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My bank account is overdrawn and I was wondering if the bank will allow you to pay in installments?

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Jennifer K asked:

I was trying to pay off my mobile home and the loan company said that they would hold off until Friday. They went ahead and deducted the full amount before Friday causing my account to be overdrawn. Does anyone know if a bank will work with you on paying in installments rather than taking out the entire amount at one time?

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3 Responses to “My bank account is overdrawn and I was wondering if the bank will allow you to pay in installments?”

  1. LoveBuzz says:

    yes most banks will let you make payments if you contact them beforehand explaining your situation. They will work with you. Whatever you do do not let them close your account and say that it will be stricken from the record, they did this to me and I ended up with a 300 dollar bill that I now have to pay off, no warnings about being sent to a collection agency they did it anyway. Mine was for purchases I did not make, we worked with them asked them to take it off our balance or close the account and months went by without word, we even made a new checking account. They reported us to a credit agency without trying to contact or anything.

  2. I work at a bank… you need to speak to the people at your bank for specific info on this. At my bank, if you don’t alert them to the fact that you are working to bring your account back current, then the back office personnel of the bank will close the account automatically if it remains overdrawn for more than 30 calendar days. So talk to the people at your bank and let them know what’s going on… the odds are, they will work with you. They don’t want to lose your account!!

  3. Katie W says:

    I’m not clear on what you are asking. Are you asking if there’s a way to make the bank force the loan company to take out their payments only in installments at certain times? No, that’s something you set up with the loan company. If they did something they told you they wouldn’t, then you need to work with them to correct it (and try demanding the overdraft fee repaid by them too since they caused it).

    Or are you asking if your bank will give you a loan to repay the overages on the account? Yes, banks give loans, but it’s a very official process, with paperwork and credit checks, etc. Talk to a bank officer for terms and information.

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