Overdrawn at one bank - new account at another?Due to my husband walking out, I have an overdrawn bank account. It was $330 over, and I've paid $150 and intend to pay the rest. This happened last week, so I am not reported to Chex Systems at this point. Since I'm in a bind financially, I need to open an account at another bank so I can get my first... | |
You could do it but the new bank will put a hold on your first deposit if it is a check. Just get money orders for the time being. It is also more honest.
You probably won't be able to open a new account. My wife works at a bank and she says people try that all the time. When you apply for a new account they will run a check on your social security number. If you have any discrepancies they will not let you open an account. Banks computers automatically flag accounts that are overdrawn or have suspicious activity. This information will show up in the check. You're kind of in a catch 22 situation. You can't open a new account, and if you deposit anything in your current account, the bank will first apply the money to the overdrafts. Your only choice right now is to cash your paychecks at a check cashing facility, and either pay your bills with cash or money order.
As others have said use money orders from businesses vs. banks the fees are usually far less. Also usually you have a month before you are put on chex systems. You can open another account, but if you get put on chex systems it will be closed out. Best advice is to pay it off quickly and use money orders for bills until you are a positive balance once again.
If you have not been reported to Chex Systems, then you shouldn't have any trouble getting an account at another bank. If by chance, you have been reported to Chex Systems, call your local banks and see if any of them offer second chance accounts for people who have been reported to Chex Systems.
Get the overdraw paid off first. Use money orders in the mean time.
