Checking Account

[chloe0724]

Ok, so the bank I have my current account with I also owe money on CC's that are going to be included in my BK. I have to wait several months to file because I have to save the 3k to pay the attorney. (he doesn't like to have the payment included in the 13 plan) So in the mean time, should I open an account at antoher bank? Should I be worried about them taking my money? I can't afford to be late on my mortgage.

[rrockinggramma]

If it is a credit union, your answer is yes, open another account. If it is a bank (like B of A etc) then they are easier to deal with in a BK and you probably would be ok.

[chloe0724]

It is BofA. I'm not worried about after I file, it's before I file that I'm concerned about. If I tell the credit card dept that I have hired an attorney, should that be enough to keep my current account?

[lrprn]

If I tell the credit card dept that I have hired an attorney, should that be enough to keep my current account?

??? Are you saying you want to tell the credit card dept you intend to file bk so they won't touch your checking account? Sorry, but the system doesn't work that way.

What matters here are the original cc agreements you signed with your BofA bank. If they include cross-collateralization clauses that allow BofA to take money from checking to pay for deliquent credit card bills, then your checking account could be at risk.

Why chance it? You have plenty of time to open another checking account at another bank and direct your deposits there. Then there's no worries at all about money disappearing without notice from your account.

[kmb]

We BK'd a bank credit card where we have our checking account and they didn't touch it. It was a regular bank, not a CU.

[car67]

Listen to IRPN why risk it close the bank and open a checking elsewhere. Is smartest move to date for anyone in this situation

[jwbbx]

The lady I talked to at the Counseling place even mentioned this when she saw where my checking accounts were. She basically said get your money into a place you have no other relationship with - it's better that way. I'm with BofA too and have 25k worth of cc debt with them. Who knows when BofA might change policies? All the banks are in a hurt right now, BofA is no exception and if some bright young gun gets the idea there's money there that will help a bad quarter's bottom line you might find they're not quite as forgiving as they used to be.