Can I close my bank account if there is a negative balance?
Posted by admin in Finance Sunday, 11 December 2011 17:46 4 Comments
Does it depend on the bank or is there a universal procedural statute that all banks follow? I intend to pay the negative balance; I just don’t need it adding more to itself for monthly fees, etc and I have been wanting to go to another bank for awhile anyway.
It’s Bank Of America, if that helps.
Well I don’t thank that it would work if you were to close a negative balance account, but you can try getting a credit card w/ 0% Intro APR. Then Just pay the minimum, until you have it paid off. Just make sure its paid before the intro period is over.
Go into your branch (don’t even mess with the 800 #) and talk to the manager. All bank branches are allowed some leeway to write off fees etc. Explain the situation and see if they will close the account and reverse some of your fees. They should definitely be able to freeze the acct so it doesn’t accrue more fees. Make sure to pay it off though or you will be reported to Check Systems and wont be able to open another acct at any bank for 7 years. I know that B of A does report to credit agencies and collections for unpaid accts.
You can not close out an account with a negative balance. The best thing to do is contact the bank to negotiate fee reversals so you can bring the account current. Also after 45 days that the account has received $5 sod fee it will be charge off in sent to collection. Then you will not be able to open an account with any bank or credit union. Also freezing an account will not stop the bank fees.
No, you have to straighten that up as soon as you can. Then when you have the chance visit a local credit union. Typically credit unions are better than banks because all of their services are free and banks usually charge something for most of us. Good luck!