Collectors also have the option to send a one-time record to the credit bureaus when savings and checking accounts are charged off. Members who borrow need good credit to qualify for the loans and terms they need. By alerting credit bureaus about how members manage their deposit accounts as well as their loans, credit unions can further encourage members to be accountable for overdrawn accounts, with the goal of increasing collections and minimizing loss to the credit union
How it Works
Once your Credit Union decides to activate this feature, add this item to your cart, and a member of the Client Service and Education team will contact you.
**NOTE: Accounts that are charged off before the feature is activated cannot use this feature.
Charge Off Savings Checking Accounts Brochure