I’m preparing to apply for pre-approval and thought I’d ask a question about my bank statements..
Big chunk of my paycheck goes straight to my savings account, and only my fixed expenses and a little spending money goes to my checking accounts. However, in the past couple of months, I’ve had to move money automatically from my savings to my checking in order to cover debit card swipes. While the transaction line on the statement says “Overdraft transfer”, it’s just an account feature that transfers money from one account to another, when the funds are low. I don’t get charged a fee, and the funds come out of my own account, as opposed to the bank extending me credit. Will this be a problem in underwriting? Should I already write a LOE for this?