top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Checking account

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Checking account

    Can anyone recommend a good bank to set up new checking account with before we file for bankruptcy? We are looking to file Ch 7 in June or July. We currently bank at Wells Fargo and have been advised to move our accounts.

    #2
    It is Wells Fargo Bank, Union Bank and their subsidiaries that you want to avoid. They are known to freeze debtor's accounts, even if they don't owe them money. They then hold the funds until the trustee or court authorizes their release. Also, avoid any credit unions and local banks (banks that are not Federal Banks), to whom you owe money so that they don't offset your debt with your deposits.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment


      #3
      Would Bank of America be a good choice? We do not have any debts or credit cards with them currently. We have had a previous mortgage with them that was paid off. Any opinions?

      Comment


        #4
        Bank of America should be fine.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

        Comment


          #5
          I have to open up a new account as well. I owe most of the big banks...so I can't use them. I wonder if there is a list somewhere.

          Comment


            #6
            Originally posted by xcantuaj View Post
            I have to open up a new account as well. I owe most of the big banks...so I can't use them. I wonder if there is a list somewhere.
            If it is a national bank, owing them should not be an issue because they are not allowed to offset debt with deposit accounts. You can view a list of National Banks at http://www.occ.treas.gov/topics/lice...ank-lists.html

            Wells Fargo is a national bank, but there is a different issue with them that has nothing to do with having debt with them. They take the position that when you file BK, they should freeze your account and hold it for the benefit of the bankruptcy estate.
            Last edited by LadyInTheRed; 03-22-2016, 07:41 PM.
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

            Comment


              #7
              Before I filed the first thing I did was get a new checking account and transfer the Ira. If you bank with Wells Fargo you must. Also if you have utility bills or Hoa payment change you payment method to paper so payments don't keep coming out of your WF account.

              Comment


                #8
                I would recommend a local credit union over a bank due to fees, but any of the banks would be acceptable as well. Just stay away from Wells Fargo. They do not treat those of us who have experienced bankruptcy well at all.
                Chapter 7, above median, no asset. Discharged with no UST involvement.

                Comment

                bottom Ad Widget

                Collapse
                Working...
                X