2007-06-14 09:23:21 · 4 answers · asked by okangler 2 in Business & Finance ➔ Personal Finance
If you have a negative balance for very long for fees, finances charges or paid checks (instead of overdrafting your account) when no funds are available the bank can close your account and "charge off" the balance. This may impact your credit score. Some accounts can be closed for simply having a zero balance.
Normally they won't go after you for a month....but your sentence isn't finished in comments. So call or visit the branch, they don't bite, and ask for the payoff. They can calculate it immediately and get you out of further trouble unless it has gone to charge off. In that case they will have to get you their phone number. Please don't ignore this since it can not only trash your credit file, but also Check Free's (like a bank credit bureau) which will prevent you from opening even a savings account at another bank or get a highly paid job.
2007-06-14 09:32:56 · answer #1 · answered by Ginger 6 · 1⤊ 0⤋
If you have an unsatisfactory account they have the right to close your account at anytime and can report your account as a charge off to the credit reporting agencies too as well as check systems which will block you from opening an account elsewhere. They can also close a positive account for various reasons as well.
2007-06-14 09:35:06 · answer #2 · answered by linda m 3 · 0⤊ 0⤋
If the account is negative, you need to bring it back up to the positive. Even if is only a few cents. You really need to pay them back or they will put you into a system and you won't be able to open accounts anywhere else. If you can then it will be very difficult. Good luck!
2007-06-14 09:32:51 · answer #3 · answered by I love Ivy 2 · 0⤊ 0⤋
It's not so much bank regulations that matter as the account agreement that you signed when you opened the account.
2007-06-14 09:38:00 · answer #4 · answered by Ted 7 · 1⤊ 0⤋