Chevy Chase and ChexSystems?

Question

I have a Chevy Chase Checking Account, and I had 4 transactions of less than $10 and they charged me an additional $35 for each transaction. Now, I owe them $174 ASAP. I'm a full-time college student and I cannot afford to just let them have $174 right now. They said that if I dont pay it, my account will be closed and I MIGHT be reported to ChexSystems. I dont really care about opening another checking account because I am also with Navy Federal Credit Union and have been with them for over 5 years, NFCU is my MAIN bank. Chevy Chase, for me, was just more convenient because they have a branch at my school. Are the consequences with ChexSystems bad if I take about 3 months to pay them the $174? Or should I just ask my friends and family (and get h**l for it) to loan me the money and get it paid off asap?

Answer 1

Borrow the money. If you are reported to Chex, you will have trouble finding a bank that will open an account for you for the next 5 years.

Aslo, if Chex refer you to a collection agency, the collection agency might report you to the credit bureaus.

$174.00 worth of debt is not worth all that hassle.

Answer 2

They may have already reported you. Many people have been told that a bank or credit union will report them if they don't pay by a certain time, to find out after making the payment that they were reported anyhow. Once reported to chexsystems, your name will remain there for 5 years.

Answer 3

Get it paid off as quickly as you can.  If that means you have to borrow to do so, then you should.  You don't want the hassel of being reported to ChexSys.  It practically takes an Act of Congress to get yourself cleared with them.  Though they don't determine whether or not you can open an account with any particular bank or credit union, they DO influence the decisions of the institutions with whom you bank.  Also, if you are reported to ChexSys, NFCU will also be notified by ChexSys that your account with Chevy Chase was closed and that there is possible fraud activity.  NFCU may want to close your account then.

Answer 4

Ask you family and friends to borrow the money and get it over with, and then pay them back.  It's not worth the hassle.

Answer 5

Pay them as quickly as possible.  You never know when messing with a bank will come around in the future and bite in the .... where you least want it.

They didn't charge you $35 for a debit card transaction.  They charged you an overdrawn fee.  Keep track of what's in your account