Can I transfer more than I have?

rs4100

Hi guys, have to make a 1000 euro payment to my landlord and at the moment theres about 980 in my current account,if i put in to transfer the amount of 1000 into the landlords account will it go through and the outstanding amount i owe boi be deducted next time I put money into the account?

would i better off getting an overdraft? Im a student and Im with BOI,if i was to take out an overdraft how long would it take to get it?

very worried as to what to do here,im kinda on my own with this one would appreciate the advice a lot!

Toots

If you're transferring online you'll only be allowed to transfer whatever you have in your account. If you were to apply for an overdraft it would probably take a few days to get approved, depending on the amount you're looking for.

rs4100

Thanks for the info, do you know if i was to apply tomorrow for about 600 would i get it within 3 days? ive heard this can be done but im not sure with boi

**Timbuk2**

Maybe it's just me being paranoid, but I wouldn't transfer that large of a sum electronically. It could go to the wrong account, he could claim he didn't get it, it's not that obvious where it came from, apart from a few characters of a Memo field, etc.

Ask him would writing a cheque be a better option? I'm sure you could pop down to the bank soon and lodge about thirty euro so that the cheque won't bounce when it is lodged.

rs4100

**Timbuk2** wrote: »

Maybe it's just me being paranoid, but I wouldn't transfer that large of a sum electronically. It could go to the wrong account, he could claim he didn't get it, it's not that obvious where it came from, apart from a few characters of a Memo field, etc.

Ask him would writing a cheque be a better option? I'm sure you could pop down to the bank soon and lodge about thirty euro so that the cheque won't bounce when it is lodged.

Thanks for the advice,but my landlord is paticularly difficult to deal with and keeps requesting that myself and my roomate lodge our payments through one account each month which is not possible as we are only students and our parents are not comfortable with one joint account(for obvious reasons) But he keeps insisting on making our lodgements as 'one' as he finds it ''difficult to keep track of lodgments''

also we do not have a rent book,and we do not know if he is paying tax on our apartment should I question him on this before making another substantial lodgment?

dotsman

**Timbuk2** wrote: »

Maybe it's just me being paranoid, but I wouldn't transfer that large of a sum electronically. It could go to the wrong account, he could claim he didn't get it, it's not that obvious where it came from, apart from a few characters of a Memo field, etc.

Ask him would writing a cheque be a better option? I'm sure you could pop down to the bank soon and lodge about thirty euro so that the cheque won't bounce when it is lodged.

Wow, this took me by surprise. Firstly, 1,000 is not exactly a large sum in the grands scheme of things. Secondly, it is far, far less likely to go wrong than transferring money manually; as you remove a number of human transactions from the process by carrying out the transaction online. Pretty much the only thing that can go wrong transferring online is that the landlord has given rs4100 the wrong account number. However, if that is the case, then transferring manually will also go wrong.

By going into a branch, you add numerous possible issues such as the teller misinterpreting what the customer wants, misreading the account info the customer wrote down (possibly due to bad handwriting etc), getting this transaction mixed up with another one (if they have been up the walls all day and racing to get through their workload). Trust me, the less humans involved, the better:)

OP, depending on your history with the bank (and what information they have on you), you could get the overdraft approved anywhere from immediately to within a few days. As a student (you don't mention if you have a part time job), you may need to get a parent to act as guarantor.

If you need to get the money to the landlord before you get the overdraft approved, is there anyone who can transfer the money for you (ie a parent/friend transfers the 1,000 to the landlord now, while you transfer the 980 to them and give them the other 20 when you have it), or vice versa, have a friend/parent transfer 20 to your account now and transfer the 1,000 to the landlord then. Not sure about BOI's transaction times, but if you are all with BOI, transfers should take place immediately (ie I'm with AIB and any money I transfer to another AIB account is immediate, whereas it only goes through to another bank at 2 intervals during the day and then whatever processing time the receiving bank takes).

amen

Secondly, it is far, far less likely to go wrong than transferring money manually as you remove a number of human transactions from the process

actually you are adding more transactions by doing it manually.

For a manually transaction I write cheque in my name, give it to the landlodge who has to record who paid him, writes a lodgement docket(hope he entered the correct account no), add a narrative (hope the teller inputting the details adds the narrative), gives the cheque to the bank who input it ( hope they entered the correct details), check goes to clearing and should come back within three days at which point the money is available to be used.

If I do an electronic transfer I pick the account I want to send it to, enter the details and maybe a description and hit send. Computers do the rest.


so which is less error prone?