I recently opened an account at Bank Of America, and when I deposited a check it said that I had money in the account. I went on a little shopping spree with my debit card, but and as it turns out that check bounced. This left me negative $250. Within one week of this I deposited $655, but it was too late. They decided to close my account anyway.
I was wondering if something like this will haunt me forever? Is this going to stop me from getting certain loans later on in life or is this over looked since it is a one time thing and I fixed the problem immediately?
First things first, you should be fine. Based on what you have said you deposited a check into a new account. The deposit was available and you began to spend it. That deposited check bounced and was returned to your bank, who in turn took it back out of your account. This created a negative balance. It happens. You made a deposit and cleared that balance so the bank suffered no loss and you handled the matter fairly promptly.
The bank is not willing to take undue risk and based on this initial activity they decided this isn't an account for them. This scenario may never happen to you again, or it could happen tomorrow. What you need to do now is find a new bank.
In the future you may want to wait a period of time before assuming the checks you deposit are good. Doing so may save you from fees and embarrassment, even though this wasn't your fault. Had you been slow to pay back the funds or not paid them back at all, it could have an adverse impact. In this instance it likely won't show anywhere other than at Bank of America.
You mentioned using a debit card so I assume you had no checks that subsequently bounced. With the debit card your transactions were either approved or denied. This really worked to your advantage and did prevent you from being listed as a bad check writer.
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
First things first, you should be fine. Based on what you have said you deposited a check into a new account. The deposit was available and you began to spend it. That deposited check bounced and was returned to your bank, who in turn took it back out of your account. This created a negative balance. It happens. You made a deposit and cleared that balance so the bank suffered no loss and you handled the matter fairly promptly.