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Home >> Accounts >> Checking Accounts
Bank Wants Immediate Deposit for Overdraft
I have two checking accounts in the same bank, WAMU-CHASE. On one account I am fine, but I am overdrawn on other for $280.00 for almost twenty days. I am in Europe now, and I will have money to wire to pay back overdraft at the end of November. Unfortunately, in Europe my paycheck comes once a month. I contacted the bank and I was told that I have to deposit immediately or they will suspend or close my account, which right they have to do so at anytime.
I tried to contact the department responsible for this action, but I got information that is impossible. If they close my account, what happens to the other account I have in this bank? How I will be able to pay off this money if my account will be closed? Will this affect my credit report?
It is true that if bank closes an account I would be not able to open another account in any other bank at all for many years? For how many days I can be overdrawn before the bank decides to close the account?
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 It's entirely possible that the bank doesn't know about your other account with a positive balance. If there is enough there to cover the overdraft, you can do yourself a favor and ask the bank to move enough to cover the overdraft from the other account, and that will avoid the account closing or at least any charge-off in connection with it.
Then figure out how you came to be overdrawn. If the overdraft was not caused by the return of a check you deposited, you should find a way to keep your balance under better control, and avoid the possibility that the bank allows you to go into an overdraft.
Published on BankingQuestions.com 10/27/09
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