Debit card payment without available funds

Ack! I had a scheduled school bursar payment that I forgot about. My bursar bill was $4200 and I had just over $100 in my bank account. I should have cancelled the scheduled payment (scheduled months ago) but obviously didn’t. The transaction was allowed to process leaving me several thousand dollars in overdraft of my bank account. I mean to reconcile the deficit, of course; but I cannot do so immediately. In fact, it could take several months. My main cocern is criminal liability. Can I be held criminally liable if the bank essentially approved the transaction knowing I did not have the funds, in effect giving me a loan? Jackson County, Southern Illinois.

Thank you.

Oh, man, that’s bad. You should go immediately to your bank and ask if they can cancel the payment. If not, remain in contact with them at all times, letting them know you will pay them back on X date. You could be charged continual overdraft fees for this. Bank communication is key. If they are under the impression you can’t or won’t pay them back, they can report you to checking systems and you will probably not be approved to open any bank accounts for about 7 years.

Also contact the institution in question and see if they will reverse the payment, if you explain the situation.

Just don’t let anybody for a second not realize that you are completely and utterly aware of your mistake. It probably won’t go to courts if you can do that much.