A senior citizen I know had a savings acct that was overdrawn. I logged in and it stated charge off acct closd what is the emeaning and are they liable?
2007-07-31 11:49:35 · 2 answers · asked by Trav 1 in Business & Finance ➔ Personal Finance
A charge off is when an account is overdrawn for a period of time and the bank is unsuccessful at recovering the money from the customer. The bank writes off that account, called a charge off in bank terms. This will show on the person's credit report and will probably have a tough time opening accounts in the future.
2007-07-31 12:01:49 · answer #1 · answered by specklbug 2 · 0⤊ 0⤋
It means the bank no longer expects to be able to get the money you owe them. THEY are not liable to anyone. YOU are STILL liable to them for the amount charged off. You will probably have trouble opening a new bank account anywhere without paying them. You will defiantly not be able to open a new account at that bank without paying them.
2007-07-31 20:05:03 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋