Federal Reserve - overdraft limits
in Banking, Insurance & Loans ·
I suppose a bank can't just extend an overdraft without a valid reason, but if you get ahead of things and talk to them, you might be able to set up a repayment plan through your checking account. You basically pay it back in installments on a day you pick—like the 15th or whenever works for you. I think once you've cleared the debt, you'll probably be barred from using overdrafts or getting new credit for about a year, even if you land a job, though you shouldn't end up on any official blacklist.