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If I have both a savings account and checking, can I withdraw from the savings if the checking is overdrawn?
If I have both a savings account and checking, can I withdraw from the savings if the checking is overdrawn?
I have an account with Wells Fargo bank, with both a savings and a checking account. Normally I put all my money in checking, and don't really use the savings. But I tend to overdraw the checking account, and I end up paying bills late. If I were to store money in the savings account, but my checking ends up in the negative, can I still withdraw and use the money from the savings account, and pay off the balance on the checking account at another time, or will the bank take money from the savings [or refuse to let me withdraw at all] to cover the checking account?
Also, my checking account is currently a whopping $450 overdrawn... I have to pay $500 rent due today. How can I cash my paycheck to pay rent without having to pay the bank first [and be late with rent?] I can easily cover the checking a week from now, but it's in my best interest to pay the rent first.
Answers:
HannaH: if you do not have to keep a minimum in either account, ask your bank about overdraft protection. That is, you pay a certain amount into a "special holding area" of sorts, where if you write checks and do not have enough in your checking to cover them, they will start taking out of your overdraft protection so they will not bounce. Until you can move money from your savings or figure something out (like deposit more money).
It sounds like you need to buckle down on your finances so you can meet your bills on time. Pay them the same time every month and use your head when drawing money out of your account, to know what bills will be coming due so you save enough in there to pay them.
If you get direct deposit of your paycheck from your job, you might want to look into setting up automatic payment of bills each month...you will know what day they are deducted from your account and you will also know what money must be available. You can set this up even with a deposit of your paycheck by you.
Good Luck!
2008-02-01 18:59:39
and the rest on food.
And call them and state on your file that you are putting 25$ due financial stress and the following weeks when you get paid you will pay lets say an 100$ each time to take care of this issue.
So you know Wells Fargo, will let you keep withdrawing money that you don't have from your Checking Acct. stop doing it.
2008-02-01 19:02:08
2008-02-01 19:57:27