CU - do I close this acct or just let it bounce? Auto pay and CC

[weRN2deep]

We have a small personal loan (auto debit on payment) and a CC with my credit union. We've already moved to a new bank. There is just enough in the acct for one more auto-pay to go thru... should I move that money out and just let it bounce? or should I call them and close the account? Won't they start asking questions? Sorry I seem so naive, I'm just sorta freaking out about all this, I've never missed a payment in my life. Is the right thing to just drain the acct and then they'll close it and start calling? I guess I just don't want to face them. They haven't been a bad bank, and I feel like cr*p for sticking them with $11K.

The loan pmt is due Sept 6 and CC is due Sept 9. I feel like hiding under a rock.

[Calthius]

You should close the account. Ask them to stop taking automatic payments. Don't wait for them to close the account.

[Amy26]

I would drain the account and then call them to close it out or at least cancel the auto payment. I wouldn't let the account go negative... but if there are no funds in the account will they actually make you negative? Or would they just call you and be like umm there's no money in your account for monthly payment?

I was in a similar situation with my credit union. I didn't have auto payment but I had direct deposits from my pay check going into the bank account that I would then manually move to make the payments. I had to request a check from them for all my money and then I called them and told them I was filing for BK and if they had any questions call my lawyer.

[mike258]

Stop the automatic payments before they post and move the money out of there. If your account goes negative the CU will most likely report you to ChexSystems. That will make opening a bank account difficult in the future.

You may not need a new account now, but you dont know about the future. I've read that's its difficult to open new bank accounts with a bk and with a negative item on ChexSystems.

[weRN2deep]

I was able to use "skip payment" on the loan (auto) pmt until Oct 6. This gives me a little more time. On the CC I assume they'll start calling shortly after it goes missing (and they see almost nill in the acct). I'm going to ask my attorney what I should do. He did NOT say to call anyone he just said 'don't pay'.

[Amy26]

LOL skip payment eh? You're not with Partner's First are you?

[enuffznuff]

Be careful with closing accounts that have autopays coming out of them, make sure you do it well in advance of the next autopayment, if it is too close, it will "force open" the account. This happened to me with US bank, I closed an account and an ACH autopay came through 3 days later and they 'force opened' the account, ran the debit, put me in the red and started racking up fees. Since the account was now 'reopened', that debit went thru 2 more times (the autopays), i didn't catch it immediately because it was a business account for a closed business that they did not forward the statements for to my new address, so I was going along thinking the account was closed, when it wasn't, when all was said and done there was over $600 overdrawn on an account I thought was long closed. It was a disaster. I read the fine print in that booklet they give you when you open a checking account, sure enough this whole 'force open' thing is in there.