Overdrafts and negative balances: What's allowed?
in Banking, Insurance & Loans ·
Hey everyone, I’ve got a question about my overdraft at PNC Bank and a change in employers. I haven’t been able to find anyone else who’s dealt with this specific mess, so if anyone knows what’s up, please help me out.
I have an authorized overdraft limit at PNC Bank, which I’ve obviously tapped into by dipping into the red and paying it back in installments. At PNC Bank, they set up the overdraft and those payment plans based on you bringing in proof from your employer showing you're on a permanent, full-time contract.
Well, I’m switching jobs soon, and at the new place, I’m definitely going to be stuck in a six-month probationary period, meaning I won't have that permanent contract status for half a year. What actually happens to my account in that scenario? Am I just going to have my account frozen because of the negative balance? The bank is bound to notice the change in whoever is depositing my paycheck, and they’ll surely come sniffing around for updated employment verification that I won't be able to provide right away, so then what? Do they just lock me out? Is it straight to collections? Or do they operate on a "no news is good news" basis—meaning as long as the paycheck keeps hitting the account, they won't care about the lack of paperwork?
Any advice would be appreciated because I’m running out of people to ask, and frankly, I don't trust the bank as far as I can throw them.
Sean Stewart3 is online now
I have an authorized overdraft limit at PNC Bank, which I’ve obviously tapped into by dipping into the red and paying it back in installments. At PNC Bank, they set up the overdraft and those payment plans based on you bringing in proof from your employer showing you're on a permanent, full-time contract.
Well, I’m switching jobs soon, and at the new place, I’m definitely going to be stuck in a six-month probationary period, meaning I won't have that permanent contract status for half a year. What actually happens to my account in that scenario? Am I just going to have my account frozen because of the negative balance? The bank is bound to notice the change in whoever is depositing my paycheck, and they’ll surely come sniffing around for updated employment verification that I won't be able to provide right away, so then what? Do they just lock me out? Is it straight to collections? Or do they operate on a "no news is good news" basis—meaning as long as the paycheck keeps hitting the account, they won't care about the lack of paperwork?
Any advice would be appreciated because I’m running out of people to ask, and frankly, I don't trust the bank as far as I can throw them.
Sean Stewart3 is online now