bank overdraft?

Question

i been overdrafted at my bank for 10 days.I owe like 500.00. Now what will happen if i cannot pay the 500.00 at once? I made a huge mistake in calculating my money and im in a big mess.I called the bank to explain and he was scaring me saying its gonna be investigated for fraud.But im gonna pay it.So what do u think?Im scared now.Its gonna take a few weeks to pay them back.Will i be okay?

Answer 1

YOu should be, go to the branch and ask to speak with the manger .. they will set you up on a plan...

Good Luck!

Answer 2

I have been a banker for six years now and have seen this happen to many people. All banks handle overdrafts differently, but most bank will not close your account and report you unless you are overdrawn for more than 30-60 days. If you have been overdrawn 10 days so far, then you shouldn't be to worried. It's when you pass the 30 day mark that banks will charge you off. Basically, that means they turn you over to a collection agency and report you to Chex Systems. Which will be on your record for 5-7 years. This will make it very difficult to open an account anywhere else. The best thing to do is to visit the branch you opened your account at and speak with the branch manager. Tell them that you are trying to pay the account back and if you could have some time if you make payments. They might give you 30-60 days to do so. But if you make an effort to pay the account off, you should be ok.

Answer 3

I think you spoke with a very rude Customer Service Rep at the bank. He should not have said those things to you, next time talk to a Supervisor for help. You have no reason to be scared unless your charges were illegal (i.e. bounced checks, kept charging even though you knew the account had no money in it or if it was closed, etc.) Over draft charges are charges by the bank put on your account for going over whatever funds was available in your account, they will charge you for whatever you bought plus the bank fees. $500 is a lot in over draft. You really need to keep an eye on your account, be more responsible & don't spend money that you don't have or know you can't pay for. Make sure you got money in the bank to cover future purchases before you actually purchase them. If your going to pay the $500 within a couple weeks, just call the bank back, let them know so they can make a note on your account. Make sure you pay this by whatever date the bank gives you because, if you don't, then the bank will close your account & they will report you to Check Systems, who will then assign these over draft fees to a Collection Agency & it will ruin your credit & give you a bad reputation with other banks, you won't be able to open an account anywhere else.

Answer 4

What you need to do is go in and talk to someone in person at your bank. Tell them what is going on. And when you will be able to pay it back. And ask if you can make payments; if cannot pay the full amount all at once. And do not get out a loan; which will be just another headache that you will have to deal with later. If you have any automatic payments coming out of your account; then get your over draft paid off as soon as possible. If you do not get it paid off; it will cause your account's over drafts to keep mounting up.

Answer 5

Well....they might look into..if someone got your bank information...they might have used your info to buy stuff...that happens a lot. But if you know for sure it was your mistake...i would go to the bank and explain to them...They will probably put a freeze on the account so nothing else will come out. Give them a time frame as to when you can pay it back. And just be carefull in the future. And dont forget to pay it back!! good luck.

Answer 6

DO you have any credit cards? Take an advance on a CC or ask for an advance at work to get it paid. It really depends on how personal your bank gets. You should go in to see a relationship banker, or customer service rep - not just do it over the phone. This will help - personal touch. Also, bring your records and show them where you made the mistake. GOOD LUCK!

Answer 7

If you are over drafted for more than 30 days, the bank will report you to Check Systems and close your account making it impossible for you to open an account at any other financial institution. Every bank uses check systems. As long as they see that you are making the effort to pay the money back, you should be fine. Good luck and try not to overdraw again.....

Answer 8

You will be ok just keep the bank informed and dont hide away from them. Go and see them in person to fully explain what happened, as they dont usually listen to the full story over the phone. The reason why they are trying to scare you is that they think you will not pay the money back. That is why it is important that you go and see them in person. Good luck, everything will be ok.

Answer 9

yes you will be fine. What you can do is meet them in person to let them know that you are taking this matter seriously. tell them you would like to make a payment plan with them. Most banks will allow you to do that. How long have you had this bank . IF for a while it will be a plus. If not try to get some one higher in the chain to write a letter for you.

Answer 10

You need to talk to your bank about how they can help you. They can maybe take some of the fees off, and then possibly put a freeze on the account until it gets back to 0 balance. That way you dont keep getting more fees.

Answer 11

Check out the mailing address on the checking account statement and write them a letter explaining the situation and more than that spell out your payment plan. You have to do what you say you are going to do (they will now have it in writing). Send it return receipt mail. In case you don't know you will fill out a green card and self-address it. You will be charged a fee for this service but it will state your intentions and you will receive proof that the bank received your written out payment plan. This is called CYA (cover your booty)