<p>So I spend a lot of my savings this month getting stuff, but little did I realized that I spent my account into the RED. </p>
<p>So I am down -44.56 to the Bank. And this has never happened before and I am not sure what to do. My next pay check is coming in about a month?! </p>
<p>I am living with a couple friends during summer anlyast work and I already bought my subway passes and I think enough food to last for a month. (We went to Costco)</p>
<p>But I am kind freaking out right now as to what will happen with my account. I have a Bank of America CampusEdge Free Checking Account and I even used my debit card today without realizing that my account is in the negative!!!</p>
<p>So will they freeze my account or something? HELP. </p>
<p>you'll probably have to pay them an over-draft fee...
for my bank it's like 30 dollars or something for every charge you make that you can't pay for...</p>
<p>get a credit card, apply online and use it to pay ur way. </p>
<p>The idea that you shouldn't have a credit card is about the worst decision you could make. I have about 35 credit cards thogh my credit score is 790/</p>
<p>And i mean i dont think i really need money for anything, i am already working from 8-8 so i dont have much of a life goin on this summer and the meals are provided (lunch+ sometimes dinner) so I dont have to worry about food. I already got like a ton of subway passes and let see, already paid my cell phone bill.......hahaha, as you can tell, i am doing my personal finance here....</p>
<p>I realized that working as an intern hard and i am working almost 70 hour weeks so my paycheck next month should cover everything. </p>
<p>so i was just wondering if i dont touch anything with teh account and it remains in the red for abut a month or so, is that okay?</p>
<p>In the old days things were a closer to black and white. If you bounced a check, two things could happen. The bank would refuse to pay it. Then you either worked things out with the party you wrote the check to (e.g. give them the money in cash), or you had potential criminal liability. A bank might have covered the check, but usually they would just bounce it.</p>
<p>Today, things are more complicated. The bank covered the check and will/has charge you a hefty fee. You are probably already in to them for $20 to $30, and they will just keep tacking on fees.</p>
<p>Advice: Go to the bank in person and talk to them. If necessary, borrow the $44.56 and clear the decks - from a friend or whomever. You might be able to talk the bank out of the initial fee, as well as prevent them piling on more fees.</p>
<p>Most banks have a per-transaction fee, so definitely don't use the card until your next paycheck clears. I'd borrow money from a friend or parents, and talk to the bank about: this being your first overdraft, new money situation with the internship, won't happen again, etc. They will likely waive any of the overdraft fees (which might be most of what brought you in the negative)</p>
<p>Then, pay to get your account to zero and don't touch it until your paycheck. You might think of getting overdraft protection to a credit card. If you are out of money in your bank account they will charge your credit card to keep you above zero. It's a very good idea to have a credit card for emergencies, or to charge one or two things a month on and pay it off without interest. This helps build your credit, and if you run into trouble like this where you need $50 to tide you over, etc, it is manageable.</p>
<p>When looking for credit cards, if you have no credit, then likely it will be difficult to get one and if your bank offers you one, just take it. After 6 months or a year of on-time payments, you can more easily apply for a card with rewards like cash back or airline miles, and also have a higher limit.</p>
<p>35 credit cards is actually a really good idea, you need to know how to maximize your fico score. I do, thats why It is so dam high and I am so dam young. I have a score of a 50 year old Business man. I know folks with 200 or 300 cards, all have high score and all do fine.</p>
<p>Check out the fatwallet financial forums. read up on app-o-rammas, where people apply to 50-80 different credit cards in a given day. They know what they are doing as the majority of them are business men including accountants and such.</p>
<p>I also have around 30 checking accounts and 18 savings accounts as well as 10 or so Cd's all open and running fine and I make around 2K in interest per year.</p>
<p>So I found out one of the reasons that my account went to the negative is this company keep billing me $35 dollars at random intervals. I did use their service but I thought I canceled my membership!!!!????</p>
<p>I just add some money into my account today but I also realized this company also billed me while I am in the negative so I was down 80, I think the money I put in settle everything today but still, I must called them 100 times telling them I want to cancel my membership!!!! Jerks.</p>
<p>So I was randomly charged 3 times, $35 a pop, its a monthly serivce so I dont see how I can be charged 3 times in a week even though I canceled the membership!!!!!</p>
<p>GAHH, I have to call them tommorrow for a freaking refund!</p>
<p>I would talk to the bank about the charges. If you only authorized one payment, then you may get them (the bank) to do something about it.</p>
<p>If you did it through a debit card, a lot of them allow you to contest or refuse a payment just like a credit card. At the very least, your bank should be able to eliminate the overdraft fees. I would talk to a manager about this. </p>
<p>On the other hand, if the terms of service - which you approved - allow the multiple billings, then you might be stuck.</p>
<p>no, that happened to me too
they charge you 35$ for every item you bought after your card turned negative.</p>
<p>it's stupid, it wastes a *<strong><em>load of money, and they're *</em></strong>*es about returning it. good luck calling, try to argue with them because they didnt give me my money back when i tried.</p>