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 Posted: Tue Sep 13, 2005 11:05 pm Subject: Bank Account Activity |
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My
bank account with mercantile banks just keeps going up I am currently oweing them 2,487 dollars they said they would make the arrangements with me but somehow my balance just keeps getting higher by the day!What can I do I don't know how to settle this? I know I have asked before but I need some more suggestions can anyone help me please!
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chmartinbaby06
Debt Samaritan
Joined: 30 Aug 2005
Posts: 392
Debtcc Points: 18632
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| Posted: Wed Sep 14, 2005 6:44 am Subject: |
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CLOSE your bank account, ASAP! Most likely it's late fees from the bank and NSFs. You can try consolidating your debt with them, also. But definitely: close the account. You'll have a set balance that shouldnt change.
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Lindsey
Debt Samaritan
Joined: 02 Aug 2005
Posts: 363
Debtcc Points: 14609
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| Posted: Wed Sep 14, 2005 6:47 am Subject: |
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Have you looked at a bank statement to see why you are getting "fees" and additional charges?
Did you write a series of bad checks? If you did, be warned that a company can continue to process your check multiple times (ie. like many times per week if they want). And each time you will get a returned check/overdraft fee. EACH TIME!
If that is the case, there is another thing you need to be warned about: if the check is being processed as a check (I know this sounds redundant, but bear with me) and not as an ACH - you can put a stop payment on it for a small fee PER CHECK. But obviously that would be well worth it. If they're processing the check as an ACH then there is no way for you to stop them from attempting to "cash" the check and you will be forced to eat the fee every time.
Way around this? Close your account. Once the ACH goes through and they see that it was denied for reason "Account closed or does not exist" they will stop processing it and the bank won't charge you these fees.
I went out on a limb by saying you wrote bad checks (dont be offended), but I couldn't think of any other reason that you would be incurring such enormous amounts of debt in your checking account.
Another thing you may wish to check out is if someone is making unauthorized withdraws from your account (pre-authorized or pending fees), etc. Though this is most likely not the case as a bank would normally deny the transaction due to insufficient funds, it is something I've seen happen before.
I hope this information is helpful.
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cryptowizard
Joined: 09 Sep 2005
Posts: 121
Debtcc Points: 5083
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