How Long Can Your Bank Account Be Negative?

Negative balance bank accounts that are closed with a negative balance are frequently reported to credit reporting agencies and appear on your credit record as overdue obligations. These accounts have a negative influence on your credit score and can be found on your credit record for up to seven years after they are closed.

The length of time varies.According to bank policy, the length of time it takes to cancel negative accounts is determined by the amount of money in the overdraft and the consumer’s previous banking history with the institution.This is an instance in which banking loyalty works to your advantage.

  1. Many people wait between 30 and 60 days before doing so, while others may wait up to four months before doing so.

What happens if my bank account is negative?

When your account reaches a negative balance, your bank will almost certainly charge you an overdraft fee, which will further deplete your funds and make your account even more negative.Your bank may also shut your account if it has been in the negative for an extended period of time or if you have been in the negative on a regular basis.Make a habit of checking your account balance on a frequent basis.

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