Does anybody float checks?

[mindyandy420]

I have 2 bank accounts and sometimes to make it to the end of the week (next payday) I have to float checks back and forth....I am ashamed but that is the only way I can avoid overdraft fees....
Am I alone?

[BROKENN]

Dunno, but I would change that habit. Now that you are restructuring, put it in place with paying bills requires money in the bank. Also, start saving! Never know....

[StartingOver08]

I rarely use checks any more. I am using debit cards instead and there is no float. A few years ago when the float time dissappeared I just adjusted to the following: If the money is not there when I swipe the debit card, I do not swipe. Same for the few checks I write. The fees are too much and the system is geared to process debits/checks before credits/deposits.

[chloe0724]

What you are doing is called Kiting. It's breaking the law. If either of your banks catches on, they can shut down your accounts without notice and report you.

Please stop doing it.

[JRScott]

As the others say as you try to get yourself a new leaf, you need to end this practice. What it might mean is cutting corners a lot one or two months to allow yourself to stabilize.

One area that might help is if in your area you might could use angelfoodministries.com to cut some money from your food budget to use in other areas to help provide a cushion. I would also attempt to start saving after filing bk, you'll need an emergency fund.

[Mi Bankruptcy]

As the others say as you try to get yourself a new leaf, you need to end this practice. What it might mean is cutting corners a lot one or two months to allow yourself to stabilize.

One area that might help is if in your area you might could use angelfoodministries.com to cut some money from your food budget to use in other areas to help provide a cushion. I would also attempt to start saving after filing bk, you'll need an emergency fund.

If you cutting it close I suggest paying bills online. Several companies will let you pay on your account the actual day it is due. I know right before I stopped paying it would be common to get paid on the same day and log into all of my online accounts and pay my bills. However, some credit places play the same wait 2 days to process it so your hit with a late fee.

[cool33097]

I have never done but know people who does it and one of them got caught. Its against the law.
You have to sit down and find out what is wrong on that month, what is causing you to do this. You have to break the habit otherwise you are never going to be debit free.

[casdem1]

I know exactly what you are going through. At one time I was "floating" between 4 checking accounts (2 that were not mine). It is awful, because just like payday loans, by the time you get to payday your float takes up all your money. I knew what I was doing was breaking the law, but I justified it by thinking that I had to keep food on the table and the utilities on. Because of the bankruptcy, I have finally been able to quit. Using my debit card and writing down all my purchases has helped. I pay utility bills online and have stopped eating out. It is hard to quit once you start, but it is so stressful you have to get out of the cycle. My heart goes out to you, because I know how hard it is. Good luck and God Bless...

[bkchap7filer]

I don't get it....what is illegal? I must not be understanding what you are meaning by "floating checks." I transfer money between accounts all of the time....that isn't illegal. I transfer money from savings to checking and back again as needed to cover checks. How is floating checks different?

[StartingOver08]

Floating checks is writing a check on an account where you do not have funds and depositing that check into another account. The part that is not legal is writing a check on an account that does not have funds. The float used to be 3-4 business days to allow you time to get funds into the account on which the original check was drawn.

Transferring funds you actually have from one account to another is not illegal.

[Cali]

I've never floated or bounced a check in my life.
And if I were you, I would find a way to break this habit now or it can come back you in the bum.

I have 2 bank accounts and sometimes to make it to the end of the week (next payday) I have to float checks back and forth....I am ashamed but that is the only way I can avoid overdraft fees....
Am I alone?

[Help!]

No, you're not the only one. When we were students living on cash (very little cash) my husband and I had to do that sometimes. After we graduated, we never really learned how to live within our means and went directly from floating checks to using credit cards to bridge the gaps... and that's why I'm here.

[bkchap7filer]

Oh, I am no stranger to the using credit cards to bridge the gap....just the floating of checks confused me. Thanks for the info!