If you are already over the limit you are allowed then writing another cheque if a federal offence
(writing a cheque when you know there is no money in your account to cover it, and aint likely to be for the foreseable future, is a crime (its a kind of fraud)
If your overdraft line of credit is more than $6,000, you're fine except that now you owe your bank $6,000. If you don't promptly repay that in full, or start making payments, with interest, if the overdraft agreement calls for that, they could file a criminal fraud complaint.
Not if you pay it - pronto - but they might. They will probably close your account. Doubtful you will be able to get an account with any other bank. I knew a person who, like you, abused her account by writing checks with nothing to back them up - she was unable to get an account with any other bank and has to schlep to the bank several times a month to get money orders with which to pay her bills.
Answers & Comments
Yes and anything over 1500 is a felony.
As long as you pay the bank back in a reasonable time, you haven't committed a crime.
depends
Overdraft protection aint unlimited
If you are already over the limit you are allowed then writing another cheque if a federal offence
(writing a cheque when you know there is no money in your account to cover it, and aint likely to be for the foreseable future, is a crime (its a kind of fraud)
If your overdraft line of credit is more than $6,000, you're fine except that now you owe your bank $6,000. If you don't promptly repay that in full, or start making payments, with interest, if the overdraft agreement calls for that, they could file a criminal fraud complaint.
Not if they were all cleared.
Not jail, but don't expect to have a bank account anywhere for years if you don't pay it back, and your credit will be a disaster.
It can be if you don't fix it quick.
No. But if you don't settle up with them, you won't be able to get another bank account ANYWHERE for 7 years.
If you pay it all back within a few days, including fees, you should be fine. Maybe a week. If you expect to get 6 months, you won't.
Very few people have 6000 protection. I think mine was 1000 when I had it. And I have an 828 credit score.
no.
Not if you pay it - pronto - but they might. They will probably close your account. Doubtful you will be able to get an account with any other bank. I knew a person who, like you, abused her account by writing checks with nothing to back them up - she was unable to get an account with any other bank and has to schlep to the bank several times a month to get money orders with which to pay her bills.