Expert: Edith Morris - 8/10/2004

Question
I have decided to enroll in a debt management program. One debt I have that is the most important to me is a bank overdrawn amount that I have included in the program. The bank has sent a letter stating that they will be reporting me to chexsystems if the amount is not paid. Do they usually report you if you are willing to pay this debt through the program. Thank you

Answer
Hello Marie!

Sorry to say that banks are very adament on reporting overdrawn accounts to chexsystems. This is not good for any party involved and will sometimes prevent the chance of getting a future account with any other bank. However, banks want their money at any cost and may work with you through your debt management. It would be either some money over a period of time or none at all. I think they would be willing to take the first option of the two. Also, if you must talk to a large bank call center, stick with one representative so that that you don't have to tell your story a hundred times. Get a name and extension so that you may always get the same representative. I hope this helps! Let me know if I can be of any further help! Good Luck!