Hi - I'm hoping this is a question someone here can answer. I had someone write me 2 bad checks, and I just found out this morning when I called to check my bank balance. Then I pressed to talk to a representative, because I wanted to know how long I have to cover the overdraft (I knew I would have to borrow money to cover it, but figured I could get that done by tomorrow). I was totally shocked when she told me they had already decided they're going to close my accounts! Even if I bring in the funds to cover the checks! So, all this happened just this morning. What I need to know is will I be on Chexsystems now? Even if I take the funds into B of A? I won't owe them any money, but I have heard you get reported to Chex if the bank closes your account. Is this correct? And if so, does it mean I have already been reported to Chex, or do they wait until they actually close the account before they do that? She said they would give me an exact closure date within the next 48 hours. If I go out today and open new accounts at a new bank, will I have a problem? My head is just spinning right now. I am so upset at the person who wrote me the checks, and also at B of A for not even wanting to work with me. In any case, aside from being upset, I just need to know what action to take. I don't want to be one of those people who can't have a bank account. Any advice would be so appreciated!
I don't know the answer, but I think I'd go get another account now. It never hurts to have multiple accounts. I also think I'd take the money to cover the overdraft, go to the bank, and ask to speak to the manager. Explain what happened, and that you are there with the cash to cover it, and ask him or her to please reconsider their decision. Sometimes just showing up in person and talking about it will help.
I had an account with B of A a while ago that went negative and at the time and I couldn't afford to pay it off until 6 months later. I went to Wells Fargo a few months after I was able to pay of the other account and it did show up in ChexSystems, although I will still approved for their lowest type of account. It was a pain, but all I had to do was send a letter to ChexSystems asking that they remove the information from my report as it has been paid and included the copy of the money order I used to pay it. It took about two months for them to remove it, but it isn't on there anymore. Now, I have a regular account with Wells Fargo, which is a lot better the the lower account. Just thought you might want to know in case talking it over with the manager doesn't work and they end up reporting it to ChexSystems. I don't think they would have reported it to ChexSystems this quickly, so just go pay it as soon as possible. Also, as Hedwig said, open another account with another bank before anything shows up.
They will report you to ChexSystems under "account abuse" but most likely under suspected fraud. This will remain on your record for 5 years. It can stay longer if you don't satisfy the debt. There are programs available to get this cleared up with the bank. Turnaround time is roughly 90 days, but with suspected fraud it can take longer depending on the circumstance. AMG Consulting Group Inc.
