Legal Question in Credit and Debt Law in Virginia

Re: bank overdrawn fees

The phrase, "written off", refers to a procedure where by an accrual basis taxpayer that previously declared as income a debt owed to it states to the IRS that it cannot collect the debt and that it is "writing off" the debt, in effect backing out the income declaration made earlier.

That's between the bank and the IRS, and has nothing to do with whether you owe the money.

But, if you receive a letter from a collection agency, you should write to the collection agency within 30 days of receipt of the letter and "demand verification of the debt". They can't take any further action to collect unless and until they send you documentation sufficient to show that you're legally liable for the money within 45 days of your demand for verification letter. btw, don't try being creative with the language, treat the phrase, "demand for verification" like a magic incantation - that's the language used in the statute and if you say something different, you're going to have to convince a judge later that the collection agency should have interpreted whatever you said to mean "demand for verification".

for more information see the united states code, consumer credit protection act - it's in title 15, "commerce and trade" volume.

Re: bank overdrawn fees

Merely because the fees may have been written off by the bank doesn't mean that they are still not owed and collectible.