When an account has a status of "charged-off,' it means that the account has been delinquent or has had an unpaid negative balance for an extended period of time and, as a result, has been closed by the credit union. Accounts that are charged-off are reported to the appropriate agencies — one or more credit bureau or ChexSystems — depending on the type of account. Having a charged-off account on your record may impact your credit or your ability to open accounts at other banks or credit unions.
Keep in mind that just because the account has been closed does not mean that the debt or unpaid negative balance no longer has to be paid. If you have questions about a charge off on your account, please reach out to a representative.
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