topic Re: BoA checking accout go to chexs and collections? in Rebuilding Your Credit

BoA checking accout go to chexs and collections?

avigeant83 — Thu, 02 May 2013 22:50:02 GMT

BoA has totally screwed me with over 1500 in overdraft fees that kept recurring daily from a simple magazine subscription. They refuse to delete the overdraft fees and say that I have 4-5 weeks to pay before it closes. With your experience or knowledge from others, do they also send this account to collections? I can live with the chex systems since I already have another bank account but I doubt I could come up with what they want (nor do I think should pay) in such short notice. I just can't afford a collections hit when I've been good for the past 13 months and at the point looking for a home.

Re: BoA checking accout go to chexs and collections?

Shogun — Thu, 02 May 2013 23:03:43 GMT

Yes, they will most likely send this to a CA.

Re: BoA checking accout go to chexs and collections?

Anonymous — Thu, 02 May 2013 23:10:15 GMT

In my experience, it does NOT go to a collection account.

I had a BoA checking account in 2006-2008. I had an issue where they were posting the order of items incorrectly and caused an overdraft on my account. It was only like, $326 or something. In 2012, I already had an account with PNC (had it forever, before BoA, but they didn't have PNC down where I went to college, so I opened up a local account too, and kept my PNC open). A friend started working for another bank, and I wanted another account (and savings), so I went to talk to him to open one up, and it popped up in the Chex system. He called BoA for me right then and there, and we arranged $25 payments per month via the new bank's Online Bill Pay. It got paid off, he got credit for my account, and got credit for me using the bill pay system.

Did it ever go to collections? Nope. But I still paid it off.

Re: BoA checking accout go to chexs and collections?

avigeant83 — Thu, 02 May 2013 23:13:32 GMT

Yes I want to pay it off but they are making it sound like I have just a month to come up with 1500 + before it closes. I'm not sure what happens after that but some people say they just sent to chex and some would say CA. I honestly don't think they are being fair with this at all and they offer no compassion. Typical big bank.

Re: BoA checking accout go to chexs and collections?

MaRain — Thu, 02 May 2013 23:14:10 GMT

In my case, YES!! I had an account with US Bank (for an account I mismanaged) and they closed it in 2/2007 with a balance over $1000. I was reported to ChexSystems (as expected) and never heard from them again.

In 12/2012, I get an alert that there was a change on all 3 of my CRs. It was H.P. Sears collecting on this debt. Bad news, my scores dropped approximately 50+ points across the board Good news, it is scheduled to remain on record until 11/2013 (but is reporting with an unknown "account number" as a medical collection...grounds for dispute since I've never had a medical debt? .

In addition to the ding on my credit, I get another neg from Capital Collections for the same account on behalf of Robert Allen Taylor Co.

2 negatives for the old US Bank checking account. The odd thing is, I've had 2 additional accts and a cc with US Bank after 2007 with no issues?

Re: BoA checking accout go to chexs and collections?

Anonymous — Thu, 02 May 2013 23:19:00 GMT

It's definitely possible that it could go to CA due to the amount as $1500+ is not $326. I would offer some kind of payment arrangements before any talk of CA. It could be that you have a timeline on when they close the account. Will they let you make payments to pay it off, but close the account? Is it important to have BoA as your banking institution?

Re: BoA checking accout go to chexs and collections?

avigeant83 — Thu, 02 May 2013 23:19:33 GMT

So it took 5 years for them to report it to CA? Well it's a good thing that it will be aged soon and off the CR. I even offered to make a payment plan and they were stubborn and said they need to have all funds paid in full. I had 2 checking accoutns and they debited my direct deposit in full til I went to the local branch and made a big stink.

Re: BoA checking accout go to chexs and collections?

avigeant83 — Thu, 02 May 2013 23:21:35 GMT

I offered to make a payment plan but the account isn't closed yet, it's frozen at the moment. I don't want BoFa and with a local CU as of today thankfully. They just say that I have a few weeks to make the payments since it's 44 days old or something. So after the 90 days, can I make payment arrangements then you think?

Re: BoA checking accout go to chexs and collections?

6speed — Thu, 02 May 2013 23:24:14 GMT

In my experience, it went to neither. Had a BofA checking from 2005-2009 and incurred about $300 in overdraft fees I couldn't pay at the time. Still haven't paid it (I'm working on it! I'm paying for active collections first!), and nothing on either front. Opened a Chase account and USAA in 2010/11 and had zero issues.

Re: BoA checking accout go to chexs and collections?

MaRain — Thu, 02 May 2013 23:43:37 GMT

At avigeant83, I'm assuming (and you know what they say about assuming) that since I tested out the mortgage waters last April (but didn't go through with it), a JDB took a chance that I would pay this account (for over $2300? CRAZY!!!!!) and purchased it. My CRs were cleaning up quite nicely by 11/2012 with many negatives coming off so I'm guessing that H.P. Sears and Co "got in where they fit in".

Too bad that I didn't know about opting out.

Re: BoA checking accout go to chexs and collections?

avigeant83 — Thu, 02 May 2013 23:55:14 GMT

My goal is to test out the mortgage waters by August/September myself with a loan from my 401k to cover the costs. A usda loan as well. I just fear that this will come out and bite me in the ass before then. I wouldn't mind if it came a year later because I would be better to deal with it then. I just hate these companies who take billions of bailout money and screw the little man whenever they have a chance.

Re: BoA checking accout go to chexs and collections?

Jon85 — Fri, 03 May 2013 01:41:18 GMT

Bank of America has its own internal collections.

So after they close your account in a few weeks, that's where it will go; and I think that's when you could set up a payment arrangement with them.

They usually hold on to it (most of the time) for 2-3 years after they close it, and then they sell it to an external collections agency if you haven't paid it and that's when it gets reported to the CRAs; but while it's still in internal collections, it does not get reported (this only applies to checking and savings accounts).

The only reason I know is because I found out I had an account with BOA from 3 years ago, and I only found out about it when another bank checked Chexsystem and the supervisor I spoke to at BOA is the one who told me the above information. And she even told me that my account was listed as "pending sale," which means I caught it just in time before it went to a CA and reported...

Re: BoA checking accout go to chexs and collections?

avigeant83 — Fri, 03 May 2013 02:35:47 GMT

That is some great info Jon, when I talk to the folks now they do all this doomsday talk but after the account goes to internal collections I will make a pay arrangement with them. Thanks for the info.