2007-01-21 14:46:57 · 7 answers · asked by Wendy L 1 in Business & Finance ➔ Personal Finance
I don't think that one OD will do anything. Even if it's for an installment loan. If it OD'ed your acct. it was probably PAID. Meaning your loan is still in good standing. you will have OD charges and it will be part of your history on your checking acct., but unless you make it a habit, it would probably not be reported to a Credit Agency. MANY people have overdrafts for many reasons. Talk to your bank officer. Every bank customer should have an officer. If you don't know who it is, ask the teller, "Who is the officer on my account?" The teller should be able to tell you. Let the officer know that you are concerned about this and they will most likely work with you. Bankers want your business.If it's a First Offense, they might even waive the fee. (I wouldn't hold my breathe though!)
The bank will keep track of OD's for at least a year, meaning how many this month, past 6 months and past 12 months. Don't be afraid to talk with them though. They are only human too!
2007-01-21 15:02:43 · answer #1 · answered by lisa 5 · 1⤊ 0⤋
Yes, it will affect your credit rating if the overdraft was a check written to pay an installment payment, such as a credit card or a loan.
It may also affect your credit rating with your bank if anyone ever asks about how many overdrafts you've had or had to show someone your bank statements to someone for whatever reason.
2007-01-21 14:53:10 · answer #2 · answered by annazzz1966 6 · 0⤊ 0⤋
Well I am not sure because you did not provide a lot of information. For example, many banks will honor checks that you wrote, and charge you an overdraft fee. To me, if the checks were honored and your account goes into the negative and you take care of it (such as put money into your account to make it go positive) I don't see how that could be put on your credit report.
However if you keep writing checks and not putting money in to make it go positive the bank will not honor your checks and will close your account. I think that would affect your credit rating.
2007-01-21 14:58:59 · answer #3 · answered by Scott 6 · 0⤊ 0⤋
No not as long as pay your overdraft back within 30 days (That if you have overdraft protection). If you don't some bank will require you to pay that back with in a week.
Banks will not usually report you to Checksystem or telecheck unless you don't pay them back with-in 30 days.
Some banks (Not all) after 30 day may report you to credit bureaus
2007-01-25 09:58:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes, if it keeps happening
2007-01-21 14:56:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, it can.
2007-01-21 14:58:22 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No
2007-01-21 15:24:02 · answer #7 · answered by Anonymous · 0⤊ 0⤋