0
The answer is - It Depends.
Many banks offer overdraft facility where you can actually withdraw more money than what you have in your account. In such cases - it is perfectly Legal.
But, in cases where your bank hasn't offered this feature to you it is Illegal.
Add your answer:
Earn +20 pts
What can happen if you overdraw a bank account?
You may be charged an overdraft fee.
Can a bank overdraw your account to pay their own charges?
It Depends: Yes - If you have a valid overdraft account with the bank and you currently do not have enough balance in your account to pay for bank charges No - If you do not have a valid overdraft account with the bank.
Is it possible to overdraw a checking account using a debit card?
Yes a lot of people tend to overdraw their checking account because they do not know how to balance their checkbook.
What are the advantages of a current account?
you can't overdraw e.g get into dept.
If someone owes you money and you have their bank account information can you pay a bill using their bank account?
No, you cannot. It is illegal.
Is it illegal to open a bank account with a false name?
yes it is illegal. but yet its not. because you are not putting your real name on the bank account but it is totally up to yourself if you want to get into trouble or not.
Can i open a bank account if I'm an illegal alien?
Yes.
Can you withdraw money if you don't have any in your account?
Yes. It is called an "overdraw". It is the banks money, and the bank will charge you an extra fee of anywhere from 10$-40$ every time it happens.
Is anyone else check your bank account?
No. Only an account holder can check his/her bank account. If anyone else gains access to your account without your written consent, it is illegal.
Is it illegal for a bank to reopen a customer's account without permission?
Yes
Can a bank close account with notice -?
Yes, if your account is involved in illegal activities like terrorist financing or money laundering etc. No, if your account isn't involved in any illegal activities.
Can you get in trouble opening a bank account for someone else?
Yes you can. It is illegal to open a bank account for someone else unless they have given a written legal power of attorney to you.
