Banking customers who overdraft their checking accounts have three options for clearing an overdrafted checking account: paying the fees and any other charges in full, negotiating an overdraft refund or allowing the account to be charged off. The first two options will preserve your ability to bank effectively, but the last can severely impact your ability open a checking or savings account anywhere until you settle the debt with your bank.

Instructions:

1 )Request a refund of the overdraft fees with a customer service representative from your bank. If this is your first overdraft from the account, you may be able to get a refund without any issues. You will still have to pay off the balance of the account. If this was not your first overdraft, you still may be able to get the fees waived. If the bank refuses to waive your fees, go to another bank with checking accounts and explain your situation. They may offer you sufficient funds to cover your overdraft fees in return for opening a new account with them.

2 )Pay the balance of the checking account along with any overdraft fees. Once you have paid the balance of the account, you will be able to close it. If the account is more than 45 days late, the bank may reserve the right to send it to collection and shut down your account.


3 )Wait until the account enters delinquency and for it to be charged off. This option should only be pursued if you have no means of paying the account because of some kind of emergency or temporary disability. If you contact the bank regarding your issues, you may be able to delay the account closure. If the bank closes your account due to delinquency, it will be reported to Chex Systems, a national network of banks. This will prevent you from opening a bank account until you pay off the charges.