Bank Account, Debt Collection?

Question

Here's the issue I had. Last year in 2007, I received a letter from a debt collection agency, coming at me for a US bank account that I had last used in 2003....and only 100 bucks in the negative. 100 bucks was surprising, and it's not alot, but my surprise was that it took 4 YEARS for them to contact me. After 4 years, I couldn't remember if I had closed it in full, or if I had simply left it in the negative. It had been too long, and I no longer had any documentation to prove anything.

I called the agency, willing to work something out, when I got yelled at by the office manager and hung up on. I called back to find out why she was rude, she was rude again, so I told her to take the debt and shove it. I was APPALLED at how rude that woman was to me. This all happened in Missouri. That's where I lived, that's where I had the bank account, but now I'm newly married and in New York, and under the radar for another month or so until the information is updated in my credit report.

My question is, what kind of contract is a bank account? Is it Promissory, Open? I won't know my SoL until I know what kind of contract a bank account is. It could technically be any kind except for Oral. I know the Open contracts are 5 years in Missouri, didn't think to look it up for New York.

It's now been 5 years, and I want to know whether SoL applies to bank accounts. I know I'm in the ChexSystems after the incident, but there seems to be an area of gray over bank account debt collection, so I'd really appreciate having this answered so I can get ahold of this company and pay them.

Answer 1

Best suggestion is to call another financial institution and find out what their policy is for things like that- if she was rude try to go above or around her or if there's another branch call them.  My BF works in collections, and there's always someone else that you can get to with these things.. even if you have to have someone else call (like a boy) just to get through... I'm sure if you looked up statute of limitations on the type of account it is that it should tell you something.  Everything falls off after 7 years- so if you really don't want to handle it, just give them the money -tell them to take a leap and be done with it.. really its just a hundred bucks and it might be worth the peace of mind as long as the RUDE girl doesn't get the credit for the collection... cause she'll get a commission for your payment- and you shouldn't give her the satisfaction.

Good Luck-  

Answer 2

First off let me just say that there is nothing wrong with this question. One of the biggest problems we deal with here in the credit section is people who don't give enough info in their questions.

As for the type of SOL, it will really depend on your state laws, but bank accounts generally will fall under open contracts or the UCC SOL of 4 years.

You might want to visit the forums at CreditBoards.com. They are free and you can research previous issues like this as well as ask questions of your own.  

Answer 3

i suggest you call a different branch

Answer 4

oh so making you pay your bill is idiotic because its ONLY 100.00?

just pay it like you claim your going to.

Answer 5

Contact the bank and verify what happened to the orginal account, and ask why they sent it to collections. For $100 it seems really silly.

Also contact the collections agency by certified mail and have them explain the debit to you in writing.  

Answer 6

Be careful Bankers most of times take all your money.

Answer 7

You should problable see if there is anything wrong on your credit repoer :

Free Credit Report Frequently Ask Questions and Helpful Credit Information:

Q.  Can I Really Get a Free 3 in 1 Credit Report?

A.  Yes, according the The Fair Credit Report Act which FTC regulates and enforces.  We have provided you with companies that can offer you a free copy of your credit report.  The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies; Equifax, Experian, and TransUnion, to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.  

Answer 8

You need to condense your question - way too long.

Anyway the typical statute of limitations is 7 years. Check it on your own time for the state of MO. A bank account is a binding contract. When you opened it you agreed to operate the account in a satisfactory manner. What I'm appalled at is that you said "...and only 100 bucks in the negative". No wonder banks have to keep imposing so many fees. Your negative is a loss for the bank, common figure it out. It's a bank account, not credit you're supposed to pay it!