Overdrawing your account can have a long-term affect on your finances. It can be difficult to recover because you are chareged fees by your bank, you may also be charged late fees or penalties by the businesses if the checks are returned to you. It is important to deal with this problem right away. Many people do not realize that they have overdrawn their account and they get into a cycle where they deposit one paycheck, which will bring their account current, but then they still spend the money.
It is important to balance your checkbook on a regular basis. This will let you know when there is a problem with your account. It allows you to see how much money you currently have, not just the balance the bank is giving you. If you have overdrawn you will need to pay any late fees right away. If this is your first time overdrawing your account many banks will work with you to reduce the fees so that you can get caught up. They may set up a payment plan for you, so that you are not reported to ChexSystems if you owe a large amount of money. It is important to be as proactive as possible in this situation.