My bank account went negative ($1200),i cant pay it back so i got another bank account. What can the bank do if i dont pay it? Im sure they will close my account soon,but i have done this before and the other bank hasnt done anything.
2006-08-06 04:22:36 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
They will report you to ChexSystems and you will not be able to open another bank account at least until you pay off your debt. They may also press charges against you.
2006-08-06 04:31:02 · answer #1 · answered by Rich B 3 · 0⤊ 0⤋
The bank will close the account and just sent you to collections, keep in mind that it won't be $1200 that you owe once this happen. I am sure bank charges will apply & etc. I had a friend with your predicament, but worst. His bank account was overdrawn by 2400, he got phone calls all the time. But once this happen, you need to quickly open another bank account at another bank, otherwise you'll be put on a black list, where all the banks know you owe this debt and have your personal info, and you won't be able to open a bank account anywhere until this gets fixed.
2006-08-08 16:14:31 · answer #2 · answered by Mario23 2 · 0⤊ 0⤋
yes, Pooky, cash is best. If you spend using a credit card, the bank (and the government if they care to look) knows where you spend the money and the stores computer knows exactly what you bought and when.
As for your problem, you can ask to pay the bank back a little at a time, perhaps even as little as 50 bucks a month. It is better to offer to pay off at a slow rate rather than not at all, it shows that you are cooperative.
2006-08-06 12:41:21 · answer #3 · answered by XT rider 7 · 0⤊ 0⤋
I believe that after $400, it is considered a felony offense.
F U C K banks, thats why I use Cash only.
2006-08-06 12:25:17 · answer #4 · answered by Maggie 3 · 0⤊ 0⤋
well they will report you to chex and you can not open a bank, savings, or checking account and they can lien anything you own and they can garnishee your wages . Is it worth it ? I thiink not - pay them or take out a loan to pay with the bank .
2006-08-06 18:33:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
They can garnish your paycheck. This is a fairly large sum so they might try to get their money back.
2006-08-06 11:28:02 · answer #6 · answered by Sabina 5 · 0⤊ 0⤋