What happens when you cancel a debit card?

What happens if you cancel a payment from a direct debit card that has not yet come out of your account?

• I recently went overdrawn in my bank account but have managed to recoup my losses within 24 hours with the hope that I won't be charged for it - otherwise, I'll just end up overdrawn again. Whilst checking my bank account online, I noticed that I could have canceled existing debit card payments that had not yet come out of my account. This would have been ideal considering I'd recently bid on items using eBay that I could have afforded to retract but I didn't know about it. This made me wonder, what would have happened if I had canceled the payment that made me overdrawn before it actually did make me overdrawn? It's not something I ever knew about. I would expect the company would demand the money from the bank anyway? Can they bounce like cheques do?

• Answer:

  Depends on the company that you authorize to charge your account. If you cancel in time, it's fine... except if it makes you late with them.