Deposit Charged off Accounts

[Meg Marker]

Do any banks have a process where they ‘write off’ deposit account chargeoffs? Meaning bring the account to a zero balance and stop statements from being generated? We at Washington Trust Bank do not actively collect on deposit account charge offs that are under a certain dollar amount, so the accounts remain on our core and statements continue to generate monthly. We are considering implementing a process where if there hasn’t been any activity on the charge off for 2+ years we want to bring the account to zero and then turn off the statements. We are reaching out to other JH banks to see if any have a similar process and if so, can we schedule a call with them to talk it through?

[Meg Marker]

Hello Again, any feedback on our question from Washington Trust Bank?

thanks
Meg

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