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checkings account in negative

Date: Fri, 03/10/2006 - 08:05

Submitted by fka
on Fri, 03/10/2006 - 08:05

Posts: 229 Credits: [Donate]

Total Replies: 6


what happens if you have a checkings account that is in negative of about 600 dollars? im with commerce bank. my bank account mite go negative for that amount in a short amount of time. this is the first time this has happenned to me. i dont have the funds to cover it either so im not sure what to do. what happens if i just leave it as is?


fka22

If your account is already in the negative of that amount, then you need to close that account to cease any further action that may cause more harm toward you. You can speak with a manager at your financial instituion and they mey recommened just opening a savings account since you're currently having troubles with the checking.

In any case, you need to at least change your account number if you're having troubles with payday loans. This will stop all future payday loans from hitting your account, and you can work with the individual lendor to work out alternative payment methods. They may insist on doing another debit through your checking, but tell them that is not an option, and only a money order can be mailed out.

Hope this information helps. Please let us know on everyones reaction, and your outcome of what you're deciding on.

Regards-
Mike


lrhall41

Submitted by Teleport on Fri, 03/10/2006 - 08:36

( Posts: 1388 | Credits: )


the thing that happened was that i closed my bank account yesterday so that the payday loan people wouldnt be able to debit anything. i talked to payroll at my job and they said they couldnt stop the direct deposit because they sent it out already but what they could do was reverse it and then give me a papercheck afterwards. im guessing since the deposit went through the checkings account opened back up. not really sure. but 600 was debited but the payday lenders for extension fees. after my direct deposit gets reversed im going to be left with a negative amount in my checkings. i figured id find out what happens beforehand beacuse i cant really cover the amount right now due to other bills and retainer fee for T&C to start debt consolidation.


lrhall41

Submitted by fka on Fri, 03/10/2006 - 08:44

( Posts: 229 | Credits: )


fka22

Did you completely close the account, or did you just change account numbers. Usually, if you have direct deposit, the bank will let you pick up your money, or send you a paper check. However, if anything is still coming through, those should of been stopped and send back with "account closed". Since they were ACH's, perhaps those were a little harder to stop, since they're not identified with any kind of check number. Regardless, the ACH's, should not have gone through.

Are you currently seeking counseling with a debt consoldiation company?

Regards-
Mike


lrhall41

Submitted by Teleport on Fri, 03/10/2006 - 08:51

( Posts: 1388 | Credits: )


i closed it and opened up another one. i didnt tell them to stop any payments or anything though. they just transferrred the funds from the old one to the new one. i just assumed that no transctions can go through if the account was closed. i called Town & Country last week to consolidate my payday loans and credit card debt. I was just waiting until i got my paycheck to pay the retainer fee of 155.00 now i dont even have that. im not really sure what to do.


lrhall41

Submitted by fka on Fri, 03/10/2006 - 08:56

( Posts: 229 | Credits: )


fka22

Speak with T&C about the situation. Perhaps, they can work out a 1/2 now, 1/2 next week payment plan with you. Sorry to hear you're having so much troubles trying to get your credit back on track. But very soon, you'll be on track. Just keep your head high, never give up!

Regards-
Mike


lrhall41

Submitted by Teleport on Fri, 03/10/2006 - 09:02

( Posts: 1388 | Credits: )