electronic payments scheduled to be taken out of your checking account will come out even if you don’t have enough money to pay them.
so if you pay something online for say $150 and you only have 100 in your account, you will then have minus 50 bucks left.
If it’s paid by a physical check, it will not be paid, but you will have a NSF charge from your bank and a late fee from whoever you were paying with a ‘bad’ check.
Bank agreed with me and reversed the charge and had all future charges blocked. Seems even a customer service agent at the loan company had it flagged for ACH cancellation. Claimed computer foul-up. Still owe and will pay and honor the loan, but only after re-employment. Went ahead a made a partial payment today to keep up my end of the bargain.
Turned off the overdraft feature of my account. Won’t happen again.