01-29-2013 04:47 PM
A bounced check is considered a crime in many states. A bounced check can be reported and at times they are (not always). You failed to pay your debt in a timely fashion and that can be reported. For example, dont pay your electric bill, or bounce a check with them (especially several times), then tell me its not reported on your credit reports.
A check with overdraft protection is not considered a bounced check in the same sense as being a crime.
Im sure the OP didnt volunteer to her LO or Broker she bounced many checks.
01-29-2013 05:08 PM
01-29-2013 05:28 PM
01-29-2013 05:35 PM
I haven't had an NSF or a Overdraft fee since I was 16. With mobile banking, online banking, and telephone banking this should be a thing of the past. Plain and simple if you dont have a surplus to cover something dont buy it. Always have a surplus in your checking account. I know that savings draws interest...but you wipe out a month of interest or more when they charge you 33 dollars for not having the funds to cover a purchase.
01-29-2013 08:31 PM
Just to clarify my terminology. I mean overdrafts. The bank has always covered the check/debit. I have never had to go pick up a check or anything. The bank pays and then charges me to the hilt. I went in to the bank today and turned off the where they would approve me going into the negative on my debit card. When I get paid again I will put money into a coushin for my checking account so this doesn't happen again.
IThe persoon who told me I couldn't get approved with over 2 overdrafts within a year was with Quicken Loans. I have heard it depends on the Underwriter. Is this true?
I also was working with someone at PNC. Maybe they are looking at me closer because I am self employed.
01-30-2013 04:50 AM - edited 01-30-2013 04:52 AM
Are bounced checks different from overdrafts? in the way the lender looks at them?
Bounced checks are the same as overdrafts as far as the u/w is concerned. The funds weren't there when the check/debit/ACH etc was presented.
Your file will be reviewed much more carefully because you are self employed. It is also typical for some underwriters to ask for more than two months of bank statements if you are self employed. They will probably want both your business account and your personal account bank statements as well as business tax returns and personal tax returns. If you are self employed you go through a more riguous approval process.
01-30-2013 05:24 AM