If a bank account is closed due to overdraft fees, is it still possible to negotiate the charges?

Question

I know I'm stupid and I should've kept track, but a lot was going on at the time. I just need to know for my sanity's sake.

Answer 1

When you say negotiate, that implies two parties each of which has something that might be needed by the other. What were you planning to negotiate with?

Answer 2

The bank won't negotiate any charges unless they were caused by bank error or through an action of fraud against your account. They will have to be paid, if you don't pay them within a certain time frame it will affect your credit rating. However you might be able to negotiate the time frame the bank gives you to repay the fees, most will ask with 28 days to clear any outstanding balances but they may let you pay it over a couple of months. If your in need of a bank account i'd open a new one now with a different bank before it starts effecting your credit report and you will be denied for any account apart from a basic with a cash card.

Answer 3

If by negotiate the charges you mean...get them to lower them, then probably no....at anytime.  You need to pay them what you owe before this impoacts your credit report.

Answer 4

According to my friend who is a branch manager at a bank, yes, it is possible and it is done often when approved by your bank's branch manager or assistant branch manager. They generally base their decision on what type of customer you have been and your history of handling financial affairs with that particular branch.

Talk to your bank's branch manager or assistant branch manager, apologize, make offer to pay, but explain the financial burden it would put upon you to pay the amount in question... be sincere. You'll be surprised at the end results. Banks do not want to lose money, nor do they want to lose customers because they are the ones that make a bank money by using customer's money for investments.