I stupidly did a work at home job and was not paid for two months. I finally did get two paychecks (from two different people) and deposited them. The bank made funds available, so I assumed the checks were good. I paid all of my past due bills and bought some much needed items. Lo and behold, the checks came back no good, and the bank is demanding repayment in seven days. I would repay if I could! I returned some things I bought and have managed to send back only $200 of the $3800 that I'm now overdrawn. I called the bank to talk to them about a repayment plan and was told my account would be closed, and they would turn it over to a fraud investigator and the seven day period was all they can allow. I'm doing everything possible outside of sending my entire paycheck to them! I have bills as well: rent, food, etc. that I need to live on. My fear is that they will have me arrested or sue me for this. I didnt know it was a scam, and I am making an effort to pay it back, but I dont have $3800 lying around. My credit is already shot, so a loan is out. I understand that once the account is closed, there will be no more fees, just the balance owed. The bank has made me feel like a criminal and I guess I should have known better, but what's done is done. I guess my question would be: what can they do and what can't they do? I figure if I make my best effort to repay them a.s.a.p. and they keep taking payments, I will be fine, but I have this nagging fear the cops will be on my doorstep to arrest me for taking the bank's money now that the paychecks were no good. The bank is very vague and not helpful in the least when I try to talk to them about what I need to do and what timetable I have. Seven days is impossible! Any suggestions?
Continue trying to reduce the amount owed by making whatever deposits (payments, after the account is closed) you are able to, and making very sure to get a receipt for every penny you give the bank. A sensible bank collection (or security) department won't call the police in if it's likely to get paid, even if the payments come in slowly, as yours are likely to. Why? Getting the constabulary or courts involved takes time and money. However, in some states, if a bank accepts payments on an obligation like this, it loses its ability to pursue a criminal complaint, and can only look to civil courts to collect if the obligor stops paying.
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Continue trying to reduce the amount owed by making whatever deposits (payments, after the account is closed) you are able to, and making very sure to get a receipt for every penny you give the bank. A sensible bank collection (or security) department won't call the police in if it's likely to get paid, even if the payments come in slowly, as yours are likely to. Why? Getting the constabulary or courts involved takes time and money. However, in some states, if a bank accepts payments on an obligation like this, it loses its ability to pursue a criminal complaint, and can only look to civil courts to collect if the obligor stops paying.
