Hey everyone! TGIF! Mods please move if this is the wrong sub forum. Thank you!
I just received my first EWS report and "I think" everything looks good, but I did have a question about how EWS labels accounts.
What wording is considered a negative? And if a bank account was closed with a negative balance, let's say $10.00, again...how is that kind of account labelled?
Here are a few examples from my EWS report, bolded side is what's written on the report:
My current BofA or Chase Accounts (good standing): Current Account Status: Present
BofA Savings Closed 2016 (good standing): Current Account Status: Savings Pending Closed
fnbo Secured Savings used for VISA CC (good standing): Current Account Status: Savings Closed
Current Navy Federal Savings (good standing): Current Account Status: Savings Present
US Bank Checking (Bank auto-closed after BK): Current Account Status: Closed-Purged
Status as of 08/30/2021: Closed-Purged
Status as of 01/13/2020: Closed
Status as of 12/24/2019: Overdrawn
Status as of 12/11/2019: Overdrawn
Only my US Bank was closed (and I'm not 100% sure about its balance) with a $0 or negative $10 balance. I may have deposited the $10 after 12/24/2019. US Bank closed it without notifying me after my bk.
The thing is US Bank also shows three other accounts, I think two were savings and one I can't figure out (maybe my CC) but those are also labelled "Closed-Purged." And those I am certain were not closed with any balance, in good standing.
FYI... I've opened new accounts since my bk and have not had issues (Navy Fed Banking and CCs and Capital One CC, both who check EWS). Is "Closed-Purged" just another way of stating "Closed?" From my experience, it does not seem to be a negative.
Thanks for your valuable insights!
Edit: Looks like I should've read the bottom of the EWS report where there is a Glossary of terms. "closed/purged" is not considered a negative. That's a relief. Here are some of the definitions from the Glossary.
Closed - The account is closed. This does not convey a negative situation.
Closed for Cause - The account is closed because the account was not handled in a manner consistent with bank policy.
Closed for Cause/Purge - The account is closed because the account was not handled in a manner consistent with bank policy. The bank has deleted the account record from its files.
Closed/Purged - The account is closed. This does not convey a negative situation. The bank has deleted the account record from its files.
Pending Closed - The account will be closed after all items have cleared and the account has zero (0) balance.
