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    #1

    New Bank Acct for checking

    Are there any preferred banks, online or brick and mortar, that are good to open a checking account with prior to filing chapter 7?

    I'm in Texas and filing soon and from what I've read it's possible my current bank could possibly use the cash in my checking acct to pay on a loan I have with them..

    i'm planning on switching banks prior to BK to make sure I don't have any forgotten ACH payments etc.. basically a clean slate. But I've also heard some banks will close down accounts of owners who go into bankruptcy. i.e. Wells Fargo.

    I am thinking maybe Ally bank or would a small local Texas bank be better?
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    #2
    Your bank can only use your cash deposits to pay off a loan if it is allowed in the loan agreement.

    I haven't heard of banks closing down checking and savings accounts. Wells Fargo and US Bank are the two I have heard will freeze an account if you file a BK and the account has over $5,000. They then wait for the trustee to tell them it is okay to release the funds. Stay away from them and anyone you owe money to and you 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!

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      #3
      thats what it is, freezing the account.. either way is no bueno as I heard it could take a few weeks to get the trustee to un-freeze them.

      Thanks, I applied for an online acct with Ally but I think I will step into a local bank and see about getting a checking account opened with them.

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        #4
        I applied at Ally shortly before filing. They rejected me for having bad credit. Applied at CapitalOne360 after I filed. I was approved immediately.

        Comment

          #5
          Originally posted by avengers View Post
          I applied at Ally shortly before filing. They rejected me for having bad credit. Applied at CapitalOne360 after I filed. I was approved immediately.
          If you have bad credit, it is best to decline overdraft protection. You can often get an account that way. If you are in the Chex system, which is different from having bad credit, then it will be hard to get an account at most places.

          OP, I recommend finding a local credit union.
          Chapter 7, above median, no asset. Discharged with no UST involvement.

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            #6
            I found it odd my account is still in review after two days at Ally. Probably will be declined and sent a letter. I will find a local Credit Union to wor k with. I'm a member of one currently but they will be burned so I'm sure the savings and checking will be destroyed, or at least I will need to avoid it until post discharge.. right?

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              #7
              If I burned a CU, I would not do business with them again. CUs are known to remember stuff like that, way more than banks.

              Find a CU you do not have a prior relationship with.
              Chapter 7, above median, no asset. Discharged with no UST involvement.

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                #8
                Originally posted by TXskyblue View Post
                If I burned a CU, I would not do business with them again. CUs are known to remember stuff like that, way more than banks.

                Find a CU you do not have a prior relationship with.
                Sounds good..

                How is Chase Bank with BK members? I have a long history with them banking wise as well as a mortgage and vehicle loan currently with them and I now plan to keep both in good standing so I'm wondering if moving isn't really necessary. I'm meeting with my banker tomorrow to see what she thinks..

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