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What happens to automatic payments when a bank account is closed?
Wiki User
∙ 13y ago
All payments whether credit or debit will be rejected in case of closed bank accounts. In case of credit transactions (people trying to put money into your account) the transaction will be declined and the funds sent back to the sender. In case of debit transactions (people trying to withdraw money from your account) the transaction will be declined and no funds will be dispersed.
Wiki User
∙ 13y ago
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What happens when the bank closes your account?
if bank closes yr account,it gets closed,or dead.
Why do you use automatic teller machines?
Because they're a convenient way of getting money out of your account when the bank is closed !
What happens if an automatic payment is made on a closed checking account?
It goes to a negative balance and you have to bring it up to zero to close again and hope nothing else goes through or wait until it goes way below zero and they will stop it for you.
What is a closed account permanently mean?
A account that has closed permanently is when a account has been closed forever basically.
What does Account closed by consumer mean?
The wording "Account closed by consumer" means that "you", and not the lender, closed the account. It usually indicates that there was no problem on "your" behalf with the account.
Can a credit card continue to allow automatic charges on your account after you ask to have the account closed?
Not if you ask them to close it in writing and you have NO balance.
What happens when the bank closes your account?
if bank closes yr account,it gets closed,or dead.
What is a Derogatory public record or collection?
== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.
Why do you use automatic teller machines?
Because they're a convenient way of getting money out of your account when the bank is closed !
What happens if I write a check from a joint account and find out my husband closed the account?
If the mode of operation of the account is jointly by you and your husband in this case he can not closed the account. If the mode of operation is either or survivor, in this case your husband can close this account and you can not claim anything from bank.
What happens if you report someone on msn?
Hopefully there account will be closed and email sent to them before that.
What happens to the money if you close an account and forgot there was money in there?
Actually such a scenario wouldn't occur. When a bank account is closed, the bank would release all the funds held in that account to the account holder on the same day the account is closed. Even if they can't do it immediately, they would have sent a check to the customer by post/mail. Banks cannot hold on to the funds of a bank account that was closed. It is mandatory for them to return the funds to the customer once his account is closed.
What happens if an automatic payment is made on a closed checking account?
It goes to a negative balance and you have to bring it up to zero to close again and hope nothing else goes through or wait until it goes way below zero and they will stop it for you.
What is a closed account permanently mean?
A account that has closed permanently is when a account has been closed forever basically.
How soon can you open a bank account if you have an account that was closed due to late or no payments?
Immediately after, before it goes onto your credit report. There are some banks that don't do a background check - they are usually in Walmarts.
What happens to dividend miles after cancelling US Airways mastercard?
The miles should still be in the account as it is the credit card account and not the Frequent Flyer account that has been closed.
What happens when someone writes a check on an account they know to be closed?
It either bounces or doesn't go through.
