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> Types of OPEN ENDED accounts, for classifying SOL
cmscott16
post Jun 29 2009, 12:16 AM
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Hello, in Washington State the statute of limitations for open ended and revolving accounts is 3 years, while written contracts are 6 years. I am trying to figure out if a checking account closed due to overdraft charges and a negative balance would be considered an open account? I read one post stating that checking accounts are considered "open" but I would like further confirmation. Thanks.
 
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Googie
post Jun 29 2009, 12:16 AM
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cmscott16
post Jul 2 2009, 01:19 PM
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Does nobody know the answer to this? Or should I be posting in another section?
 
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douginsea
post Jul 3 2009, 10:26 PM
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good question might get a better response in the credit forum...


IPB

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The new Amex ad campaign: We approve you now...Ask questions later!!
 
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mca
post Jul 3 2009, 10:44 PM
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I think it is an open account but I don't want to say for sure cause I am not 100%


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cmscott16
post Jul 6 2009, 07:00 PM
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ok thanks. i just want to send a zombie debt sol type letter to a collection agency trying to collect on an old closed checking account. but i wouldn't want to send them a letter saying they are past sol and then get a summons in reply because I was trying to classify a checking account as an open ended account rather than a written contract.
 
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cmscott16
post Jul 7 2009, 01:12 AM
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for anyone interested, i just found this definition from about.com:

Definition: An open-ended account is an account that has a varying, revolving balance. A credit card is an example of an open-ended account.

So, by this definition, checking accounts with fees such as overdraft charges should constitute an open-ended account, since the the account has a varying, revolving balance.

I am not a lawyer, so please correct me if I am wrong.
 
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