lostnjax Posted March 23, 2007 Report Share Posted March 23, 2007 I moved from one state to another and acquired some last minute forgotten checks that did not clear, which left a balance on the account. It is now with a CA and trying to figure out is a bank account by legal definition an unwritten contract "open" account? Link to comment Share on other sites More sharing options...
unusualsuspect Posted March 23, 2007 Report Share Posted March 23, 2007 Essentially overdrawn bank accounts are treated as unsecured and unwritten loans. However, in the account disclosures the bank may have a clause that addresses it. So check your account disclosures and state's laws on this.Be careful too-- these overdraft accounts are sometimes charged interest of 30%+. Link to comment Share on other sites More sharing options...
MissaFraQ Posted March 23, 2007 Report Share Posted March 23, 2007 You also end up in the chexsystem system and you will not be allowed to open another checking/savings account until you pay the original bank.That entry with chexsystems will stay on your "file" for 5 years. Link to comment Share on other sites More sharing options...
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