Personally I keep just enough in my checking account to avoid overdraft fees. However, there are sometimes unforeseen events that result in withdrawing more money than I expected resulting in total funding to be below $25.
To resolve this situation, a lot of people get cash advances from their credit cards to fill the void. However, in this post, I'm going to tell you an alternative.
- Download venmo app.
- Create two accounts, one under your phone number, another using your friend's number.
- Send your desired amount to your 2nd account using your credit card of your choice. This charges 3% transaction fees but in this specific scenario, you only need just enough to keep it above $25 so 3% transaction fee comes out to be less than a dollar if you are sending $25, which is much smaller than $20 that Bank of America would charge you if you were to get a cash advance.
- Send the money you just received back to your first account.
- Deposit your money into your checking account.
Problem is solved.