My account is 350 negative without overdraft but my salary is in 3 days, so something bad is waiting for me?
Question above is only helpful answers please and no smart-ass comments
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You'll have to pay overdraft interest. And depending on where the 350 euros went, your bank might even take it back.
If you don't have an overdraft facility, your account can't go into the red. The bank won't process the direct debit, and you'll be charged a returned direct debit and reminder fee by your creditors. If you paid with a credit card without sufficient funds, it's even worse. It could result in fraud charges.
Yes, I'm already getting chargebacks. When will the debt collection start? Do you know?
It doesn't go quite that fast 🙂
After a failed direct debit, debt collection doesn't occur immediately. Check with the person debiting the account whether they'll debit you a second time or whether you'll have to transfer the money. If you pay as soon as your paycheck arrives, nothing serious will happen. However, you'll probably be charged a few euros for the returned direct debit.
First reminder, second reminder, legal collection proceedings. It usually goes something like this.
But it can be done if the bank tolerates the overdraft. Many banks and savings banks also charge different interest rates for authorized and tolerated overdrafts.
That is wrong.
Thank you, my best friend, I'll get my salary in 2-3 days anyway and then I'll be back in the black
Overdraft interest only applies for a few days, and it's only a few cents. It's not that bad.
You'll have to pay interest. Nothing more. That's what overdrafts are for.
He has no overdraft
Right. Well then, interest rates will get even higher…
You will have to pay interest for the period of the overdraft.
Costs you 12 – 17% pa.