We were to have both my husband's paycheck and a large bonus check credited to our checking account today. The bonus was not deposited and we found it was delayed by two weeks. We had pre-set several payments against this bonus that cannot be stopped. By next week, our account will be overdrawn and we won't be able to bring it positive until the end of the month. Not only that, but due to the amount of the overdrafts, we will not have any money available for the next two weeks. Since we have banked at the same bank for almost 20 years and have both of our paychecks direct deposited, is there a chance that the bank will allow us to make at least a part of this overdraft a loan of some sort to be paid back at the end of the month? We do have an overdraft line, but this amount will exceed that limit.
You won't know until you ask. The problem here is that you obligated funds before you had them. If your relationship is such with your bank, and you can show them proof of the upcoming bonus deposit, your chances may be good that they'll give you a short term loan. Certainly the interest will be far less than the OD fees. Call your bank immediately. They may request that you borrow for at least 30 days. Unless you have a prepayment penalty, you can still pay it off early, or leave the funds in your account until the maturity of the loan.
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You won't know until you ask. The problem here is that you obligated funds before you had them. If your relationship is such with your bank, and you can show them proof of the upcoming bonus deposit, your chances may be good that they'll give you a short term loan. Certainly the interest will be far less than the OD fees. Call your bank immediately. They may request that you borrow for at least 30 days. Unless you have a prepayment penalty, you can still pay it off early, or leave the funds in your account until the maturity of the loan. 