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So I have an old unsettled debt with NFCU that is past the SOL and past the 7 years reporting requirement (meaning last payment was over 7 years ago). The debt dropped of my reports last year.
Now I've had had some $300 sitting in my NFCU since last August. Today I logged in to my account, it was gone. They took it when they closed the statements on Jan 31st.
They decided to take it to pay off a portion of the debt. I heard about this happening but people told me unless you have a large amount, they don't bother.
Now I am worried that they will re-age the account and report it to the CRAs? Can they do that?
Also is there a way to get the money back?
Its known that credit unions will take what is owed no matter how much you have in their bank. Its off your reports. They took it to cover what they put out. Nothing you can do but move on. We tell people who want to file BK. Get your cash out of the CU before they take it. Its in the fine print. Welcome to the forums.
I don't know about getting it back, (though I'm pretty sure you can't; it's likely in the T&C's you signed when you opened up the account), but for sure they can't legally reage it and put it back on your report.
Also FYI, the 7 year reporting period doesn't go based off of last payment made, but rather first missed payment that subsequently led to charge off.