2006-12-11 11:02:01 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
overdraft chargeoff dda credit means that the account has been closed.
The account mentioned must have had a negative balance or excessive overdraft occurences. Most financial institutions will automatically close any account that has stayed with a negative balance more than 30 days. When doing so they have to bring the balance in the account to zero. This would be the "overdraft chargeoff dda credit" ledger entry.
Overdraft-the amount by which withdrawals exceed deposits
chargeoff-assumption that debt cannot be collected: the writing off of an account as a loss by a bank on the assumption that the debt will never be repaid by the borrower
DDA-Demand Deposit Account: An account from which deposited funds can be withdrawn at any time without any notice to the depository institution.
credit-to enter upon the credit side of an account; give credit for or to
I hope this is helpful to you.
2006-12-11 12:00:08 · answer #1 · answered by Lindsay MG 2 · 1⤊ 0⤋
Dda Credit
2016-09-29 09:59:14 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Overdraft Chargeoff DDA Credit means a checking (Demand Draft Account) account was closed taking a loss to the financial institution. Same thing basically as if any account was closed out.
2006-12-11 13:08:34 · answer #3 · answered by ShouldBeWorking 6 · 0⤊ 0⤋
DDA or Demand Deposit Account usually refers to a checking account. Overdraft means you took out more than you deposited and owe the bank money. Chargeoff means they have not been able to collect and closed the account. You will have trouble opening another bank account if you don't pay them back.
2006-12-11 12:05:49 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋