Patment Arrangement on Overdraft
Anyway, my husband's check is direct deposited, as are any bonus checks which he receives periodically. Today his paycheck and a pretty large bonus check were to be deposited. I had set up several future payments to be paid with these amounts. Well, I checked our account this morning online and only his paycheck was in the account. We called and were told that they had told them incorrectly and the bonus would not be credited until the end of the month!
I realize we probably should not have "pre-spent" the money until it was actually in the account, but this is the first time in almost 6 years with his company that a bonus was not paid when expected. Come next week, when the debits hit, we will be very overdrawn and won't be paid again until the end of the month. In the past if we were overdrawn, we would immediately bring it back to positive. We won't have the money until we are paid again, in addition we will have no money to function the next two weeks. Has anyone had any luck with asking a bank to allow the overdraft or at least part of it to be paid in payments, or make it like a loan and allow us to pay it at the end of the month so we can live the next two weeks? We both have our checks direct deposited so the money from our paychecks, (plus hopefully the bonus) is guaranteed to be in the account on the 27th.
I know from reading here that if the account is closed for being overdrawn too long, you can sometimes make arrangements. This won't be the case here-it will actually only be 9 banking days until we are paid again. Any advice on this situation is greatly appreciated. By the way, we bank with a small, local bank with branches in surrounding counties only and have banked with them for almost 20 years. We do have a $600 overdraft line, but this amount will exceed that by quite a bit.
Thanks in advance for the help.
I would go there,in person, and ask to speak with an officer of
I would go there,in person, and ask to speak with an officer of the bank. Tell them your circumstances and see if they can help.
I,too, bank at a local bank, been there for over 30 years and they have worked with me in the past. If you have banked there for a long time, have regular deposits, etc., sometimes they can work with you. I am not sure how long they can keep overdrafting your account,though.
My son went way over his OD protection amount in the past, and they worked with him on paying it back. They had already sent it to an attorney, but after we went to the bank, they pulled it back and let him make payments, however, his amount was far less than you are talking about.
Just go to the bank and see what they can do..Good Luck..karen
i have found my bank allows it to be overdrawn for at least a mo
i have found my bank allows it to be overdrawn for at least a month and you can pay it off anytime before than. i hope that helps a little.
Have you asked the bank if you can stop or reschedule the paymen
Have you asked the bank if you can stop or reschedule the payments? Did you use the bank website, or each individual companies website? I know when I use companies websites you can alter the amount and dates even up until the actual day. Good luck and let us know what happens.
OK-so here's the update. I went in and spoke with our account m
OK-so here's the update. I went in and spoke with our account manager. I told her the situation and she was very helpful. She did offer to set it up in payments, and I told her I would let her know as I really didn't want to be tied to another loan. Here's what I did instead-I stopped our direct deposits and all direct debits that had not already gone through. Then I called her today and told her we would be getting a paper check for now and that we would pay off the overdraft amount by the end of March if not sooner. She assured me this was OK and that we would not have to worry about them closing our account. I went ahead and opened a new account at another bank, just in case, but I think it will be OK. It will be tight until Friday, but we'll be OK.
One advantage to this is that the one PDL that was illegal and I don't feel that I owe anything else to other than principal will not be able to get anything from my account!
On the downside, though-about 10 minutes before I left today, I got a phone call at work. Not only do we have caller ID, but a new receptionist who not only feels she has to ask WHO is calling, but asks everyone what it is regarding! I think they told her it was a personal matter, but still. I've told her this is not necessary for my calls, by it continues. Anyway, it was Advance America corporate calling about my "past due account". I took the ladies number then called her as soon as I left and let her have it. Not only have I asked repeatedly not to be called at work, the balance is set on four payments, one of which has been made and the second will be made Friday!
Needless to say, this put a damper on the rest of my day!! I told our receptionist that a family member had listed me as a reference and that is why I have gotten a few strange calls. Oh, well-hopefully all this madness will be over soon!
One Step.. as for reptionist, I can guarantee that they were tra
One Step.. as for reptionist, I can guarantee that they were trained that way to ask what it is in regards to. (I should know I was secretary and it was pretty much instilled in me to always screen calls) and with good cause.
That's good the bank will work with you. Once I'm done paying IRS (Which should be next two months, if not next month). I'm tackling my OD payments with my old bank.
I wasn't trying to bash our receptionist-I too used to be a secr
I wasn't trying to bash our receptionist-I too used to be a secretary and know this is receptionist/secretary 101 to ask who/why, etc. I understand that she is only doing her job.
It's just with these situations it is a little embarrassing-not to mention I work in a very small office building with only four people and only partitions between us.
It probably wouldn't bother me if it was over the phone that she was telling me-but she is in the front and I am in the back and every phone call we get is announced by her yelling back to us who is on the phone!
Anyway-I guess if I wasn't such an idiot to get in this mess in the first place it wouldn't be a problem!
Gah, I can see where it would be un nerving. Would it be possib
Gah, I can see where it would be un nerving. Would it be possible to talk to her again, and if she does ask who, just to take a message for you, and give it to you when you walk up or she gets a chance? Or tell her to just forward to your personal phone? I worked for a two person attorney office and I would have NEVER DONE that. I would always dispatch the phone call to the attorney or take a message if they were busy.
i do not do that (screen calls to that extent) but i know each p
i do not do that (screen calls to that extent) but i know each place is different. there is no reason to be ashamed but i know it's hard, i had crazy calls for awhile and it made me feel so dumb!
everything with the bank seems to be on track, good luck with everything :)
Hello all, Just needed a little more help/information regarding
Hello all,
Just needed a little more help/information regarding our overdraft situation.???? Since my last post, I have been trying to get our overdraft paid off.?? The bonus check never materialized so we are stuck trying to come up with the money.?? I have paid several large chunks on the amount, but the VP that I have been working with at the bank has paid a few debits that have come in so it's about a wash out.?? I changed all of our direct deposits and debits, but we have two companies who cannot get this straight and have debited the account 2 or 3 times.?? In addition, the bank charges $5.25 per day overdrawn.??
I have been in constant contact with the bank and have been told that they really don't like it to go past 30 days, but 45 is about the max.?? Yesterday was 30 days.?? I went in Tuesday and spoke with her again and asked again about a "Fresh Start" to begin getting this paid.?? She really frowned on this (said we wouldn't have overdraft protection or be able to write checks, etc.) and suggested again we apply for a regular loan with them.?? I did, but have yet to hear from them.?? We don't really have anything they consider collaterol (no titles, etc.) so I'm not sure how this will work out.?? According to her, this would be a better way to go, but they can do the Fresh Start if necessary.?? Our credit is not the greatest right now, primarily due to debt ratio.??Our credit is not the greatest right now, primarily due to debt ratio.?? Since I hadn't heard by today, I was starting to panic that something else might be going on.?? I finally called and she was off today, so at least that made me feel a little better.??
Since we have been in constant contact with them and are making a determined effort to pay this off, do you think we will be OK??? I realize if it is charged off and sent to collections, we will be on ChexSystems, and I don't want this to happen.?? I cannot sleep at night, though, worrying that we can get into some kind of legal trouble for this, even though it was an honest mistake and we are trying to make it right.?? BTW-when I spoke with her on Tuesday, I paid another $300 towards the amount due.??
Any opinions on whether I am worrying myself sick for nothing over anything legal happening??? I am so ready for this to be resolved!?? We have been selling items to try to get this paid off and technically we have almost another 3 weeks (banking days) to the 45 day cutoff.
Thanks!
i think (i'm no expert, of course) that the worst that will happ
i think (i'm no expert, of course) that the worst that will happen is you will be reported to chex systems. it's a sticky situation but not the end of the world.. i do not think they will pursue legal action though they can. in experience of what i have seen they wait a little while before doing that but you never know.
it is not worth worrying too much, you can only beat yourself up so much, it;s not worth it.
OK-after yet another sleepless night, all is well. I spoke with
OK-after yet another sleepless night, all is well. I spoke with the VP at the bank this afternoon and we have two options, either a regular loan with monthly payments or a Fresh Start loan with monthly payments. I just have to call her Monday and let her know. Either way, we will be able to pay this out and can pay it off without any penatly or extra interest at any time. Much better than the scenarios that have been running through my mind! She made me feel so much better and when we got ready to hang up she said we'll get you out of this!
Talk about a relief! Anyway, just wanted to let others know to hang in there and be persistent!