What happens after the bank closes your debit account for a negative balance?

Question

I had a free checking account at Wachovia but overdrafted and was unable to get the overdraft payed off in time so they closed the account a couple days ago. What do I do now? How bad will this affect my future? After all I am just a junior in college.

Answer 1

first of all never put your money in banks its a rip off seriously. you should call them and clear it up if not you will have to pay them or else they will send you to collections

Answer 2

You call them and ask them what you can do to clear up the matter.  If you do not, you will probably have quite a bit of difficulty when you want to open another checking account.

Answer 3

You will be put on chex systems. So you will not be able to open another account. Then depending on how in debt you were you may be reported to a collection agency.

Pay what you owe back asap. Hopefully you do so that way you can avoid chex and collections.

Answer 4

YES it will look bad. Get a new account I would go with RBC Centura they are better. Then get overdraft protection or get them to turn off automatic coverage so that if you don't have the funds the transaction doesn't go through. My sisters friend has racked up a lot of $30.00 fines with coffee charges,fast food and other  small charges she has racked up $300.00 in one weekend alone. They use to do this way back when people first got the card. If you didn't have enough you couldn't take out money or charge. But it's how they make their money now and why they can offer free checking. It's a real scam if you ask me!

Answer 5

You need to pay Wachovia the amount you owe ASAP otherwise this will effect your credit and could prevent you from being able to open another checking account. My advice pay it off as fast as you can! Also if you even want to cash a check drawn off of Wachovia you will be unable to do so. Anytime you try and do anything with a bank your overdrawn on is impossible they will take what you owe and put it towards your debt. Just pay it off now if you have the money. Also your bank can charge you a certain fee per day until it's paid.