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Dealing with Telecheck

Discussion in 'Credit Talk' started by MrTexas, Jul 29, 2002.

  1. Jul 29, 2002 #1
    MrTexas

    MrTexas Well-Known Member

    I went to start up a commercial bank account today and found out that 2 years ago I wrote a bad check for $16.81. A lot was going on then and I moved out of the city and was never notified.

    At any rate, what does Telecheck do when they receive payment for a bad check? They told me the entry would be deleted immediately and all "Telecheck privileges would be reinstated."

    Is this true? I've heard with Chexsystems the bad marks stay on for 4 or 5 years. I hope Telecheck is different.
     
  3. Jul 29, 2002 #2
    Scrivener

    Scrivener Well-Known Member

    Telecheck IS different than Chexsystems. When you pay the item, they will delete and reinstate your check-writing privileges.

    I don't think Telecheck is a CRA like Chexsystems. My experience with Telecheck has been surprisingly positive. You have nothing to fear.

    Scrivener
     
  4. Jul 29, 2002 #3
    Nave

    Nave Well-Known Member

    Ahhhh read carefully. You wrote "they said the entry would be deleted immediately" and that "all telecheck privlidges would be reinstated"

    Ok at their word: The bad check entry would be deleted (because you made good on the bad check).

    I would assume that you will have an entry on Telecheck (are they even a CRA?), maybe ChexSystems too...and that the entry will be updated to "clear your name" of the bad check...however it does NOT mean you won't have a derogatory entry for the next 5 years. You may still have a derogatory listing on your report.

    Anyone???

    -Peace, Dave
     
  5. Jul 29, 2002 #4
    MrTexas

    MrTexas Well-Known Member

    Hrmph! It only took me a year to dig myself into this hole. God only knows how long it'll take to get out.

    Thank you all for all of your help. I would be lost without you.
     
  6. Jul 29, 2002 #5
    jonesing

    jonesing Well-Known Member

    Some banks use Telecheck for account opening a la Chex. A while ago I decidede to switch banks and even though I had an entry on Telecheck (which I found out about some time later) the new bank opened my account. The rep told me I came back clean with Telecheck. She only gave them my SSN, name and current address (none of that previous addresses for 5 years stuff).

    Well I found out a few months later that I had a Telecheck entry to the tune of $58. I was flagged at a member merchant. When I called, the rep said it was on their books for over a year. When I asked how come they didn't mention it when I opened my bank account, he said "different departments" or soem such thing.

    Anyway, I paid on the old check and all was well.
     

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