When you become past due on a credit card or default on a loan, the creditor reports the information to one of three credit agencies (Equifax, Experian or Transunion). When you charge-off a checking...
Yes and No. If the bank whom you owe money to does not report the account to one of the bad check reporting firms eg. Chexsystems, you should be able to open another bank account at a different bank....
Banks and credit unions report incidents to ChexSystems to protect themselves and other banks in the future. You get reported to ChexSystems if your account is closed for good cause.
Some banks...
It depends. If: you have a monthly loan repayment agreement with the bank wherein the bank automatically deducts your monthly payments from your savings account or you have defaulted on your loan...
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