Statute of Limitations on Bank Overdraft

Overdrawn Bank Account Statute of Limitations

The statute of limitations is usually between 3 and 10 years and begins with your last payment date. 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 by someone claiming to collect an overdraft, 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. You have debt collection rights!