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Started By
Message
Overdrafted my checking acct...need to pay credit card.
Posted on 2/17/19 at 12:47 pm
Posted on 2/17/19 at 12:47 pm
Fist time ever I let my checking go into negative. I always try to keep as little as possible in there because it doesn't pay interest but my Ally Bank does. So I transfer between.
Anyway, one of the maybe 5 checks I write a year I forgot was outstanding and it hit and took my balance into the red (prop tax). Now my Discover card is due on monday 18th (Pres day) and I have no way of getting money into my local bank account which is what I use to pay my electronic bills.
Bank charges $33 for every red transaction. Discover is $35 for late and I've already depleted my one time grace for forgetting a payment.
Any other way to get money into my bank checking account on holiday wknd?
If I pay my Discover bill tomorrow will I have time to go to the bank tues morn and get my account back to black with cash before the discover charge hits?
Does the MB have better things to do than help some goober who can balance his own books?
Anyway, one of the maybe 5 checks I write a year I forgot was outstanding and it hit and took my balance into the red (prop tax). Now my Discover card is due on monday 18th (Pres day) and I have no way of getting money into my local bank account which is what I use to pay my electronic bills.
Bank charges $33 for every red transaction. Discover is $35 for late and I've already depleted my one time grace for forgetting a payment.
Any other way to get money into my bank checking account on holiday wknd?
If I pay my Discover bill tomorrow will I have time to go to the bank tues morn and get my account back to black with cash before the discover charge hits?
Does the MB have better things to do than help some goober who can balance his own books?
11
Posted on 2/17/19 at 12:50 pm to Chuker
Can you not just pay it from your Ally account?
Posted on 2/17/19 at 12:53 pm to Chuker
You don’t sound very responsible.....
Posted on 2/17/19 at 1:08 pm to AnonymousTiger
quote:
Can you not just pay it from your Ally account?
Ally is a savings account and only transfers between other banks.
quote:
You don’t sound very responsible.....
Believe it or not, just checked my credit score and its at 833. But thats more of a testament to credit scores being a poor indicator of financial savvy than me being as such (as alluded in OP).
Posted on 2/17/19 at 1:30 pm to Chuker
Won't be 833 after a late credit card payment!!
Posted on 2/17/19 at 2:36 pm to shoestring
I've forgotten payments 3 times in my life and they never appeared to move the needle. But it was only one or two days late each time.
Posted on 2/17/19 at 2:43 pm to Chuker
It happened to me once because I wrote a check and they held it for a while before cashing. I had actually forgotten about the check and then it a rough patch with some vet bills + medical bills + school cost. Overdrafted then got hit with some bills that came out. I did learn if you call and explain to them they are willing to push the due date back a day or two, especially if you've always been on time
Posted on 2/17/19 at 3:00 pm to Chuker
Maybe a mobile deposit?
Posted on 2/17/19 at 3:16 pm to Chuker
-ATM deposit
-transfer money from Ally
-discover might not charge fee since due date is on a holiday
Just curious, do you earn more interest from Ally than your overdraft fees cost you?
Regardless you need to become more responsible and at the very least move some money to a savings at your bank for overdraft protection
-transfer money from Ally
-discover might not charge fee since due date is on a holiday
Just curious, do you earn more interest from Ally than your overdraft fees cost you?
Regardless you need to become more responsible and at the very least move some money to a savings at your bank for overdraft protection
Posted on 2/17/19 at 5:07 pm to Chuker
Can you call Discover and ask them to adjust the due date to Wednesday?
Posted on 2/17/19 at 5:10 pm to Norla
quote:
Can you call Discover and ask them to adjust the due date to Wednesday?
This. Also, I have overdraft protection with my bank. They just charge my CC with that bank.
Posted on 2/17/19 at 6:46 pm to Chuker
Unfortunately I had a situation like this recently. My wife meant to put $300 on a prepaid debit card but put $3000. No way to transfer it back. I had to go take the max out in cash and deposit it at the atm. Did the same thing the next day.
We don't generally keep much above our monthly bills in that account.
We don't generally keep much above our monthly bills in that account.
Posted on 2/17/19 at 7:47 pm to Chuker
quote:
Bank charges $33 for every red transaction. Discover is $35 for late and I've already depleted my one time grace for forgetting a payment.
I’d say the overdraft fee is the lesser of two evils. I don’t think that affects your credit score (or even shows up), but I could be wrong. A late CC payment definitely does.
Might want to reconsider the amount you are leaving in your checking account. I’m sure the extra couple bucks you’re earning on interest isn’t worth even one late payment. A $5k buffer would probably solve this issue.
Posted on 2/17/19 at 7:58 pm to Chuker
there are so many things you could do to avoid this situation.
easiest at this point is to just take the overdraft hit.
next time though atleast get a savings with that bank and setup overdraft to use that instead of a fee. keep a few hundred or thousand for things like this.
easiest at this point is to just take the overdraft hit.
next time though atleast get a savings with that bank and setup overdraft to use that instead of a fee. keep a few hundred or thousand for things like this.
Posted on 2/17/19 at 9:53 pm to Chuker
Kite another check from another account
Posted on 2/18/19 at 10:27 am to Chuker
You aren't going to get a credit report hit for being 1 days late - they are only reported after 30 days late.
I would call Discover and tell them the situation. If today wasn't a holiday, you could put the money in your account today and pay the Discover bill today.
Now... I have to ask... is the pissant amount of interest you are making in the Ally account, worth all of this headache and hassle, especially since you said this isn't the first issue?
I would call Discover and tell them the situation. If today wasn't a holiday, you could put the money in your account today and pay the Discover bill today.
Now... I have to ask... is the pissant amount of interest you are making in the Ally account, worth all of this headache and hassle, especially since you said this isn't the first issue?
Posted on 2/18/19 at 10:33 am to Chuker
Man I'd definitely keep between 2-5k in your checking account to cover daily/monthly transactions. You are keeping it way too low if a forgotten outstanding check put you in the red.
Posted on 2/18/19 at 10:36 am to Norla
quote:
Can you call Discover and ask them to adjust the due date to Wednesday?
Yes. I rarely use my Discover card, but I've found them to be one of the easiest CC companies to work with on issues like this.
Posted on 2/18/19 at 1:02 pm to LSU6262
quote:
-ATM deposit
I didn't even know this was a thing until now and would be a great idea but unfortunately my small bank doesn't have deposit atms. But thanks for the suggestion.
I ended just making the call of shame and talking to john with discover in salt lake city. He said he could push back the due date but since I can fund my checking account first thing in morning it wasn't necessary since the payment wouldn't hit until late in the day.
quote:
Just curious, do you earn more interest from Ally than your overdraft fees cost you?
This is my first over draft but no, it isn't worth the hassle. It was really out of spite after my bank charged me $45 for a book of checks. I just saw the lady one day and said hey I need some more checks. Very nicely she asked a few questions and told me they would be in the mail. Looking at my statement later I saw they charged 45 for what I could've got for $15 or less at Wal-Mart.
So I was only keeping a few hundred buffer thinking I was sticking to the man. I guess in the end they get the last laugh.
Thanks to everones else's siggestions too.
Posted on 2/19/19 at 7:28 am to Chuker
Just an FYI, Barclays online savings which earns >2% right now allows unlimited transfers to your checking account and they are posted within 1-3 days usually. You can also pay credit card accounts from this Barclays account
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