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How Do I Overdraw My Account?
I am in a tight situation and need some cash. I bank with Bank of America. How can I overdraw with them and pay the money back?
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 First, your bank will have to allow you to overdraw your account. If you have a preapproved limit for this, you simply write the check and they pay it as any check, but they add a fee for this service. Be aware that your overdrawn account balance now has to be paid, and the bank will want those funds almost immediately. If you don't have a way to pay this, don't write the check because with the fee, your debt will just become larger.
If you don't have a preapproved limit, call your bank and ask them if the check would be paid. It all depends on your relationship with them, the amount, when you have your next deposit scheduled, etc.
Published on BankingQuestions.com 12/29/09
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