if i am unable to do so can i go to jail? never had this happen before and i am concerned
If you live in USA, no you will never go to any jails. But forget about opening another account in any bank anytime, at least you have to pay them back and may be after few years you will be able to do so. Let alone the credit history which is already got a very hard hit.
In the United States, a debt obligation is considered a moral obligation and not a legal one.
Lawyers and court systems will become involved to reinforce the moral obligation. But because it's not a legal obligation, you cannot go to jail or be held against your will for unpaid debt.
Now you can, absolutely, have your wages garnished and your personal assets seized in order to compensate for this moral obligation. up to and including anything that DOES NOT threaten your income source and residence.
In many case though, Banks tend to 'stack the odds' in their favor to increase the overdraft charges, something lawyers and court systems are very well aware of.
Since this is considered a 'small claim' - they will not take you to arbitration over the debt, but changes are they can and will knock your credit down because of it.
But before this happens. you can typically strike a deal with them - at the very least - HALVING - if not - 1/4 of the debt they claim they owe - if they agree to wash their hands of the debt with a full payment for the agreed on amount you wish to repay with no ding on your credit.
The key is - get them to agree - in writing - to report the debt as 'paid in full' on your credit report.
but jail?
Not in the United States. period.
Yo won't go to jail unless it's proven to be deliberate fraud, But your credit will be badly damaged, and you very likely will not be able to ge S t a bank account anywhere.
You will not go to jail. But you need to approach the bank to let them know your situation and your repayment plan. If you did not make any repayment plan quickly with the bank it will affect your credit ratings and will make getting credit from other service providers.
Saying this you can get CCJ (County Court Judgement )
You won't go to jail. Only fraudsters go to jail
Get some quick job and pay off that money ASAP
We don't throw people in jail for owing money.
But we do throw people in jail for committing theft and fraud.
You won't go to jail for overdrawing your account for $895 unless someone can prove you were intentionally trying to steal the money and this isn't the first time.
You wont go to jail, but they make this into a loan and might send this to your credit report. Try to pay it off in parts if possible so they know that you're trying.
It's unlikely you will go to jail but you may wish that was the solution when you start getting hounded by collection calls. I recommend that you figure out how to pay off this debt ASAP.
you need to work out a pay plan with the bank, if it was not fraud, you will not get in jail time
You wont go to the slammer. Or unlikely. Your debt will be sold to a collection agency and then you would wish you had gone to jail.
