cmscott16

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.

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.

Does nobody know the answer to this? Or should I be posting in another section?

Thanks!

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.

Looks like you have 1 incorporated business. Did you personally guarantee the 40k in outstanding debt so far in the business' name? If that's the case, and it were me, I would take what's left and move ahead if at all possible. After all, you're family didn't loan you 20k to see you fail and put yourself into more debt just to pay them back. What's more, a potential investor is much more likely to give you money when they see that you're already up and running and need help, instead of someone who wasn't able to achieve the final step of actually opening the doors on their own. Investors are just weird like that, they only want to put money into something already making money. I don't know if it will help you any, but there are several sites that let you search for start up loans, just do a google search for small business vc. good luck to you!