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Im account way in the hole

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Please help me here!

We have overdrawn our account by 1000 + dollars. I have a very friendly hometown bank, but I'm afraid and don't know what to ask them. There was a huge mixup on checks written out by my bf and I didn't record....thus the cascade.

One of my friends said that bank may let us put a hold on that account and open a new one and pay that overdraft back in payments.

If they don't, my whole check and then some will be sucked up and we will never ever get out of this hole. They do not charge a daily fee on overdrawn accounts.

I just started a second job and now my bf is laid off, so money is going to be even tighter.


We have had this account for 2 years and never had any issues.

Since you have a good bank, I would suggest that you talk to the bank manager and try to set up a payment plan to clear up the negative. The bank might not let you close the account even till you clear up the negative. It is also important to avoid being reported to Chexsystem.

Sub: #1 posted on Wed, 05/26/2010 - 03:45

(Posts: 3937 | Credits: )

Always communicate with the bank. Many times they are willing to help and more problems can be prevented

Sub: #2 posted on Thu, 05/27/2010 - 19:46

Mary Adkins Matthews Mary Adkins Matthews
Moderators Cum Industry Expert
(Posts: 755 | Credits: )

Talk to your bank and work out a payment plan as you don't want this damaging your credit. They will likely be willing to work with you if this is only your first time overdrafting. Until you're out of the whole, SAVE as much as possible and spend as LITTLE as possible b/c you don't want to keep putting yourself in more debt.

Sub: #3 posted on Fri, 05/28/2010 - 07:10

regbyandjulie regbyandjulie

(Posts: 144 | Credits: )

do you have any updates? communication is always key, it might be to your advantage that you are a small time bank, but everything will work out in the end.

Sub: #4 posted on Wed, 06/09/2010 - 14:47

bea2ls bea2ls
(Posts: 3840 | Credits: )

Consider yourself fortunate if they give you the option to pay it back in increments. I would take advantage of that by consulting with your bank manager if I were you.

Sub: #5 posted on Sun, 06/13/2010 - 03:46

jamie sparks jamie sparks

(Posts: 1 | Credits: )

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