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List of BK friendly Banks for Checking Accounts

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    Question List of BK friendly Banks for Checking Accounts

    Having browsed the forum a bit and Googling some other resources, I found that most inquires in re: Banks vs. Ch 7 filers have to do with obtaining new credit (i.e. new credit cards, loans, mortgages, etc.). I'm not in any need for significant credit at this time... certainly I don't need what credit I had (and what I lost). At present, I have been able to acquire one (1) Mastercard with a small credit line that I understand will increase as long as I pay consistently. But that's not the issue.

    What I need are new Checking Accounts. I have one already, but I'm not happy with the fees they charge me, and I understand the bank is being bought out in a few months by a mega bank for which I have no doubt they'll either dump me or charge me huge fees just to maintain the account I have. I've tried to apply for some on-line checking accounts but have been denied, based on data provided by the "Chex" reporting agency. I gather that bank I used to have ratted on me to Chex. I'll work toward getting that info cleaned up. I should be getting my "free Chex report" due to a denial, shortly.

    So, what I'm looking for are banks that are friendly to BK Folks at least in re: opening a checking account. Hopefully, they won't verify me with Chex, and they won't deny me due to the BK. It would also help if they had mobile banking (ie. check deposit by smart phone), since I had to turn over my care as part of the Ch 7 settlement and it's hard for me to get to a branch. Funny though, I seem to be getting along fine without the car. Lyft and rentals (where required) are serving me well.

    Anyway, I'd appreciate any recommendations for banks I could try, per the above.

    Thanks much!


    #2
    You can actually fix the Chexsystems reporting after bankruptcy! After your discharge is entered, simply go to the Chexsystems site and dispute the bad stuff as included in bankruptcy. I have had 0 issues even though I had an overdraft account at a major bank and the account was actually negative at the time of filing. I disputed the bad stuff in Chexsystems and have never had any issue with obtaining a checking account from any place (including credit unions).

    Also, not all credit unions use Chexsystems so you may want to look at those. I'm actually starting -- already started -- to appreciate Credit Unions. They are much more personable than regional/major banks and they are discretional lenders. I joined Navy Federal (NFCU) after discharge of my Chapter 7 and they let me right in (before I even did anything with Chexsystems). NFCU is BK friendly but you must be eligible for membership (or have a relative who is/elgible for membership, or live with someone who is a member).

    According to my simple web search, the following also appear to not use Chexsystems (noting that they may use Equifax or similar service); BBVA, Wells Fargo, Varo, Suntrust and possibly BB&T. Also TD Ameritrade but they may not "behave" too similar to a regular bank since they're really a brokerage. Some banks offer so-called second-chance checking accounts as well.

    I'd check out the local credit unions and, preferably, see if I could get into NFCU.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      I changed banks from Bank of America to TDBank about 8-weeks after my Chapter 13 Discharge, and a few weeks after I changed to TD I applied for a Secured TDCash credit card and was instantly approved. Last week, just 6-months after making my first charge on the card, TD "unsecured" it (i.e. they unlocked the savings account holding my security deposit); I now have a fully functioning TDCash Rewards card with a $5,000 limit.

      Long story short, I highly recommend TDBank.
      Latent car nut.

      Comment


        #4
        Originally posted by justbroke View Post
        According to my simple web search, the following also appear to not use Chexsystems (noting that they may use Equifax or similar service); BBVA, Wells Fargo, Varo, Suntrust and possibly BB&T. Also TD Ameritrade but they may not "behave" too similar to a regular bank since they're really a brokerage. Some banks offer so-called second-chance checking accounts as well.

        I'd check out the local credit unions and, preferably, see if I could get into NFCU.
        BBVA is my current bank that's going to be bought out by PNC Bank in June.

        But I'll definitely try the others. And I will definitely look at cleaning up the Chexsystems reports. I should get the letter shortly of what is in the report so I can dispute it.

        Thanks again!
        Last edited by BxRcvor; 01-12-2021, 04:35 AM.

        Comment


          #5
          FINALLY, I received the "ChexSystems report. Apparently, the bank that I had prior to filing Ch7 is the one that ratted me out. The report indicates that overdraft amount I had at the time remains "unpaid." And there is absolutely no mention of the CH7 at all, much less of the discharge. I guess that's why the banks are turning me down.

          So, is the next step for me to advise Chex that the bank that reported me was a creditor that was part of the CH7 and that the debt was, ultimately discharged by the Court? And do you think that would make a difference in how the banks inquiring on me would approach me, or do we have to fight to get the bad report removed (I doubt that would be possible)?

          Thanks much.

          Comment


            #6
            Was the unpaid balance with your previous bank listed in your bankruptcy filing?
            Latent car nut.

            Comment


              #7
              Absolutely

              Comment


                #8
                Just dispute it with Chexsystems and it should go away. Make your that you indicate that it was included in or dismissed by bankruptcy.
                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: justbroke's Blog

                Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                Comment


                  #9
                  Originally posted by justbroke View Post
                  You can actually fix the Chexsystems reporting after bankruptcy! After your discharge is entered, simply go to the Chexsystems site and dispute the bad stuff as included in bankruptcy. I have had 0 issues even though I had an overdraft account at a major bank and the account was actually negative at the time of filing. I disputed the bad stuff in Chexsystems and have never had any issue with obtaining a checking account from any place (including credit unions).

                  Also, not all credit unions use Chexsystems so you may want to look at those. I'm actually starting -- already started -- to appreciate Credit Unions. They are much more personable than regional/major banks and they are discretional lenders. I joined Navy Federal (NFCU) after discharge of my Chapter 7 and they let me right in (before I even did anything with Chexsystems). NFCU is BK friendly but you must be eligible for membership (or have a relative who is/elgible for membership, or live with someone who is a member).

                  According to my simple web search, the following also appear to not use Chexsystems (noting that they may use Equifax or similar service); BBVA, Wells Fargo, Varo, Suntrust and possibly BB&T. Also TD Ameritrade but they may not "behave" too similar to a regular bank since they're really a brokerage. Some banks offer so-called second-chance checking accounts as well.

                  I'd check out the local credit unions and, preferably, see if I could get into NFCU.

                  The dispute has been filed. I included some supporting docs such as my PACER screen shots and the official discharge notice. I was wondering if I should have also included the original filing document (which shows that the offending bank was part of the filing), but I was concerned that it contained TMI as far as Chex was concerned. I would not want them to add it as part of their record for all the "inquiring minds" to see.

                  We'll see what happens.

                  Comment


                    #10
                    I didn't include any supporting documentation with mine. I think they had somewhere in their records that I had filed. We'll see what happens!
                    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                    Status: (Auto) Discharged and Closed! 5/10
                    Visit My BKForum Blog: justbroke's Blog

                    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                    Comment


                      #11
                      Institutions really ought to be upfront on what they require. They dangle promos to lure us in, and often then the requirements are too high. Why waste time? Also the automatic billing that many places do now- you cant shut it off via their website platform- so that means best to have it go to an account that can go bad. You can sign up for offers, but to leave is all but impossible. So the IA is punishing folks.

                      Comment


                        #12
                        I like to put it this way. Any bank promotion more than likely has fine print and is only for their clients who are highly qualified. That term, highly qualified, usually indicates a FICO Score of 740+ and may also includes minimum deposits for certain account features. I'm never lured to a bank based on some account promotion. I don't need the "free toaster" or the $300 of "free" money for opening an account.
                        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                        Status: (Auto) Discharged and Closed! 5/10
                        Visit My BKForum Blog: justbroke's Blog

                        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                        Comment


                          #13
                          It is so easy for a debit card to be cut off- so that when going to pay, it is good to have a plan B

                          Comment


                            #14
                            Update: Received a response from Chexsystems. The Report info. from the older bank has been completely removed. So I will now try again with some of these other banks and see what happens!

                            Thank you all!

                            Comment


                              #15
                              Thanks BxRcvor, keep us posted on your progress.
                              Latent car nut.

                              Comment

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