The collection company has probably charged interest sincethe day they received the account. The interest rate can differ from state to state on a charged off account. So yes, they can but that amount is not just for two months. You need to ask for a total breakdown on the account and see if the interest charged is correct.
Collection agencies can't add charges. Fees and interest charged to your account are per the terms of your contract with the creditor.
It would depend on the state laws that are apply to collection agencies and collection procedures. In many states they can add fees incurred for the collection of a debt and interest on the amount of the debt itself.
interest charged to bank accounts
Yes, interest and fees are still charged when an account is sent to collections or purchased by a third pary collector.
Yes, unfortunately a collection agency can charge interest and other fees when they obtain a debt.
I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed
It shows as a paid collection. Still a negative thing but shows you did settle account.
If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.
It varies, but can be a lot.
No... this is illegal..(Federal).....no intrest can be charged on owed interest.
Interest charged is normally an expense - in that it is a deduction from an account. Deferring payment of the interest, means the money that would have been paid is still in the account - making it an asset.
It is because,that is the only account they can use to generate fast money.not like saving account that they will be paying interest upon.so,you as a customer,will be charged some interest for helping you keeping your money safe.
The true annual rate of charged interest is called the annual percentage yield. It is the interest charged and compounded against.
No, the applicable interest and fees will still be charged until the balance of the account is paid.
It may be zeroed out w/ the orig company because they sold it to the collection people. DO NOT PAY COLLECTION AGENCIES ANYTHING!! google "fair credit act". lots of info
It varies ... loans for different items are charged at varied interest rates.
Most banks offer free overdraft protection on your checking account. There is no charge for having it however if you do overdraw your account you will be charged interest on the amount that you have overdrawn.
No if the account earns interest daily, it's earning interest on interest essentially. So if you have $100 and you earn 1% interest, you would have $101 dollars the next day and earn 1.01 dollars in interest, and so on.
Interest is usually not charged on interest and is called capitalizing interest. On some occassions banks may roll interest on a note and thus charge interest on the interest, but this is not advisable and is only done in certain situations that demand that it be done.
There is no interest being charged.
Yes, Charged off accounts are sold many times for collection .It also depends on many things as to what can be done . One is the statute of limitation for the state its in.There is a wealth of inf. on the PC about debt collections and may laws that apply.