|
 |
Home >> Manage Your Money >> Debt Management
Keeping an Account Active from Abroad
I have an account at Wells Fargo in the US. I was using it actively when I was in the US two years back and since last year, I am just keeping it active with few hundred dollars in it. Last week, I used the debit card attached to that account for an online transaction. I wasn't sure about the account balance, but I was assuming that if balance was less than required, the transaction will be rejected, but it was accepted. Then I got an email from bank saying that they have applied overdraft protection and charged me $35 for that. Now my account balance is -71$. The email says that I should cover that money in one month or my account will be 'charged off' and closed. If I don't put that money in account and let them close it, will that affect my credit rating in US? If yes, to what extent?
|
Untitled
|
 You withdrew more than you had on deposit. They charged you a fee for that. If you fail to make a deposit they'll end up charging off that amount you owe as a bad debt and it can be entered into your credit report for seven years.
In some cases, bad credit prohibits a person from opening a new bank account at any bank that checks the credit reports. Loans may also be refused or, if approved, the cost increased because of a negative report.
Published on BankingQuestions.com 12/12/08
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
