I came to know that cheque debit the money from the current account and not the savings account.In my case I had all my money in the savings account and when they tried to debit money from current account they found there was nothing in there and charged me a penalty.Generally in India its with the savings account we make transaction and current account will rarely be used.
But in US with interest rate in few pennies I don't find any reason to store why they need some thing called a savings account.
6 comments:
Some things you learn from others...
Some things you learn from your own mistakes (assumptions)...
btw...if are still spelling 'check' as 'cheque' u may be further penalized :))
In my bank,the money is deducted automatically from my savings account when no funds are available in Checking account!
A funny thing happened last Week,
I wrote a check (for six dollars) to my son's school for his field fees. The school's bank took only six dollars but My bank deducted sixty one dollars from my account!
???
@Sri,
Talk to your bank; Be nice; Tell them you're a student blah..blah..blah.. you cant afford it..you can always get it waived.
@ Sri
bank la yaaraavathu friendly paati irukaangalaa nnu paaru....OD may get waived:)
@Sri
Usually, if you request very nicely, the Bank will waive the fee since this is your first time. Post an update after you request them to waive :)
@checked(2)
@Priya did u check with your banker?
@Siva done!
@Sundu update posted :)
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