Bank Account in negative--how to fix it?

Before anyone tells me how irresponsible this is---yes, I know. 

My husband and I have been transitioning bank accounts to a joint one. On top of it we have had a lot of personal stuff happen all at once and our communication on bills this month has been terrible to say the least. 

With everything going on I forgot to change our autopays on bills. Well of course, it overdrafted my old account as I hadn't gotten to the bank to close it yet. It just hit me today when we finally sat down to talk finances. He paid extra bills with our joint account thinking we had extra money sitting in the account (since I used the wrong account) so now we dont have the money to pay the negative. 

How do I effectively remedy this? Are banks willing to work with you if you keep in communication. I know our credit will take a hit because of my own stupidity. I can't change my mistakes however I do want to be proactive and get this taken care of. Any advice would be helpful. 

Update:

To clear this up. I take full ownership for my mistakes and am not expecting the bank to waive fees for my own stupidity. I have never in 12 years of banking had a deliquent account with a large amount. It was late and couldn't call the bank until this morning so although this may be obvious or dumb I wanted to make sure I was being proactive and taking the right steps as I do not have all the money upfront.Thank you for those who helped. Im sorry to those that thought this was a stupid question

Update 2:

I talked to the bank first thing this morning. They were amazing and grateful I contacted them before my account even hit their radar. Froze my account. And let me set up a payment plan. I did not ask them to waive fees as this is 100% my fault. 

7 Answers

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  • 1 month ago
    Best Answer

    Sounds like it's all settled, and that you're an upright person who does the right thing. Years from now, you'll look back at this as a very minor issue. And you may have the perspective to see how this could have grown into a major issue if you didn't handle it well.

    The two of you may have to economize on things in the near future. But working towards a goal together is what marriage is all about.

    • Jenna1 month agoReport

      Thank you. I usually handle the finances but with me recently transitioning into a stay at home mom,us merging bank accounts,& him working 65+hours/week we just had a BIG communication error. We will definitely be making a point to talk finances regularly moving forward. Big lesson learned.

  • Jeff T
    Lv 6
    1 month ago

    Negative balance means you owe the bank. If you pay them, you'll fix the problem.

    • Jenna1 month agoReport

      Thank you. Googling this, everything screams potential "jail time" so I freaked out&couldnt call my bank at 12am. But like you said as long as you rectify it, its okay. Im new to making such errors and just wanted reassurances Id find a solution. Hopefully I wont get too educated on this topic :-) 

  • Anonymous
    1 month ago

    Deposit money to cover what you bounced and your associated fees....it's basic math.

    • Jenna1 month agoReport

      Obviously. If you read my post I couldnt pay it back right away and wanted to be proactive with the bank. I was looking for feedback on how to handle it since I CANT pay it back right away to not make it worse. Thanks to a great bank and customer service I handled it this morning. 

  • 1 month ago

    You move money back into the account to get the balance positive then go and close it. Of course move all the auto pays to the new bank. You will be hit with some hefty overdraft fees so you can all the bank and complain and they'll probably waive some of them (but maybe not since you are closing your accounts down anyhow, not like forcing you to pay would cost them any business). These things happen but the answers seem kinda obvious, not really sure why you need to post a question about this. Do, however, call the bank to try to get some of those fees removed - worth a phone call to try.

    • Jenna1 month agoReport

      It may be obvious to most but I have never had problems with a deliquent account in the 12 years Ive had a bank account.So no I dont know the reprecussions on an large overdraft &how to make sure I fix it properly when I dont have all the funds up front. I was just looking for insight or direction.

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  • Anonymous
    1 month ago

    Check and see if your bank can send you texts electronically when each account reaches $10 or lower balance. My small town bank doesn't send texts but does send emails automatically for this. Set aside 1 evening a week, every week to sit down with your husband and check the cash situation.

    Then go out on a date night the next day.

    Bouncing checks is very, very expensive as they will continue to add NSF charge every day and every time another transaction comes in. What's more important than your financial future?

    • Jenna1 month agoReport

      100% agree& will definitely be looking into that for future.I'm so disappointed in myself. Ive never been so irresponsible when it comes to money. Such a careless mistake&know this will set us back for our future. Just hoping the bank will be willing to let me get this caught up with payments. 

  • Judy
    Lv 7
    1 month ago

    If you haven't overdrafted before, or even if you have but rarely, the bank will very possibly work with you and reverse some of all of the overdraft fees. if you can clear up the overdraft in a reasonable time. Call or go in and talk to them, and explain what happened.. good luck.

    • Jenna1 month agoReport

      Thank you for the productive comment.I know the situation sucks on my part but I appreciate the true advice on how to move forward to rectify it.I took your advice(w/ the exception of asking to waive the fees.I dont feel right when it was my fault)&it turned the best resolution for both the bank&I. 

  • 1 month ago

    Obviously, go talk with the staff, likely the manager, in the bank immediately. That may let them reduce the fees for your errors.

    Next, expect to have to put in enough money into the account to bring it into positive territory.

    • Jenna1 month agoReport

      And thank you. I appreciate the response and I plan on calling right away in the morning. However Im so sick to my stomach for this stupid irresponsible mistake I'm trying to get some information until i can get in touch with them in the morning. 

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