My husband's business closed and the company's checking account has a negative balance. The bank won't let us close the account and continues to pay automatic withdrawals even though we have asked them to stop. What can we do to stop accumulating debt?
Business and consumer accounts can have different rules. You received a deposit agreement when the account was opened and it should have spelled out the terms to stop any payments debited from the account. If you don't have a copy of this, just ask for a new one. So long as you have followed the requirements stated there, such as notification to the entity originating the debit and possibly your bank, there is no authority for the debit.
If your bank is continuing to reduce your balance because they're charging fees, that is a separate matter. Speak with your banker and explain the situation. If the overdraft is based on bank fees, they may waive some of these in hopes of helping you resolve these problems so you can pay what is owed and close the account.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
My husband's business closed and the company's 
Business and consumer accounts can have different rules. You received a deposit agreement when the account was opened and it should have spelled out the terms to stop any payments debited from the account. If you don't have a copy of this, just ask for a new one. So long as you have followed the requirements stated there, such as notification to the entity originating the debit and possibly your bank, there is no authority for the debit. 