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What if EFT (bank transfer) fails?
Letss assume you do an EFT (electronic funds transfer) and there are insufficient funds in the account. Will this be declined and canceled, or will it actually attempt to remove the funds anyway like what happens when a check bounces?
My banks policy is to never bounce a check or deny an EFT. They just pay it, and charge me their $23 surcharge, and if I stay overdrawn over 5 days, its a $5 per day charge.
My bank just denies it. It's happened to me a few times, but they don't charge a penalty or anything.
As you can see from the previous two responses already, one bank allows overdraft and another bank denies it. So the appropriate answer to your question:
Originally Posted by
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It would very likely be handled in the same way they would handle a check that was written when there was insufficient funds.
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