Personal Finance

Insufficient funds to cover bank fee

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  • Dec 7th, 2018 10:47 am
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[OP]
Deal Addict
Oct 22, 2015
1015 posts
261 upvotes

Insufficient funds to cover bank fee

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
2 replies
Deal Addict
Sep 19, 2009
1144 posts
250 upvotes
Toronto
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.
Deal Fanatic
User avatar
Dec 27, 2009
5691 posts
2891 upvotes
Ottawa, ON
Yes, they will put you in a negative balance.

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