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6521 · Nov 1, 2015, 07:39 AM

I am not allowed to use the balance bank transfer from Capital One to pay off my Overdraft Select Credit Account at HSBC... It seems the two have merged somehow... Capital One will not even send me a check for the amount I owe to myself so I can deposit it in my checking account to pay HSBC back... If I don't have the money to pay back my Select Credit Account at HSBC what will I do? Is there another way to pay this off from some other bank or what are my options?

6521 · Nov 1, 2015, 07:43 AM

I live in New York City... I never heard of anything like this in my life... Are you saying if you can't pay off your overdraft account you can get arrested with jail time? This is unheard of!

J_9 · Nov 1, 2015, 08:05 AM

It is theft.

ma0641 · Nov 1, 2015, 08:07 AM

You made a statement. Show us the proof. For a lot of money I could see this happening but for $100, doubt it.

smoothy · Nov 1, 2015, 08:35 AM

Originally Posted by 6521

I am not allowed to use the balance bank transfer from Capital One to pay off my Overdraft Select Credit Account at HSBC... It seems the two have merged somehow... Capital One will not even send me a check for the amount I owe to myself so I can deposit it in my checking account to pay HSBC back... If I don't have the money to pay back my Select Credit Account at HSBC what will I do? Is there another way to pay this off from some other bank or what are my options?

It sounds like you are playing credit card roulette, trying to borrow money from one to pay off another before the bills comes due at the end of the month. That is a quick way to disaster as many have found. And one you will never get ahead doing.

If you don't have money in another bank... how would that be an option?

What you NEED to do is get a firm grasp of your balance at all times. To the penny. That way you don't run up overdraft charges which add up quickly, because those are unsecured short term loans and you pay a steep penalty for it. Cut back expenses that aren't absolutely necessary. And a trick my mother used since she started working at 13. When you cash you check... put a certain amount aside into savings... do not touch that as that is the dire emergency fund because real emergency's do happen. Overspending and living beyond your means isn't a dire emergency.

joypulv · Nov 1, 2015, 08:35 AM

Owe to yourself? No, you owe money to a BANK which it appears they now own. So call them up and see if they can transfer funds, leaving you out of it. Unless you aren't telling us the whole story, and are talking about funds you don't actually have.

smoothy · Nov 1, 2015, 08:45 AM

Ever hear the term BANK FRAUD? Why do you think you have the right to defraud a bank then get away with not paying what you owe?

If you wrote checks that bounced, and were part of the overdraft protection you failed to pay...then it becomes Check fraud and yes...people go to jail all the time for passing bad checks.

Pay what you owe now...before you go to jail and STILL have to pay it.

J_9 · Nov 1, 2015, 09:01 AM

Do overdrafts still increase daily?

smoothy · Nov 1, 2015, 09:03 AM

The interest on the amount owed does continue to increase. And it is a high interest rate. That is in addition to the overdraft fee incurred. Its spelled out in the overdraft agreement they signed but apparently didn't read.

Failing to pay that puts it in default and any protection offered rescinded.

Maybe people that think they can skip out on their debts SHOULD go to jail more often. THis is EXACTLY why so few people want to extend ANY credit to them and when they do charge such high rates. People with poor credit often don't take their obligations to others seriously.

J_9 · Nov 1, 2015, 09:05 AM

Originally Posted by smoothy

The interest on the amount owed IN ADDITION TO the overdraft fee incurred does continue to increase. And it is a high interest rate.

Had to spread the love, but that's exactly what I thought. What starts as $30 can easily snowball to $300 or more.

smoothy · Nov 1, 2015, 09:17 AM

I've read those overdraft protection agreements at several banks I have accounts in. You certainly do not get something for nothing. And why should you. Banks charge those fees because people with little or no average daily balances are a liability to the banks... costing them money, not making them money. The fees incurred by the less financially disciplined go towards paying those costs.

talaniman · Nov 1, 2015, 12:29 PM

https://www.askmehelpdesk.com/other-...ow-817770.html

Don't know where you got this new question from, or how it relates to your other question, but it sounds like you need a better way of juggling/managing your finances quickly.

smoothy · Nov 1, 2015, 03:23 PM

Originally Posted by talaniman

https://www.askmehelpdesk.com/other-...ow-817770.html

Don't know where you got this new question from, or how it relates to your other question, but it sounds like you need a better way of juggling/managing your finances quickly.

... And a second job until they get them under control. If they DON'T get a second job..(and even if they do) they need to seriously consider a Managing your money 101 or Home finances 101 that many community centers have to teach people how to make and keep household budgets and how to balance their checkbooks.

Fr_Chuck · Nov 1, 2015, 08:36 PM

I have not looked at the other question, but there are several issues, First how many overdrafts, Did the bank cover them? Or did the bank decline the payment and charge you a fee.

And how much was it? How many.
If you do it once or twice, normally nothing happens, if you have 10 or 12 all the time, yes they may.

Also there is a common check fraud, where someone gives you a bad check, you deposit it, get the money, but the check is later discovered to be fraud. If that entire amount is not paid back, they can file charges.

So the answer is yes, if you do not pay the bank properly on overdraft and bad check charges they may sue you and/or press criminal charges.

In most cases the DA may not take the case unless it is proved you do this all the time.

Fr_Chuck · Nov 1, 2015, 08:40 PM

If the one is a credit card, you could do a cash advance.

Or you talk to the bank and work out a payment plan with them, How much is these fees ?

ScottGem · Nov 1, 2015, 11:08 PM

First I merged your two threads because they both pertain to the same issue.

If you wrote a check for more than you have in the bank, that is considered a bad check and it is a criminal offense that you could be arrested for. On the other hand, if you have overdraft privileges on your account, that means the bank issues a loan to cover the overdraft. So it would not be considered a bad check. However, the loan does need to be paid back, and your credit can be ruined because of it.