Hi Everyone, I haven’t been in the lime light for quite a while but I have been keeping up (if always a week behind is called keeping up………..lol) with everyone and all the great advice and information.
Now I have a question. I am in serious trouble with my checking account. I had my bills set up on automatic bill pay and missed a week of work about a month ago due to my diabetes and so had no paycheck 2 1/2 weeks ago. Weeelllll when I tried to stop my payments I was told that they were in progress (can’t suspend within 3 days of date they are to be processed) so I called and asked what would happen if I didn’t have the money in my account to cover them and was told if the money wasn’t there they would not put them through. So I used what little funds I had (183.00) to buy groceries (2 weeks worth for a family of 4) and filled up my car. Well what they failed to elaborate is that they would attempt to take the money and then reverse the charge AFTER they charged me 36.00/ transaction (which then overdrew my account 309.00 for 8 transactions) also causing my grocery and gas purchases to overdraw when they came through , then charged me for those too (now up to 559.00).
SO now is the real problem……….. I have direct deposit so the next week I got paid the overdraft took my entire check( bringing my bal down to 221.00) and I was hoping to be caught up (by next week’s check) but it seems that a snowball situations never melts. I took out a payday advance ( I know I know BAD BAD me but this was before I found you guys and knew any better) so my interest payment comes out automatically as the loan was deposited automatically and now they keep putting the charge through every other day (because it keeps getting returned) and they keep charging me for it( now back up to 571.00). I called the loan company to pay them another way (even to pay off the whole amount) and they said they could only collect through the account. So now to my question…………
I stopped my direct deposit because I can’t afford to lose another whole paycheck when I know it will still leave me with a neg. balance and those loan company fools keep putting a charge through when it keeps getting returned. I want to close my account if for no other reason but to stop that company from adding any further charges and get the bank paid off. When I called the bank about closing my account and making payments to them they informed me if I close my account with a negative balance they would report it to ChexSystems which even after I paid them off I would not be able to open another checking account for 5 years due to bing reported to them in first place.
So what would you do? Can you live without a checking account for 5 years and how would you manage your finances? Any and ALL advice would be grateful. Thanks guys !!!!