Brain dead

roybean · 07-04-2008, 01:02 AM

Ok, my brain is tired and this is a good question for discussion.

How long can a bank account stay overdrawn? I think it is 30 days; correct me if I am wrong?

Also, where and what is the law regarding reporting after an account is past due 180 days?

jlynn · 07-04-2008, 09:34 AM

I think an overdraw is bank specific.

What law about reporting?

roybean · 07-04-2008, 10:20 AM

Say for instance you have a credit card and you haven't made a payment in 6 months; the credtor must report after 180 days delinquent.

Pale Rider · 07-04-2008, 01:38 PM

They never "have to" report, but Rule 5000 tells us rules for charge off procedure at 180 days for credit card accounts.

FDIC: FDIC Law, Regulations, Related Acts - Statements of Policy

Pale Rider · 07-04-2008, 02:26 PM

Charge off requirement for an overdrawn bank account appears to be 60 days according to FDIC.

roybean · 07-04-2008, 03:05 PM

Quote:

Originally Posted by Pale Rider

Charge off requirement for an overdrawn bank account appears to be 60 days according to FDIC.

Is that in the link above? I will read it later this evening. My hands are full right now.

cprems · 07-15-2008, 08:25 AM

Quote:

Originally Posted by Pale Rider

Charge off requirement for an overdrawn bank account appears to be 60 days according to FDIC.

I had a credit union charge off my account because my company missed my direct deposit check. It started on 11/30/07 and they charged off the account after they received my paycheck on 12/06/08. Where can I find out if this was done legally or not. i am being reported to chexsystems. However they reopened the account for me and I am in good standing with them. They refuse to take me out of the chexsystems. Can anything be done to them in a legal sense.

Ian

roybean · 07-19-2008, 02:32 AM

Quote:

Originally Posted by cprems

I had a credit union charge off my account because my company missed my direct deposit check. It started on 11/30/07 and they charged off the account after they received my paycheck on 12/06/08. Where can I find out if this was done legally or not. i am being reported to chexsystems. However they reopened the account for me and I am in good standing with them. They refuse to take me out of the chexsystems. Can anything be done to them in a legal sense.

Ian

Did you dispute with Chexsystems?