My daughter had a Wachovia account while at college in NC. She graduated in 2002 and left the state. She recently saw on a credit report that there was a $500 overage charge on the $9.42 she had unknowingly left in the account. What should she do to fight this and how can she fix the credit report?
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Your daughter needs to contact Wachovia at once. Do it before Wachovia and Wells Fargo's operations get merged, to work on asking for an adjustment to the amount owed and to arrange to repay whatever is left.
Banks may have a legal and contractual right to keep piling on overdraft or service charges after it should be evident that an account was forgotten or abandoned, but it often results in scenarios like the one you've described without much chance that the bank will ever actually realize any recovery of the funds. That's why your daughter ought to ask for some adjustment in the amount owed. She should start by asking that the whole amount be forgiven, realizing that Wachovia may not want to be quite that generous.
Once your daughter gets a final figure and gets it paid off, Wachovia is obliged to report that it has recovered its charged-off amount. That will help your daughter's credit score, although it won't completely undo the damage.
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Your daughter needs to contact Wachovia at once. Do it before Wachovia and Wells Fargo's operations get merged, to work on asking for an adjustment to the amount owed and to arrange to repay whatever is left.