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#964096 - 05/22/08 09:30 PM closing accounts and overdrafts
southernbelle Offline
Junior Member
Joined: Feb 2008
Posts: 31
Is there a set number of days before you can charge-off and account due to an overdraft? If so, how many days is it and what, if any are the notice requirments?
Also, how does 31 CFR 210.4 play into this.

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#964194 - 05/23/08 12:47 AM Re: closing accounts and overdrafts southernbelle
Andy_Z Offline
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Generally you should be considering a charge-off on/after 30 days. I know of no minimum time. Certainly reasons could dictate that a balance is an immediate loss and you'd be fine to charge it off right away.

As to Reg J, I can't speak on that. The charge off process is an accounting issue, not a "check collection" issue.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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