3 posts shown.
rapidskipper12 said:Nah, that monthly fee of $1.75 gets pulled regardless of what your balance looks like, but your interest rate depends on how much you're overdrawn.
If you're $333 constantly in the red, they’ll hit you with $3.25 in interest plus $1.75 for account maintenance. If you're down by $267, expect $2.75 plus $1.75 for fees. If you're $167 deep in the hole, interest jumps to $1.75... If you're sitting at zero, they won't charge interest, just the standard $1.75 service fee. Clear enough now?
Ohhh, wow... thank you so much! :P I went into my local Chase branch today feeling like a total klutz and deposited $100, asking them every single question under the sun... but you explained it way more clearly than they did 😁 ugh, thanks 😁
rapidskipper12 said:Just toss in at least $6.75 so you don't hit that overdraft limit. Your monthly interest is sitting around $3.25, plus there's that $1.75 service fee for the account package. If you put in $67, the interest should clear in about $0.67... You don't actually have to pay it off right now since it's within your authorized limit. You can keep using it just fine, you just can't go over the line—if you do, you lose the overdraft privilege and have to bring the balance back to zero immediately. 😉
So, how much is this actually draining from my account every month? Like, if I went to the bank today to deposit $67, I'd still be sitting at negative 800. Would that mean I'm losing roughly $5.00 every single month? And once I finally manage to get back to zero—or even get into the black—will they still be hitting me with those same fees? Sorry, I’m completely lost in all this banking jargon.
So, I have a question—actually, make that several questions—because honestly, I am completely lost here. I’ve had this account package for about a year now, but because I am incredibly forgetful, I managed to slip into a negative balance $338. What does that actually mean for me? Like, how much am I getting hit with in monthly interest? If I manage to cover some of it with, say, $67, does that mean my interest charges will drop if the deficit stays under $1,000? I finally landed a job, which is great, but my first paycheck won't hit until two months from now, and I don't have $333 on hand to settle this right away... I am just totally overwhelmed by all of this.