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Chase Account Extended Hold Before Closing
Posted 13 February 2017 - 08:49 PM
I have an account currently that has been overdrawn for 63 days. Accounts normally get closed after 60 days with them. I was given a hold until the 17th to pay an overdraft. I dont get paid until the 24th. They will not push the hold any further and intend on closing the account on the 17th.
My question is that I will be paying this account on the 24th still. With the account being closed on the 17th, how fast do they report to Chex or EWS? Trying to find out the timeframe if anybody has experience with this?
Posted 14 February 2017 - 02:48 AM
Depending on the bank, but usually the day of the account closing it goes on to report. I am not sure Chase even reports to Chexsystems, but you will for sure see an EWS from them. I would find any way possible to pay that overdraft. Sometimes, if you calculate the fees associated with the prepaid cards and future hassle you have to go through by being unbanked, you will see that it might be worth it to go get a loan and come up with that money as soon as possible in order to pay it down.
Be careful with Chase, just because your branch manager says they won't close your account after you pay the overdraft doesn't mean they won't do it from the back office. These banks can be really unforgiving when you stay in overdraft that long.
Also, I am getting the vibe you are trying to open an account somewhere else before they report you? Be aware that you don't want to touch any banks that use EWS or do Chexsystems account sweeps. If you just simply cannot pay the overdraft now and you need to rush and get an account.. try a credit union.. they aren't known for doing sweeps on accounts as much as big banks. Good luck.
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