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J-bank Overdrafts?

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  • J-bank Overdrafts?

    I recently switched from MUFJ and I thought I had transferred over all direct debits, etc. Well apparently I forgot one, which was pulled out of my account via direct debit today. I only had a couple of thousand yen in there, and the bill was a bit more. Will the payment have bounced? Or will it be taken, and I will be in the red in the bank? Do I get fined for this stupidity??

  • #2
    It is unlikely that the bank will have paid it - unless you had other deposits with them outside of your current account. They probably will not assess a penalty either. You need to contact the biller/service provider ASAP to make a cash payment and to complete the transfer of their debit to your new bank.

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    • #3
      I'll be interested to hear the result of this. I have never heard of Japanese banks offering an automatic overdraft facility or of anyone being granted an arranged overdraft. My guess, given their ways, is that they will refuse the payment and then seek to charge you for the privilege of them having done it. I hope I am wrong.

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      • #4
        I dont really know what happened? I went to the bank, deposited money in the account by cash, and then the amount in the red was automatically taken out.

        Eg - the direct debit was \7000.
        I deposited \10,000 in notes.
        My bank balance automatically came up as \3000.

        The direct debit must have been floating around in space somewhere.

        It doesnt seem like I got fined either - maybe it was because I put money into the account on the same the day the DD came out. On my book too, it just says underneath the deposit "\xxxx taken by xx company."

        hmmm ...

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        • #5
          Some banks automatically withdraw belated payments once the cash has been deposited. More often than not you would get a letter in the mail say that they were unsuccessful in automatically withdrawing the amount due and that you should deposit the due amount by such and such a date. It's no big deal.

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          • #6
            Credit where it is due then to the banking system - Seems they are far more reasonable than other places. Make a mistake like that in the UK and they take to opportunity to charge like wounded bulls.

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            • #7
              I know one bank that does sweeps several times a day and thus spreads their computing workload. So at the end of the day, there should only be a few pending debits to complete. My guess is that an early sweep put you in negative territory in a trial balance, and that your later deposit cleared it. Had you not made the deposit, I donft think they would have processed the debit.

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