@9adn+1rWIOJcl - "if" they like you.
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@9adn+1rWIOJcl Get ready for the legions of bootlickers who I know work for BoA to tell you how you deserved to be fired for not paying your debts.
No, they don’t. This comes from personal experience.
What not take some responsibility and pay back the money YOU borrowed?
Check out Dave Ramsey, his program can help you get out of debt and never borrow money again.
Makes no difference that it was a "BofA" account. A charge off on ANY credit account (Chase, Wells, Ally, yourlocalbank.com, etc.) is breaking our Code of Conduct.
that's why it's in there.
Maybe consider contacting the Credit Dept to seek some sort of redress, if that is even possible, to redeem yourself.
If you want to stay or even work in banking. which is maybe not all that important to you.
While it may not have impact on your "career", it will certainly have impact on your job at this company.
While Credit Dept will not reach out directly to HR, the HR system regularly runs Credit Checks and Criminal Checks on each employee as a Condition of Employment.
If you had a charge-off, you put the company at risk in several ways: 1) being irresonsible with your own funds, how can you possibly be expected to manage the bank's money/expenses or god forbid, our clients (!); and 2) you put us at risk for being potentially "bribe-able". As for criminal checks, if you had a DIU, the bank will find it thru their regular system runs.
I am very much hoping there were extenuating circumstances that led to your charge-off, although I fail to understand why you did not reach out to the Creditor (this bank of any other who "lent" you the money in good faith) to land on some type of accommodation or repayment plan before it reached such a point.
Maybe keep quiet and hope you slip under the radar. And if you are called on it, burst into tears or come up with a tear-jerking rationale and how embarassed you are that it ever even came to this point. And be d@mn good at your job if you want to be one that your manager fights to retain. You are in fact in breach of the Code of Conduct. That alone gives them reason to fire you With Cause and check the "Not Eligible for Rehire" box on your way out.
The bank will take you to court to collect the debt. So you should talk to them to settle before that happens or else you will have to hire a lawyer. However, the people who handle credit card debt will not talk to anyone in HR and it should have no impact on your career. Think about it this way. The bank isn't going to treat you worse than a normal customer and they won't do more than try to collect the debt.
While I have not personally heard of "action" per se, I can see at a minimum a potential conversation to explain the circumstances, and then (depending on the amount) being put on Warning. ($500 is lot different than $50,000)
The charge-off clearly puts you in breach of the Bank of America Code of Conduct (search for the link on Flagscape) - see Page 31:
"Personal Finances: We conduct our financial affairs responsibly." (followed by several paragraphs on this)
Be sure to read the annual Attestation to the Code of Conduct carefully when you click the box saying you adhere to the Code.
Ultimately, probably depends on your role/function/scope of responsibilities and how strict your manager and HR person are. (and whether they want to keep you)
If the circumstances were very difficult, you could encounter offers for help and understanding.
If the amount was a lot, you could be viewed as a Risk for Bribery, third-party influence.
Was there really no way to avoid or prevent this from happening? I feel for you.
That said, a lot worse does go on here with apparently no repercussions, so you're probably ok.