Statute of limitations on bank overdraft

What is the Overdrawn Bank Account Statute of Limitations?

Q. Will a bank wait years before they collect money from you that they say you owe? A collection agency called and said I overdrew my bank account in 2007, eleven years ago.

The Relevant Illinois Limitations Period on Overdraft is 5 Years.

A. The Illinois statute of limitations governs any claim against you if you are in Illinois. The relevant Illinois limitations period on an overdraft is 5 years. There are federal and state cases in point.

Watch Out For Scammers

If you are contacted, it is possible that the call is a scam. Wait and see if you get a "notice of debt" as required by the Fair Debt Collection Practice Act. It must be sent within 5 days of the first communication.
The caller probably violated the Fair Debt Collection Practices Act, although if they are a scammer they are not worth suing.
Have a serious legal issue about an overdrawn account? Contact ECLG online or call (312) 626-3585 for a free initial consultation. Se Habla Español.
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