I overdrafted an account that I had five years ago. Now I am trying to open up a new account, but the bank is saying that I cannot. How long after paying the old overdraft fee will I have to wait before I can open a new account with a different bank?
This totally depends on the policy of the bank where you want to open the new account. When you pay the old bank the amount that is owed you should do two things. Ask that they report the payment in full to whomever they reported the debt to, and get a receipt.
Ask the bank when they'll make the report, and then show the receipt to the new bank. The new bank may accept the receipt. There is no requirement they do so, nor that they even open an account for you. If the debt is paid, they may choose to so not, but the bottom line is that you had an unpaid debt for a long time, and you didn't pay it because you owed it, but because it caused a problem for you when you wanted a new account. The new bank may not want to take the same risk. The choice is theirs. The sooner you pay the old bank, the better.
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This totally depends on the policy of the bank where you want to open the new account. When you pay the old bank the amount that is owed you should do two things. Ask that they report the payment in full to whomever they reported the debt to, and get a receipt. 