feeling discouraged!

iVillage Member
Registered: 10-10-2003
feeling discouraged!
5
Tue, 04-19-2005 - 11:07am
I am feeling rather discouraged! I went to the bank this am, to get some cash and when I got my recipt I am $ 900 in the hole!! I am not very happy about this. I pulled up my bank statement on-line and I know what happened, I thought a check had cleared that has not and I made a large payment to one of my credit cards $ 1000, and now I am almost that much in overdraft! I am not happy. I thought we were doing so well, so we went to Chuck E. Cheese with the kids on the weekend. UGGGH! I always feel like it is one step forward, two steps back. Now my dilemma is to transfer the money out of our Ememrgenct fund, to cover the overdraft, 7.5% interest, or to wait until I get paid on Thurday to cover it. Either way it sucks!!!!
iVillage Member
Registered: 10-21-2003
Tue, 04-19-2005 - 2:01pm

Been there, done that....

I would wait to Thursday. I am assuming that the 7.75% is an over draft line of credit??? If that is the case, the interests shouldn't start to accrue immediatly. If you use your emergency fund some how things happen, bills happen and that money ends up not getting replaced.

JMO

Avatar for colomom99
iVillage Member
Registered: 03-28-2003
Tue, 04-19-2005 - 5:58pm

Oh my. Not only have I been there, I was just there last Friday. I am not to be trusted with technology but I got too close to the due date on one of my big credit card bills so I decided to do a payment online. It said it would take two to six days to post so I went ahead and paid on a Thursday knowing my paycheck would automatically be deposited by Friday morning. Well, you guessed it, it was taken out of my account instantly and my daughter's preschool tuition check hit at the same time and it bounced. I was so embarrassed. I had to go in and talk to the director. Aaargh.

I, too, took some money out of a line of credit we had and actually created an emergency fund. I will pay the line of credit back as I can but I am hoping no more bounced checks since the emergency fund is in a savings account at the same credit union as my checking. Sheesh, I hate all this juggling!

Jenny

iVillage Member
Registered: 10-21-2003
Tue, 04-19-2005 - 6:30pm

HeHe...

I'm sure you have seen thoes email surveys passed along from your friends...favorite color, etc. There is one that goes arond that has a question...Can you jugle...My standars answer is Knives, no...money Yes. ;)

iVillage Member
Registered: 11-24-2004
Wed, 04-20-2005 - 12:52pm
You are paying $900.00 in overdraft fees? How did that happen so quick? So the $1000.00 check you deposited has gotten eaten up by the fees and there is nothing left? I had a check once that was supposed to clear on a Friday (as per the teller). It turns out the check didn't clear until Monday. I used my debit card to pay for a hotel room, some gas and a dinner. All three of those debits bounced, but I only ended up paying $100.00 in fees.

Photobucket - Video and Image Hosting

iVillage Member
Registered: 10-10-2003
Wed, 04-20-2005 - 4:21pm
It was an accounting error on my behalf, I wrote a $ 700 check to my mother which I thought had cleared. It didn't, and then my DH wrote check for $ 450 and didn't bother to tell me. So I made this large payment to my CC, and then came to discover that I really didn't have the extra money at all!! I'll get paid tommorow, so we will be living very frugally for the next two weeks and eating out of the pantry (My well stocked pantry! LOL!) This will cover the overdraft and leave us enough barely to squeak though the next two weeks. It just seems like I can't win!