have 2 bofa personal and business accounts, one negative and one positive. wil bofa would close both accounts?

Question

I have one personal and one business account with bofa, I have made my business account positive but personal is still negative. if I couldnt make my persoanl positive will bofa close both my accounts?

Answer 1

The only answer I can give is maybe. The banks usually have the right of offset between one persons accounts. For example, if your checking goes negative, they have the right to take the money from your savings to cover it. Even though most people don't know it, they sign a statement when they open their accounts that give the bank this right.

With that said, it may be different with a business account. If you are a sole proprietor and simply have an account in your "DBA" name (Jon's Shop) but you have not created another entity (LLC, Inc.) then they may still have the ability to offset from one account to the other.

You should call your bank and talk to them either way. If you have a plan to get back in the black, discuss it with them. If not, your negative account may go deeper negative and when they file a complaint against you your credit score crashes and they get your other account anyway.

Answer 2

i comprehend precisely what you're dealing with! I had a BofA checking account besides, and it grew to become right into a residing hell. i'd desire to have paid, stupidly i'd upload, hundreds in overdraft costs. those costs are the distinctive hightest in the banking business enterprise, and border on the unlawful. I additionally had a run-in with my community branch supervisor approximately a internet gaming sight that grew to become into charging my account illegally and have been given hit with hundreds greater in banking costs. I drew the line, went into my financial business enterprise and demanded to communicate to the supervisor. He did no longer comprehend that transactions with gaming web content have been unlawful! I had to touch the investigations branch of this terrible financial business enterprise. final analysis, they refunded each and every of the money and took off their outrageous costs after 3 months. meanwhile, i could no longer use my checking account. this would nicely be a horrbile financial business enterprise, and that i propose no person do business enterprise with them, as they're ludicris with their value shape. i'd close the account asap, tell the supervisor you have been informed you had overdraft safety from between the tellers and refuse to pay. they are going to in all likelihood conceed.

Answer 3

i doubt they will close one of the accounts but they may balance them out!!!