Insufficient funds to cover bank fee

wra45mon wrote: ↑

Dec 7th, 2018 10:03 am

Let's say a savings bank account charges you $5 when you withdraw funds and you have $0 left in the account,
What does the bank do? Do they put your account in negative balance?

PS: the savings account is the only account with bank

It really depends how / when your bank charges the fee but most-likely ending up a $5 negative balance plus overdraft fees is the most favorable outcome of the situation. If you use a cheque / EFT to do the withdrawal it will probably cost you $100 in fees ( returned item fee at the destination bank and not sufficient funds fee at the source bank) and the withdrawal will fail.

Yes, they will put you in a negative balance.