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Im scared..bank account way in the hole

Submitted by on Tue, 05/25/2010 - 18:23
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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.

Suggestions?

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.


Submitted by SC on Wed, 05/26/2010 - 03:45

SC

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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.


Submitted by regbyandjulie on Fri, 05/28/2010 - 07:10

regbyandjulie

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