What happens when you close a bank account with negative balance?
Incidentally we have to find out the reasons for negative balance in the accountProbably the branch manager permitted an overdraft in your savings account subject to his powers in order to pass one cheque presented in your account. Even though you had assured to clear the liability, you had not done so. In this case, you are a borrower and you had availed a loan through your savings accountYou had not maintained the required minimum balance in your account. Normally banks used to debit the charges for non maintenance of minimum balance in the account subject to availability of balance till the balance becomes zero. Once the account shows nil balance commercial banks are not supposed to debit charges for non maintenance of minimum balance as per recent RBI guidelines. The bank has no right to claim the amount from the customerWhen the balance in the account becomes zero, you have two options - to close the account or leave the account as it is.It is better to close the account by submitting a letter in this connection and you have to surrender your debit card and unused cheque leaves to the bank. The bank will never collect any charges from you and your pass book entries will show that the account has since been closed.If you leave the account as it is, in case any funds are received in the account in future by remittance from your friend, your relative or any money due to you on account of any investments, the bank will debit the cumulative charges for non maintenance of minimum balance and sometimes this may be in thousands of rupees.
Money was sent to a closed bank account. How do I get the money back?
A bank account may be closed by the account holder when there is a zero balance in the account. By contacting the financial institution and completing a written request authorizing the bank to close the account, the bank will immediately close the account if there are no unresolved transactions. Once the account is closed, the bank’s computer system will not process any further transactions for the account. Banks may reserve the right to close bank accounts when the account holders mismanage accounts, such as for recurring overdrafts or leaving the account in negative status for a specific number of days.
What happens if you try to close a bank account and the branch doesn't have enough cash on hand?
Actually from a legal point of view banks do not have to give you cash in Canada. They have regulations that even above CAD$5000 cash withdrawals cause so much headache for you and inconvinience that you take the alternatives.So they just give you Bank Draft - that is it.
Online Payday loans. I closed my account...what will happen now?
Someone I work with was in a similar situation and closed her checking account as well. They have harassed her - this was about 2 months ago and as far as I know they haven't done anything else. She was actually advised by a debt consolidator to let them default ... the thinking being if they are sucking every dime out of you and you can't pay your rent, car payment, etc. you are not getting ahead and debt consolidation companies can't help you with the payday loans until they go into collection. Payday loans are illegal in some states. I would 1) check with your state attorney general's office to see if they are legal in your state and whether you have any recourse (the fees/interest they charge is absolutely ridiculous - even relief from that would be helpful) 2) call legal aide 3) if you can't work out an arrangement with them and your situation warrants it call a debt consolidation company one of the reputable ones (check your state's attorney general's office for recommendations) and 4) never ever take out a payday or title loan again. :) Oh by the way, I'm not an attorney or anything but I do not believe you've committed fraud. Fraud would be if you took out the loans under someone else's name. You've defaulted on a loan and yes they can pursue collection activity and take you to civil small claims court. But they can't sue you for fraud. Good luck!!
How can I close a Chase account?
The account does not automatically close if you withdraw all the money. Do not take this approach. If you have fees associated with your account, you could still get charged… and then receive additional charges because your account went into overdraft to cover the cost of the fees.Send a message to Customer Support through your online access. Tell them what you want to do. I have done this, as I needed to close out a Chase account while I was travelling abroad.
Suntrust closed my bank account and I had money in it. When will I get my money?
Simone is correct. This happened to me (on a smaller scale.) I made too many electronic withdrawals from my savings to my checking (apparently the government has implemented that you are only to ever move money electronically 4 times in a month, otherwise BOOM!! $12 charge!) and was charge like 3 of these $12 fees PLUS a $5 service fee (yeah, bull sh*t I know). I planned on paying it after Christmas, but on the 29th day of the account being "overdrawn" they took the "dues" from my checking which in turn overdrafted me! That put me about $60 in the hole. lesson learned - take care of your stuff. and screw the bank. i'm going with a credit union.
What happens if the receiving bank account becomes closed (by the bank) during an ACH transfer?
It would depend on the process of the receiving bank. For the bank I have worked with before, if there is an incoming ACH transfer/direct deposit to an account that was closed, we give the owner of the account 2 options. First, they can reopen the account (if the account was closed voluntarily and not because of fraud issues or illegal matters) and we can call our back office to have the deposit routed back to the account. Second, after 48 hours of receiving the transfer and account owner will not do anything about it, we’ll reject it and send it back to the originator/sender of the deposit and that would take 24 hours.Note: If the receiving account was closed by the bank due to being overdrawn with no deposit/activities for a long period of time, the bank has the right to accept the incoming transfer and pay it to the negative balance and if there are any left from the deposit, it’ll be mailed via check to the account holder.
What will happen if I close the savings account. do I get refund of the amount debited from my account?
Why refund of the amount?It is your money deposited into your accountYou had issued cheques to third parties and you had withdrawn the amount for your own personal purposes and such amount has been debited to your account and where is the question of refunding such amount to you?On closure, you will be repaid the amount outstanding in your deposit account plus the eligible interest in the accountIn case, you had issued cheques in your account, on closure, such cheques will be returned unpaid