An overdrafted account can be an absolute nightmare to resolve. Not only will backs charge you an insufficient funds fee for overdrafting your account in the first place, but they will continually charge you throughout the period that you're overdrafted. You need to get the situation resolved quickly if you don't want to lose additional funds.

1. Ask to Get the Fee Waived

If you've never or rarely overdrafted your account before, you can occasionally ask to get the fee waived. The most important thing to remember is to remain polite. Simply explain your situation to the bank and ask them if they would give you a courtesy for your years of business. Most banks are quite reasonable and will waive a fee anywhere from once to a few times if you've otherwise been a good client.

2. Negotiate to Close Your Account

If you simply cannot pay the amount that you owe but don't want to continue accruing charges, you can often ask the bank to either close out your account or put your account on hold. The good news is that you'll stop accruing fees; you'll have a single bill that you need to pay or go to collections. The bad news is that, obviously, you'll lose your account; you can't deposit money into it and you won't be able to use it later. You'll have to open another one, potentially with a different bank.

3. Get a Fast Payday Loan

To get the situation resolved quickly, you can look for online payday loans at places like USA Cash Services. Online payday loans deposit money directly into your bank account, so this can give you a lot of breathing room. The charges associated with an online payday loan are often less than simply allowing fees to continue to accrue and you won't need to pay it back until your next pay period, at which point it will usually be auto-drafted from your account.

4. Take Out a Credit Card Cash Advance

Sometimes it comes down to simple mathematics. Getting a credit card cash advance may be cheaper than simply paying for the insufficient fund charge day after day. Since a credit card charge won't need to be paid off until the next pay period, this could buy you enough time to recover. Still, this should be an option of last resort -- otherwise you could just end up paying interest.

One thing that you should never do is simply walk away from the account. The overdraft will continue accruing fees and eventually the bank will fill a report. Once a report has been filed you usually won't be allowed to open a bank account anywhere in the United States until the fee has been resolved or an appropriate amount of time (often years) has passed!