A question to the economist, accountant, and assorted experts on DU

[angstlessk]

My BoA account was overdrawn by 73 bucks for one day, I added 300 to my account the next day..and I was charged 70 bucks for two overdrafts..what is the APR for the loan for one day?

[elehhhhna]

1. Approx. 2 brazillion percent.

[angstlessk]

2. maybe I should have taken out a payday loan??? cheaper by the dozen

whoda thought?

[dmallind]

3. Just for fun I actually did the numbers. 35000%

So sure if you know you will be needing a few bucks for one day in advance, payday loans are far better tgan incurring overdraft charges.

BTW soimetimes for good customers it IS possible to get these withdrawn once or twice. Just not very often and not if you don't have much value as a customer.

[rgbecker]

4. I agree with dmallind, call the bank and ask for mercy.

Sometimes there will be a clerk somewhere that will listen and give you a break. Apologize, don't make excuses and lay it on thick...about how long you've been a customer, etc. Worth a try in the new Obama era.

[county worker]

5. I just wanted to say that my credit union holds posting some payments a day so that they will be

covered the next day. I notice this a couple of times. Yesterday was a case in point. On Tuesday night my balance in the checking was $110 but my available balance was 0. That means there is something pending. On Wednesday nothing was posted. Today I had an automatic deposit of my paycheck. Then the items cleared. So they knew two days ago that there was something that could have been cleared and I would get hit with an over draft fee. They held it for two days.

The credit union is Coast Hills FCU if anyone is on the central coast of CA.