Q: Is it illegal to purposely overdraft your checking account?
I had $1000 dollars in my bank account, I moved all of it into a investing website, but I accidentally did it twice, and now I'm in the hole for $1000, but I've already invested all the money. I know I can pay it back and the overdraft fees back by the end of the month, am I able to do this? or is it illegal? I plan on talking to the bank tomorrow but I will do everything to pay it back within a few days if it is against the law.
A: Its not illegal. You have only a certain amount of time to replace the money. You pay it back as soon as humanly possible whether its against the law or not because the overdraft amount is not your money
A: FYI: Millions of Americans accidentally overdraw their checking accounts--and suffer substantial OD fees and other negative impacts to their ability to continue banking at the same bank where the ODs occurred. However, according to your opening question you "purposely" overdrew your checking account by transferring $2,000 to an (online no doubt) investment account when all you had in the account was $1,000.
If that is true, you have committed a very serious crime; and you should not expect your bank to let your $1,000 OD account status ride "until the end of the month" when you say you will be able to return the money you stole.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.