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  1. #1
    Join Date
    Feb 2010

    Default Bank Overdraft $3 Now $1400 Colorado

    One of my friends lived here for about 9 months back in '07. He moved 4 hours from here, and put in a change of address through the post office. Never did get any mail for him after that. The post office did forward it all and he never ordered anything to really get junk mail.
    He never changed his phone number and has had the same one for about 5 yrs.
    Today out of the blue a debt collector calls him and says that he owes $1,400 dollars. It appears that his account with US Bank was overdrawn by $3 dollars. They never contacted him in anyway, not here at my house by mail nor did he have anything forward to his new addy. No phone calls to his number or mine, which has not changed either. The man called him today for the first time ever and he answered, he was not hiding. So they have had a way to contact him for over 2 yrs but choose not to. There is something bogus to me about $3 turning into $1,400. They claim it is late fees and whatnot.
    How do you fight this?
    I would love to have him report them to whoever regulates banks, like the FDIC, but is that just insurance?

  2. #2
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: Bank Overdraft $3 Now $1400 Colorado

    Your friend can try to negotiate a payoff for a lesser amount.

    A collection agent is just that - a collection agent. The collection agent may be authorized to settle for less than the full amount, but the collection agent does not define the amount owed. If your friend wants to question the amount owed, he can ask the collection agent to validate the debt (he should do so in writing within 30 days of the initial contact). He can also try contacting the bank at which he accrued the various fees and charges.

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