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
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.
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