Can BofA accrue overdraft fees on a closed account with negative balance?

[Try2getlifeback]

BofA closed my checking account that has a negative balance and I'm pretty sure they reported me to Chexsystem. Although the account is closed, can they still charge me overdraft and any other related fees? I heard that a paid written off account is just as bad as an unpaid one on my credit report. Should I walk away from this or should I pay and ask them to remove the listing?

[BV80]

Originally Posted by Try2getlifeback

BofA closed my checking account that has a negative balance and I'm pretty sure they reported me to Chexsystem. Although the account is closed, can they still charge me overdraft and any other related fees? I heard that a paid written off account is just as bad as an unpaid one on my credit report. Should I walk away from this or should I pay and ask them to remove the listing?

Check your CR to make sure they're reporting. If they are you could offer to pay, but they are under no obligaton to remove their entry from your CR. I don't know if they can continue to charge overdraft fees or not.

Another to thing to think about is a possible lawsuit. Depending on the amount, they could decide to sue.

[Try2getlifeback]

It happened 2 weeks ago, and I don't have that much money to pay them right now. Do they usually wait for 6 moths after the incident to sue me or they can sue me right away? And thank you so much for your response.

[BV80]

Originally Posted by Try2getlifeback

It happened 2 weeks ago, and I don't have that much money to pay them right now. Do they usually wait for 6 moths after the incident to sue me or they can sue me right away? And thank you so much for your response.

I really don't know how long they'd wait to sue, or if they'd sue at all. It might depend upon how much you owe.

I don't understand how they can charge overdraft fees if the account is closed, and you're no longer writing checks. I can understand a penalty charge and possibly interest on the amount, but an overdraft fee is usually for a bad check.

Perhaps you could work out a payment plan with the bank. I wish I had better advice.

[bmc100]

First, an account is not closed when their is a balance in the account whether there is money in the account or you are overdrawn.

What you most likely meant was that you no longer have access to the account ie to write checks or have access to a debit card.

As long as their is a negative balance on the account, the account can accrue over-draft fees. What you could do is go to the branch you opened the account up at BofA and tell them that you can give them X amount of money to close the account, even if it less than the amount owed. If the branch manager agrees, then the branch will take the loss on their P&L.

Of course, if they already reported you to check systems, then by settling the account, BofA will have to report back to Chex Systems that you paid off the negative balance, as long as they agree as a settlement to the account.

[Try2getlifeback]

They actually did closed my account because they thought I committed check fraud but I have a police report to prove I was victim of a scam. And I feel so stupid. The job was posted on my school's website so I thought it was legit. I did research on the company and everything looked legit before I accepted the check but it turned out to be a scam scam

I guess I'll just have to pay them whenever I have the money, tax season is coming and I hope I'll get some refund to pay the bank.

Thank you so much for everything. I read posts on this website and learned so much. I love the people here like you guys who are unselfishly helping other people. The university I go to and pay alot money for is not doing a thing to help with my situation. NOt even an advice. They pretty much just said I was stupid( did not say the word but that's what they meant). And I admit that I am stupid for going to that school.

[Chriss]

Originally Posted by Try2getlifeback

They actually did closed my account because they thought I committed check fraud but I have a police report to prove I was victim of a scam. And I feel so stupid. The job was posted on my school's website so I thought it was legit. I did research on the company and everything looked legit before I accepted the check but it turned out to be a scam scam

I guess I'll just have to pay them whenever I have the money, tax season is coming and I hope I'll get some refund to pay the bank.

Thank you so much for everything. I read posts on this website and learned so much. I love the people here like you guys who are unselfishly helping other people. The university I go to and pay alot money for is not doing a thing to help with my situation. NOt even an advice. They pretty much just said I was stupid( did not say the word but that's what they meant). And I admit that I am stupid for going to that school.

thats one them nasty ones and I bet it took a month for the check to turn up bad =(. Sorry to hear and I hope you get through everything .