Question about a checking account

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Avatar image for Davyvfr
#1 Posted by Davyvfr (789 posts) -

It would be great if someone could answer this:

Long story short, I purchased an app on Itunes that I did not have enough money for and noticed that after I purchased it. The charge went through and I owe originally $8.64. I never payed it, so I could not use the App store or update. Now, the charge posted to my checking account (a month later) and I have a negative available balance. Please Note: I do not have overdraft service. Which means the charge SHOULD have been declined as there was not enough. So why did Apple let it go through? Will I be charged an overdraft if I don't have overdraft protection?

Avatar image for Blue-Sky
#2 Posted by Blue-Sky (10379 posts) -

Because you don't have over draft protection your bank let it through and will probably charge you a $15-35 fee for insufficient funds.

OD protection doesn't prevent charges from going through, it only waivers the fee. It's your typical bank scam. But thanks to new wall street regulations, banks aren't allowed charge an exorbitant fee for a negative balance based on a certain threshold. If they haven't charged you yet, then $8 may have been just under the threshold.

Avatar image for WhiteKnight77
#3 Posted by WhiteKnight77 (12605 posts) -

Nothing is payed (nonexistant word) for, but is paid for.

Avatar image for dave123321
#4 Posted by dave123321 (35354 posts) -

Nothing is payed (nonexistant word) for, but is paid for.

WhiteKnight77
Nonexistant is not a word.
Avatar image for dave123321
#5 Posted by dave123321 (35354 posts) -

Because you don't have over draft protection your bank let it through and will probably charge you a $15-35 fee for insufficient funds.

OD protection doesn't prevent charges from going through, it only waivers the fee. It's your typical bank scam. But thanks to new wall street regulations, banks aren't allowed charge an exorbitant fee for a negative balance based on a certain threshold. If they haven't charged you yet, then $8 may have been just under the threshold.

Blue-Sky
Pretty much
Avatar image for WhiteKnight77
#6 Posted by WhiteKnight77 (12605 posts) -

[QUOTE="WhiteKnight77"]

Nothing is payed (nonexistant word) for, but is paid for.

dave123321

Nonexistant is not a word.

How about nonexistent?

Avatar image for dave123321
#7 Posted by dave123321 (35354 posts) -

[QUOTE="dave123321"][QUOTE="WhiteKnight77"]

Nothing is payed (nonexistant word) for, but is paid for.

WhiteKnight77

Nonexistant is not a word.

How about nonexistent?

Yeah
Avatar image for k2theswiss
#8 Posted by k2theswiss (16599 posts) -

1: don't buy stuff you dont have money for...

2: overdraft protection isn't something that declines charges.

3: when you overdraft a account. bank WILL try hit you with overdraft fee

4: in this case it is your fault, but if you B.... enough they take it off but then again you have no money lol and reality you costing them money keeping your account open. it's esimated it cost around 500 bucks to keep account open

5: get a credit card

Avatar image for Davyvfr
#9 Posted by Davyvfr (789 posts) -

Because you don't have over draft protection your bank let it through and will probably charge you a $15-35 fee for insufficient funds.

OD protection doesn't prevent charges from going through, it only waivers the fee. It's your typical bank scam. But thanks to new wall street regulations, banks aren't allowed charge an exorbitant fee for a negative balance based on a certain threshold. If they haven't charged you yet, then $8 may have been just under the threshold.

Blue-Sky
Thanks for the response, do you think this is a daily charge if its not payed?
Avatar image for Fightingfan
#10 Posted by Fightingfan (38011 posts) -
Back in my day if you didn't have enough funds in your bank account your card simply got declined, what happened to that?
Avatar image for Davyvfr
#11 Posted by Davyvfr (789 posts) -
Back in my day if you didn't have enough funds in your bank account your card simply got declined, what happened to that? Fightingfan
Exactly, why didn't this happen? I was told when I got my card if it did not have enough funds, the card would be declined. This is because I opted OUT of overdraft protection.
Avatar image for dodgerblue13
#12 Posted by dodgerblue13 (20846 posts) -
[QUOTE="WhiteKnight77"]

Nothing is payed (nonexistant word) for, but is paid for.

dave123321
Nonexistant is not a word.

Also, there shouldn't be a comma.
Avatar image for WhiteKnight77
#13 Posted by WhiteKnight77 (12605 posts) -

[QUOTE="dave123321"]Nonexistant is not a word.dodgerblue13
Also, there shouldn't be a comma.

Rule 12

Use a comma to separate two strong clauses joined by a coordinating conjunction--and, or, but, for, nor. You can omit the comma if the clauses are both short.Linked Article

Source

Avatar image for Blue-Sky
#14 Posted by Blue-Sky (10379 posts) -

[QUOTE="Blue-Sky"]

Because you don't have over draft protection your bank let it through and will probably charge you a $15-35 fee for insufficient funds.

OD protection doesn't prevent charges from going through, it only waivers the fee. It's your typical bank scam. But thanks to new wall street regulations, banks aren't allowed charge an exorbitant fee for a negative balance based on a certain threshold. If they haven't charged you yet, then $8 may have been just under the threshold.

Davyvfr

Thanks for the response, do you think this is a daily charge if its not payed?

Depends on the bank. They could charge you monthly or more than likely just close the account.

Avatar image for Davyvfr
#15 Posted by Davyvfr (789 posts) -

[QUOTE="Davyvfr"][QUOTE="Blue-Sky"]

Because you don't have over draft protection your bank let it through and will probably charge you a $15-35 fee for insufficient funds.

OD protection doesn't prevent charges from going through, it only waivers the fee. It's your typical bank scam. But thanks to new wall street regulations, banks aren't allowed charge an exorbitant fee for a negative balance based on a certain threshold. If they haven't charged you yet, then $8 may have been just under the threshold.

Blue-Sky

Thanks for the response, do you think this is a daily charge if its not payed?

Depends on the bank. They could charge you monthly or more than likely just close the account.

Ok, thanks. I will contact my bank tomorrow. I am just slightly upset in the way that the bank let the transaction go through. I read they will not close the account unless its unpaid for 30 days.
Avatar image for JoGoSo
#16 Posted by JoGoSo (441 posts) -

Because you don't have over draft protection your bank let it through and will probably charge you a $15-35 fee for insufficient funds.

OD protection doesn't prevent charges from going through, it only waivers the fee. It's your typical bank scam. But thanks to new wall street regulations, banks aren't allowed charge an exorbitant fee for a negative balance based on a certain threshold. If they haven't charged you yet, then $8 may have been just under the threshold.

Blue-Sky
There's actually several different types of overdraft protect. One is Courtesy Pay where the bank pays charges that come in so they won't get declined at the store and still charges the overdraft fee. This was what the whole "opt-in/opt-out" requirements were about last year.
Avatar image for JoGoSo
#17 Posted by JoGoSo (441 posts) -

It would be great if someone could answer this:

Long story short, I purchased an app on Itunes that I did not have enough money for and noticed that after I purchased it. The charge went through and I owe originally $8.64. I never payed it, so I could not use the App store or update. Now, the charge posted to my checking account (a month later) and I have a negative available balance. Please Note: I do not have overdraft service. Which means the charge SHOULD have been declined as there was not enough. So why did Apple let it go through? Will I be charged an overdraft if I don't have overdraft protection?

Davyvfr
This is confusing me but it sounds like you had the app which means that Apple would have the right to collect and they took the opportunity to get it when there was a little money in the account (They don't know if you have money or not but will run the transaction to see if it's approved). Available balance is not the same as actual balance and it's possible that you have a charge from a debit card that pending and ready to go through right around the time that Apple was taking the funds too. There is often a delay of up to a few days when doing debit card transactions. When they all officially post is when you'll get the overdraft fee.
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#18 Posted by howlrunner13 (4408 posts) -

I thought they passed a law saying it was illegal for banks to charge overdraft fees unless you opted in? Or that may only apply to credit cards. I forget.

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#19 Posted by Alter_Echo (10724 posts) -

I can force a declination of any charge that would otherwise exceed my available funds. Not sure who you bank with but it might be a possibility. My debit card essentially works like cash. If I don't have it, I can't spend it.