I don't have enough to pay it back right now. I did something very very stupid and no i cannot correct it. I'll pay it back eventually, I mean, I know this will probably mess my credit up right now... damn, im FVCKED.
Some banks will cover the overdrawn amount up to a certain dollar amount. Then they subtract that from your next deposit. I don't think you can go to jail, but they can freeze your account and give you penalty fees up the asssss. It would also depend on how long you go without paying it.
When you say you overdrew and the money went to your cc, do you mean your cc was charged for the amount short in your checking account? You might have your card linked which would be good, I'd guess you'll have to pay cash advance fees + the usual interest, but that is better than NSF fees.
as an ex bank teller, Wells Fargo at least would do the following:
1) Original overdraft item - Fee ~$25
2) Additional overdraft items - Fee ~$25 EACH (better hope you don't have ALOT of checks outstanding
3) Over Five Days overdrawn in a row - account is frozen.
Repeat offenses start requiring NO CASH available from deposits. All deposits must clear before any cash can be removed. Meaning no or little cash back from paycheck being deposited. Checks overdrawn will be returned.
It depends on how long your account has been open, your average balance, and several other factors as to when the last items start kicking in.
if you stay overdrawn for say 3 weeks, the bank will close your account, and report you to "CHEXSYSTEMS". All banks use this credit reporting agency. You will never ever ever get another checking account at any branch that uses chexsystems until 5 years later.
I just went through this. I moved and closed my checking account and i thought all my checks cleared before this but a few cleared after i closed. Now this wouldn't have been so bad had the bank let me know but since i moved they didn't get ahold of me until 3 weeks after this happened. I ended up paying 260 dollars for a 20 dollar check. Most banks charge you a daily fine.
Don't try it. It costs an arm and a leg. (sometimes)
My bank charges customers $29 for overdrawn, $29 for each check bounced back from overdrawn checking account and $2 every day before it's cleared. In addition, the credit company or whatever place got your bounced check may charge you $20-$29 for that. In summary, you may end up with hundreds of dollars fine if you are not careful.
It depends on your past account history, but my credit union would have frozen the account already, meaning they won't process any checks at all until you make a deposit large enough to cover your overdraft. Assuming you do that soon, there may not be any penalty at all - they generally will tack on a bunch of fees and might make you link a savings account with overdraft protection to your checking account, but that'd be the worst thing they'd do if you paid it back.
If you don't pay it back, there's a good chance they'll use your driver's license number to prevent you from getting another checking account until you pay it. They may also take you to collections and obviously that wouldn't be good for your credit rating.
It really depends on your bank and what kind of history you have there. I've been a member of my credit union for a very long time and they'd be willing to cut me some slack because I've always been a good member who maintained a good balance and had several kinds of accounts. Bigger banks might not be as willing to work with you.
Either way, while it's not something fun to have happen to you, you're not going to go to jail, unless you're overdrawn because of some fraud, like check kiting. Even then, it'd probably be a misdemeanor, given the amount, so you'd get off with a fine and maybe probation.
If it went to your credit card i dont think you have to worry about it other than paying off your credit card. thats what overdraft protection is for and you usually pay for this feature. Maybe you got it and didnt know? anyways, it dpends on the bank. i had a similar problem as suicidal..when i moved, i thought i had left plenty in the account, but some checks got cashed late. I only got one 25 dollar fee for 3 bounced checks. My b/f overdrew on a friday and couldnt make a deposit untill the next tuesday because monday was a holiday. His bank charged him 75 dollars ($25 per day).
You definitely wont go to jail, but you'll pay some kind of fine depending on the bank's policy. Here in CT, I overdrew because I had automatic withdrawal from the gym I go to. I didnt realize it and one day I noticed I was in the red. I got a notice from the bank that because it was the first time it had happened they weren't going to charge me the $25 penalty. I made sure I made a deposit right away and I was fine. Didnt affect my credit rating. This was at People's Bank.
First thing you should do is call the bank and let them know what's going on. Just tell them, i messed up and overdrew my account, and it will probably take me a couple of weeks to get the balance back positive, but i plan to do just that. A little bit of honesty and being proactive goes a long way. If you get a sympathetic phone rep, they might even be willing to hook you up with a temporary fee waiver since you came to them to tell them what is going on. Just don't hide and hope that the situation goes away, because it won't....
Easy, and free if you do it the right way. Simply apply for a loan, a big loan, one that you know you'll get turned down for. Asking for a personal line of credit works well for this purpose. Whenever you are turned down for a loan and/or credit, you are entitled by law to recieve a free copy of your credit report (the one from the major 3, Experian, Equifax, and TRW).
Not only that, since the company that refuses your credit is obligated to pay for it, it's ideal for getting them to stop soliciting you... i don't get nearly as many of those "here's a check for $50,000, just open a home-equity line of credit with us!" Stupid idiots, my address, the one that you sent the solicitation to, shows that i live in an apartment..... needless to say, i haven't been accepted for one of those home equity line offers yet, but since i did do as they asked and applied (and was turned down), got a free credit report out of the deal.