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Secured Loan w/ Patelco Credit Union

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    #1

    Secured Loan w/ Patelco Credit Union

    Just thought I'd post...

    I called & talked to someone in the loan department, and they were very helpful. They said that they would be able to approve me for a secured loan (backed by savings or CD) by maintaining my savings/checking accounts with them in good standing for 6 months. It did not require a new pull on my credit, since they have one from when I opened the checking/savings in November.

    Of course, in my logic, there should be no risk in issuing a secured loan, but I can't blame them for being careful...
    Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.
    Tags: None
    #2
    good to know. i never understood it either but it must have to do with mixing the products and being able to overcharge the credit card somehow. thats my guess.

    did you open patelco online?
    Im not an attorney or a trustee. You cant trust me either though!

    [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
    [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
    [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
    [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

    Comment

      #3
      I applied for membership online, and they mailed a request for me to send a copy of my driver's license, ss card, and a utility bill (to verify address). You can call for a fax # to send that back. There is a $20 membership fee, and the minimum deposit to open a savings is $5 and checking is $10. (You have to open savings, can't open JUST checking.) They sent me my first order of checks for free, and the debit card was free.

      Their online banking access also includes 20 free billpay transactions per month, and you can use a 'MoneyLink' service to transfer funds from another bank account-takes 3 days. You can also deposit at any CU that is a member of the "Credit Union Service Center" network. I did that, and it and Patelco was aware of the deposit immediately.

      One note-if you make a deposit at a CU Service Center, since Patelco doesn't get the check directly, they put a hold on checks deposited. If it is a payroll check, you have the teller at the CU Service Center fax a copy of it to a certain person & # at Patelco and they'll manually verify the check & release the hold. I didn't save the name & #, as I will mainly use the funds transfer.
      Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

      Comment

        #4
        Any idea if they run chexsystems, I had a bad checking account listed in my petition, and looking for a way to get a bank account again...

        Of course, my other option is to negotiate with the bank AFTER I am discharged to see if they will accept some payment of the debt in exchange for reporting to chexsystems as paid...

        Just saw your posting, and it gave me some other options...

        Comment

          #5
          hopeinhorizon, some banks dont check that system, some will still open it if you go in and talk to them. lots of diff options. i would apply to any and all checking accounts you can. i dont think it can hurt.

          try creditboards. they have a thread there for that i believe.

          im not sure paying them off will work to clear it up. read and see if they do.
          Im not an attorney or a trustee. You cant trust me either though!

          [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
          [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
          [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
          [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

          Comment

            #6
            Hopeinhorizon-
            No harm in trying. Patelco CU & Meadows CU are 2 options. For Patelco CU, you can state an interest in the CA Assoc. of Older Americans (or something like that!) to be eligible for membership, and for Meadows you have to have an email address. I don't think Patelco uses chexsystems, I'm in there (for a paid account-don't know if that matters) and for that reason & bad credit, lol, was unable to join a local CU.
            Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

            Comment

              #7
              thanks for the info staci


              (note to self: never accept a check from staci.)
              Im not an attorney or a trustee. You cant trust me either though!

              [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
              [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
              [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
              [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

              Comment

                #8
                paltelco is pretty good. no min balances and free 7-11 ATM use. i could quench my slurpeeee needs fast!

                Page not found - Patelco Credit Union | Personalized Banking and Financial Services
                http://www.patelco.org/tools/access.aspx
                Im not an attorney or a trustee. You cant trust me either though!

                [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                Comment

                  #9
                  WHOA Bkfiler! Could you bring Mr. Redeyes back?
                  Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

                  Comment

                    #10
                    i got my eyebrows done and my teeth whitened. you like it?
                    Im not an attorney or a trustee. You cant trust me either though!

                    [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                    [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                    [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                    [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                    Comment

                      #11
                      Thats good! Secured Loans from a Bank or Credit Union is a great way of reestablishing credit.
                      The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

                      Comment

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