nsf

Have you tried talking to the bank about not charging those fees? With a previous account of mine I was able to have a portion of my check deposited into the account until it was paid off and i wasnt charged any daily fees. If you close out your account, that would be reported negatively against you which may prevent you from having a bank account in the future. I would try talking with the bank and maybe they can open another account at the bank while you paid off the current account if you explain your situation.

thanks for the advice rhonda i didn't try doing that yet but i am gonna consider this because i need my money and every little portion that i do get i need for bills but if i do that i can make like little payments a day just to keep it from overdrawing more and more well thank you for the advice and i am gonna consult my bank and see if that helps the situation because im trying to pay so much stuff off as it is that im still in debt no matter how hard i try to get my self out of it every time i turn around something needs to be payed well thanks again rhonda

chmartinbaby06

It is suggested not to increase the ratio by closing an account and transferring the remaining balance to another account since the ratio of the credit card balance is linked to the credit limit. Doing this will lower the credit score which should not be generally done while you are on your way to increase your credit score.

Regards
Roxette

Banks seem to be jumping on the payloan bangwagon sort of speak.Someone had said to default on your payday loans and make smaller payment arangements,but my bank loves getting those $30 fees.No matter how much I have in the bank,they always pay them.Ive had my account for a long time and that may be the reason why,but I get so mad when the bank rearanges the order or your debts to make you pay more fees.They will put the largest payment first and the lowest last so that you account goes into the neg with the first payment.But I guess that is the way they make the big bucks.I had kid at work who used his debit card to buy a $1 candy bar,then later used it to buy Chips and a coke for $3,later that night he spent $35,well he only had $31 in his account,Well he got a $90 service fee on his account since they put the $35 debit first.That was the most expensive snack he ever had,he is parttime so he wont get much of paycheck next week.I told him from this point on he should take out the money he needs and put the card away.This is his first checking account and he has now learned the hard way.

Twokidtwocat,

If the banks don't safeguard the interest of the consumers, it is the right time to open a new bank account and close that one. They may not want to lose their customer and this will put you in the stronger side to defy the bank charges.

I'll tell ya....I've banked with my credit union ever since I opened up an account and I'm seriously considering changing. A couple of months ago...the company that I worked for eliminated my department with no warning and gave us no severance pay at all. Well...I had some checks out to pay utilities and in the process of trying to find another job quickly...and notifying my bank and utility companies of the situation, they all said that they would work with me. How stupid am I to think this was true. The utility companies processed the checks and the back returned them NSF. I did not know at the time that the bank did this and I was very confused when I got home from job hunting to find that I had no power in my house. When I contacted the bank to see what happened, I found that I was now in the negative because of the return check fees and now I had to borrow money to get my electric turned back on. Well...I did find another job 3 weeks later, but as their policy...they held the first 2 weeks...which only put me further in the negative at my bank...all because of the NSF fees. So instead of them helping me out like they said they would...I am now close to $300 in the red. I have talked to several people at the bank including the president and they told me that there was nothing they could do about it. So...I went to close my account and they said that I couldn't until it was back to a zero balance...which means that they keep tacking on the NSF and below zero daily service charges. I have not deposited any money in the account because of their actions and now I get a letter in the mail saying that they are going to take me to court to garnish my wages and get their money back. In my opinion...the money that they are looking for is NOT their money...it's mine. After all...I did deposit enough money at that time to cover my utilities, but due to the original NSF fee and them tacking on all the charges...now it has snowballed out of control. Any advise on where I stand on this issue?

You will have to clear the bank charges first and then arrange money for the utility companies.

Didn't you have enough money in your bank account when the utility companies processed the checks?

Yes I had enough money in the bank at the time, but then there were a couple of other checks that cleared before the utility checks came through. Not to mention, what really killed the whole thing is that the company policy where we were elminiated from says that the last check has to be an actual document instead of the direct deposit that we were getting. So...by the time the utility checks cleared, the physical check was not in my hands to deposit...if that makes sense.

This is sad but you will have to forget everything and repair the damage done thinking about the future.

If you wish to use a consolidation program, you can sign up in this website. The consultation is free and you will be offered easy monthly repayments. It will be much easier. You can take a free counseling before you give your final consent.

You need to sign up here
http://www.debtconsolidationcare.com/signup/

chmartinbaby06

May I offer a recommendation on your current situation. Perhaps you could contact your financial instituion, and have them turn your checking account into a savings account. Chances are they're getting ready to close the account anyway. And based on what you've told us, you probably won't qualify for another account (not even a savings) anywhere. But turning the checking into a savings, this will stop the daily NSF fees...depending on the bank/credit union. You could set up some sort of agreement, to when you've reached a predetermined amount (lets say $1000) they'll reopen the account.

But keeping your account open and paying the daily fees, just for the sake of keeping an account is not helping you. It adds up quick...$5 @ 30 days = $150 :cry:

But turning your checking into a savings account could end the endless overcharge fees. Staying deliquent like that also hurts your credit rating. So the sooner you can get it paid off the better...and it could also end the $5/day.

Hopefully something for the better will work out for you. But in the meantime, offer this solution to them, and let us know what happens.

Regards-
Mike