A deposit account, with or without bounce protection, is placed into a charged-off status after 50 continuous days of an unpaid overdraft balance.

To accept payments on a charged-off Demand Deposit Accounts (DDA) or savings account in person, do the following:

1. Determine the identity of the client by using one of the following:
   • Identification: CSC Phone Procedures
   • Clients in person
2. In Xperience > Customer & Account Inquiry. 
3. Search by client name, account number, Client Information File (CIF), or Tax Identification Number (TIN). 
4. On the Account tab, view the charge-off date and charged-off amount.
5. If the account has an alert message from Litigation, do not take payment without contacting the Collections/Litigation department by phone. Collections/Litigation determines how to process the transaction. Note: For a list of associates and contact information, see Collection/Litigation.
6. To determine the amount owed on the account, review the Current Balance.
7. Collect the charged-off amount from the client. Note: The amount must be paid in good funds. 
8. If the client is paying by check, based on Regulation CC requirements, place a hold on the check. 
9. Prepare a DDA/Savings credit memo with the following information:
   • Date
   • Name of client
   • Description - collect charge off balance
   • Client signature
   • Associate initials
   • Transaction code 15
   • Account number
   • Amount being paid

     • Checking Credit Memo Example

       

     • Savings Credit Memo Example

       

10. Take payment to a teller for processing.

For more information, see Reopening Charged Off Accounts.