What happens if your Bank of America checking account is negative and you never pay them back?

Question

This is what happened. I have an investment account with BB&T and there was an automatic draft set up with them which I was under the impression that I canceled it. Today they drafted $25 which caused my checking account to go into the negative. I called BB&T immediately and asked them if they can credit back my money. They said no. Then I called Bank of America to see how I can avoid the overdraft fee since it has not posted to my account yet. They said that if I can get them to credit back the money then they can over ride it. But I will not be able to get the money back. My question is this. If I put $25 into my account then the overdraft charges will make me still negative. I do not have money to cover the 25 and the $35 charge. What will happen to my account if I am in the negative for several days?

Answer 1

irs comes after you

Answer 2

Usually most banks will not charge an overdraft fee if you can get the negative amount back into the bank before the end of the day.

You do not want to mess with a bank, you have to pay it back or you won't be able to get a car loan/house loan, etc.

Answer 3

Several days won't matter, as long as you do put the money in later on in the week.

I would wait, hang on to the $25 you have because you will not be able to use your account until it is cleared up.

Then when you have the money, put all of it in.

Once you clear it up, even though this is your mistake and not theirs, I would find a better bank.

In fact, if you do not intend on keeping them or paying them I would find a new bank right now before the negativity hits the banking systems credit file, which is approximately two weeks. The account will just show a fee forever and then you will be black balled form certain banks until you pay the $35 and the $25.

It is not that much money, but you really don't want to make a habit out of this because then banks won't allow to have an account anywhere. They take their fees seriously. Especially Bank of America. I will tell you that my experience with Bank of america is that once you have one mistake on your account, they will pull money from your account in the middle of the night when things get put on register to be taken out, and then after the debits register they put the money back in showing you have had fees for not having enough in there. Then you cannot prove anything. It is a fishy practice, but them and Wachovia and Woodforest are great about doing this. I almost took them to court on it over $300 until they refunded everything and asked me to close out my account and go elsewhere. Basically what they are doing is making it look like you do not budget and so they take advantage of it and charge you fees that actually do make you go into the negative.

This time might be your fault but they know that they can blame you next time as well even though they might be doing it to you in the background.

Good luck and change banks, please.