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overdrawn bank account

Date: Wed, 11/08/2006 - 13:55

Submitted by scooter
on Wed, 11/08/2006 - 13:55

Posts: 114 Credits: [Donate]

Total Replies: 8


My bank account is overdrawn by about $550. Should I tap into my retirement account to pay this? They told me they would charge it off and it would hurt my credit, yada-yada which I don't really care about. What can they do if I just make payments, say in three payments? Thanks


Yes, banks will report you to telecheck or Checksystems. Two banks that I had previously had done that and it was hard for me to open a bank account at another bank (fortunately, the one I am with now does not check in that system yet). Even though I paid off one and the other is about to fall off the system in December, it still appears on my report and one bank wanted me to open a savings account before I could open a checking account.

Just be careful.


lrhall41

Submitted by Alexandra on Wed, 11/08/2006 - 14:12

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You can contact them and make payment arrangements. Once you do that you should be able to re-open an account with that bank. I know that National City will allow you to do this. I personally would be afraid to tap into my retirement fund, it would take me forever to put the money back that I took.


lrhall41

Submitted by WHEREAMI? on Wed, 11/08/2006 - 14:12

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Once you tap into your retirement fund, you will be penalized for that. Just remember that.

Have you tried to make payment arrangements with the bank? Irregardless, it will appear on your telecheck report but at least you would have paid them off and can explain to another bank what you have done.

Keep proof of it.


lrhall41

Submitted by Alexandra on Wed, 11/08/2006 - 14:15

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Don't tap into your IRA for $500, work out a payment plan or something with the bank but do something about it as they will report it to the check systems that banks use and you will be blackballed by the industry, How about picking up a part time job toget the money back into the acct?


lrhall41

Submitted by PDLFREE on Wed, 11/08/2006 - 14:25

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Sccoter, Go to the bank and make some arrangements. My bank has a 500 dollar overdraft protection and they give you thirty days to get it back in. It wont hurt to try all they can say is no. Good Luck KYSIDE38


lrhall41

Submitted by KYSIDE38 on Wed, 11/08/2006 - 19:35

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