Your bank account balance goes negative and you never pay it back to the bank?
2006-08-29 10:26:54 · 16 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
As far as I understand your balance will fall negetive only if you have a Overdraft protection. In that case, it is either linked to one of your credit cards or linked to a loan account specifically maintained for this overdraft.
So, the amount in your checking account will not fall zero. When you have say 50 dollars in your account and you write a check of 200 dollars. Then the balance will come from your linked loan account ( say credit card) and so the checking account balance is zero and credit card balance is 150
Now you are trying not to pay credit card bill. That goes to your credit history. Rest is self explanatory
2006-08-29 10:29:59 · answer #1 · answered by NapWala 2 · 1⤊ 0⤋
They send ur name over to a collection agency and then to Chek Systems. The Chex Systems, Inc network is comprised of member Financial Institutions that regularly contribute information on mishandled checking and savings accounts to a central location. ChexSystemsSM shares this information among member institutions to help them assess the risk of opening new accounts. ChexSystemsSM only shares information with the member institutions and does not decide on new account openings.
2006-08-29 17:31:03 · answer #2 · answered by Gifted and Gracious 3 · 1⤊ 0⤋
The bank will try to collect. Once they've given up they will hand the account to a collection agency who will try to collect. If they don't then that collection agency will sell your account for a discounted price to another collection agency. This will occur again and again until someone sees your account as worthless
2006-08-29 17:29:44 · answer #3 · answered by Rob T 2 · 1⤊ 0⤋
They chase after you, hire a collection agency to chase after you, sue you, ruin your credit rating. If it is a significant amount of money, they may even file a complaint with the District Attorney. Using money that is not yours is stealing.
2006-08-29 17:30:41 · answer #4 · answered by regerugged 7 · 1⤊ 0⤋
you be on the run ******** with no credit rating like the loser you are . Deadbeat deluxe and when you go for insurance , security deposits they gonna whack you twice as hard as us which makes you a real big loser . Nice name too jerk - you need to be banned from here and yes ty for the 2 points and no ned to thank me for reporting you to yahoo as braindead and terminally stupid . alot of people died and you have the nerve to use that name on a forum - I hope yahoo bans you forever .
2006-08-29 18:01:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
They will send you to a collections agency to collect the money from you. You will then have to pay the agency the money plus a fee & it will show up on your credit report.
2006-08-29 17:29:18 · answer #6 · answered by chh945s 2 · 1⤊ 0⤋
The other Osama demolished the tween towers and you now are trying to demolish the American financial system!
Worse of all, you have upset Dutch Master as well!
2006-08-29 20:15:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you can't have a bank account for at least five years
2006-08-29 17:30:37 · answer #8 · answered by bezfosho 1 · 1⤊ 0⤋
you'll keep getting late charges and it will be even more in the negative
2006-08-29 17:29:06 · answer #9 · answered by madamoiselle_2 2 · 0⤊ 1⤋
They put you on collection
2006-08-29 17:29:19 · answer #10 · answered by helllo1234 1 · 1⤊ 1⤋