we go.  After some searching I found this on US Bank's website:

"For example, let’s say your checking account balance is $42 and the available balance in your account linked for overdraft protection is $1,000. If you write a check for $125 – this would overdraw your checking account balance by $83 – we would transfer $100 from your account linked for overdraft protection. The amount of the transfer would be $100 and an Overdraft Protection Transfer Fee of $10 would be charged to the checking account. 

How does overdraft protection work?
With overdraft protection, you can link your checking account to an eligible U.S. Bank account to have funds automatically transferred to your primary checking account if you overdraw your checking account (advances are in multiples of $50)."

Previously, I was reading the following and I thought I was going to be charged $50 for every $10 I was overdrafted:

"If you have linked eligible accounts and the negative available balance in your checking account is $10 or more, the advance amount will transfer in multiples of $50. If, however, the negative available balance is less than $10, the amount advanced will be a maximum of $10 and the Overdraft Protection Transfer Fee will be waived."

[Booner72]

Good think you have OD protection!  Do you have enough on your credit card to cover everything?

[Anonymous]

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@Booner72 wrote:

Good think you have OD protection!  Do you have enough on your credit card to cover everything?

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Yup!  It's actually only going to be an OD of about $75.  I might just ask my gf to lend me the money until my next payday.  

[Anonymous]

!!!!  No OD fee.  Called US Bank today to make sure I understood their OD protection correctly.  The CSR told me that since I called before I actually overdrafted I could transfer funds over the phone and avoid the $10 OD fee altogether!

Initially I thought that they would charge $100 (their OD protection policy is increments of $50) to my CC and then also hit me with the $10 OD fee.  Turns out, they just transfer the $100 from my CC into my checking account and then take out the $10 OD fee.  So basically I pay absolutely no additional fee or anything.  Great news all the way around!