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Is it possible to open up a checking account but be able to overdraft the same day with TD Bank and what's the maximum you can overdraft?

7 Answers

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  • Erik
    Lv 7
    8 months ago

    Banks are very careful with brand new accounts. I doubt they would let you overdraw it by a dollar on your very first day.

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  • Judith
    Lv 7
    9 months ago

    Banks can close accounts if the accounts are misused; e.g. overdrafting and you haven't been established with them long enough for them to know it was an honest mistake. I know a woman who misused her account and she can't get an account at any bank anywhere because of it - and that was over 20 years ago. As a result, she has to go to the bank and get money orders to pay her bills with. Very inconvenient for her.

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  • 9 months ago

    If you try to withdraw ANYTHING the day you open the account, you won't be opening an account ANYWHERE for the next 5 years.

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  • Judy
    Lv 7
    9 months ago

    You are just LOOKING for trouble.

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  • 9 months ago

    Only if you have an existing account history with TD that is in good standing.

    Most banks have an overdraft limit of $100, but if you open an account with just one dollar, you will not be offered overdraft protection. Many banks will allow you to open new accounts but will not offer overdraft protection - which is a line of credit - until they have investigated your credit history.

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  • Anonymous
    9 months ago

    If you have marginable stocks you can borrow on margin against the stocks but as for an overdraft, Im not sure.

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  • Anonymous
    9 months ago

    Ask TD. I have no idea I don't bounce checks or spend money I don't have.

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