I had a checking account closed with Wachovia because I owed $548 to them. I received a letter in the mail saying that they are willing to settle it if I pay a lump sum of $330. Should I take it? What are the steps that I need to take when accepting a settlement like this?

Also, If i pay the account off, will I be able to open an account with them or any other back?

Right now i was able to get an account thru People Cash Soultions. I love it, but it is not in my state and I would love to have a checking account with a local bank

Do a PFD so that you can have it removed from your reports.?

yes pay for deletion but make sure you get everything in writing. Why did you go with People's Cash Solutions? Where do you live?

I went with Peoples cash solution because I could not get approved for a checking account with any other bank after I owed Wachovia. I live in Georgia

BOA wouldn't give one to you?

I actually deal with recovery at Wachovia now... If you'd like to arrange some way to get in contact with eachother, I will personally see to it that you're taken care of.

How long has it been since your account charged off? What was the original date that it overdrafted? If it's been less than 90 days, I can absolutely have it removed from ChexSystems and either reverse or remove any credit reporting.

Is the account with a collection agency? NCO, ARM, Anchor, etc? It will eventually be sold to RJM Acquisitions if it's not paid. I've heard some very mixed reviews about RJM from various people, but I can assure you that they will report it if Wachovia hasn't already (assuming it's still being handled internally and not by an outside agency)

Again, if it hasn't been sold to RJM yet, there's a good chance the account can be reopened. There wasn't any sort of loss management or fraud issues with it, right? The account wasn't relatively new was it? If everything checks out, the account can be reopened immediately upon receiving confirmation of payment. All restraints can be removed, and you would be able to re-link your debit card to your account any time after midnight following the reopening of the account.

thats so niiiice