Pay that and you have found a way to pay your overdraft by installments.
This is the top choice because it should cost you very little – just the fee for the balance transfer.
But you can’t usually get large credit limits on these cards.
If your overdraft is very large you need to look for a loan instead.
How can I pay off my overdraft?
How to pay off your overdraft
- Move your debt to a 0% money transfer credit card.
- Move to an interest free overdraft.
- Consider a low rate personal loan.
- Pay off your overdraft. Stick to a budget. Chip away each month. Use your savings to pay off your overdraft.
- Close your overdraft forever.
- Get some support.
What happens if you don’t pay back your overdraft?
When a transaction is not paid, your check or payment will be returned and the bank can charge you a “overdraft returned” fee. Also, recipients of non-paid items can also charge you fees of their own, independent of any bank fees you may owe.
Can I pay off my overdraft with a credit card?
Just as with a normal 0% balance transfer deal, cardholders can pay off a high interest debt without the interest. However, as you can see in the examples below, there is a fairly hefty fee for moving a credit card balance to pay off an overdraft.
Can I go to jail for overdrafting my bank account?
According to the National Check Fraud Center, you could go to jail if convicted of writing a check on a closed bank account and for failing to make a bad check good within 10 days of receiving an overdraft notice.