What happens if Chase sends my overdrawn account balance to an external collections agency?

Hey, I am currently in a very unfortunate situation with Chase. I owe them $200. I recently lost my job so it has been hard for me to pay it off. They have sent me 3 letters in total with the final one saying that they will send my account balance off to an external collections agency if I don't make pay... What exactly does this mean for me? Thank you.

Asked By: evilshindo - 10/21/2010
Best Answer - Chosen by Asker
You will be listed with Chex systems, which will make it hard for you to open another bank account. The collection will appear on your credit report, so you will have trouble borrowing money. (If you can get a loan, it won't be at a good rate)
Answered By: Ted - 10/21/2010
Additional Answers (3)
It means pay or they will send you to collections outside their company. It also means that you will not be able to get a checking account becasue they more or less blacklist you for the irresponsible use of the account. It will also go on your credit reports GET a new JOB any new JOB!
Answered By: Rebecca - 10/21/2010
TROUBLE! You will be reported to Chex Systems, making it virtually impossible to get any bank account for an extended period of time... More
Answered By: Sharon T - 10/21/2010
1. Chase subcribes to ChexSystem. Once you are on ChexSystem it is going to be difficult to open an account at another bank unless you find a non ChexSystem Bank. You will remain on ChexSystem for 5 years... More
Answered By: ∞infiniti∞ - 10/21/2010
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