I am confused ?? What is a charge off on a credit union bank acct?

Question

Hubby bothered that I wanted my name on this acct. and many times swore he would close it..he has had it for years (26 yrs) and said he tried to add me and they refused 3 times but had his 2 previous wives on it. Last time I tried they denied me again. I find that rather strange ???!!! Now all of a sudden he claims "they" are kicking him out of his acct. We got letter saying ..due to the charge off on his acct. the acct will be closed in 30 days. What is going on ! Serious answers only please. I feel he is being dishonest with me over something cause he has fought me over this for 2 years and 6 months since we married. I am confused. Did he do this or the bank does this? Reason for my curiousity is cause he has not been honest with me from the getgo. All I want is the truth.

I am the one who wanted to be added to it in case of him being deceased before me we would not have to go to a probate court..he claims he has had acct open only due to a "small" inc. policy now all of a sudden he has no concern for his "small policy" which paid $ 75 thousand to dead wife ! I am not interested about policy he could have it going to his kids but I only did not want to get involved in any probate court battles. I smell a rat somewhere !

Answer 1

count your blessing -- could be your lucky day -- sounds like your hubby got caught with his pants down and be glad you name is no where near his on the credit union loan!!!

Answer 2

Hi Sunshine (love your name), I think the truth is a reasonable request. I think your gut is telling that somethings wrong.
The term "charge off" means that the company/bank that is owed the debt is able to reduce the taxes they pay on their income by this figure and including it as "bad debt" on the IRS returns, thus reducing the income tax. This does not relieve the debtor, in this case your husband. If your name is not on the account, then it is his financial problem. Ask to see the supporting documentation. Did he tell you he paid it, and now money is missing? I only ask because normally an account is already been closed, before there can be a charge off. So, say you have a visa card with a balance. Then you fall behind and become past due. They will close the account preventing you from charging any more. If you owe a balance and they cannot collect then the account charged off. They would only report the charge off on the credit of the people on the account which were responsible. I put a website below that may be informative. Hope it helps!

Answer 3

Hard to say exactly, but more than likely there have been charges that were posted to the account in excess of the available funds. They could be checks that somehow cleared the account even without proper funds in the account or just charges for bad checks, etc. Even if the account has money left in it, a large number of charges for bad checks, returned checks, etc. would trigger them to close it. There is no reason that you would not be added to the account if he has requested it. You can not do it, he has too.

Answer 4

Could be he has a loan that defaulted and the credit union took whatever was in the bank account.

It also strikes me as strange that he had two previous wives on the same account. Normally credit unions pretty open a new joint account.

At any rate, if there's a financial mess tied to that account, count your lucky stars that your name ain't on it.

Answer 5

Sounds like to me that he is being dishonest here as well.

Why would he be so persistent to get your name on the account? Because then you would be equally responsible for whatever happens with this account.

If he has a charge off, then he is not paying the bills and they quite possibly are about to turn it over to a collection agency.

You need to get the truth from him.

He's not being honest with you.