BK friendly checking accounts

[LadyInTheRed]

Why would you have to move your account? We kept ours with Suntrust Bank and they have not said anything. Also, someone I know filed chapter 13 while having an account with Wachovia (now wells fargo) and they had a credit card with them in the 13 and they kept their account through the whole 13.

Wells Fargo is known for freezing debtors' accounts when they file BK. They have been sued, in the 9th Circuit I believe, and the court ruled they didn't have a right to automatically freeze accounts. But, somebody recently reported Wells Fargo freezing another account, so they are apparently still doing it. It doesn't happen to everybody with a Wells Fargo Account, but it's better safe than sorry. Again, it's okay to leave a WF account open. But, the debtor should be prepared to do without whatever money is in the account, possibly until they are discharged.

[Logan]

Most all banks and credit unions use your credit score these days and/or chexs. I have a in law who is a VP of a small to mid size bank in the Northeast. They always use your scores (their own they pull) and chexs. They started doing that a couple of years ago after relaxing those requirements prior. Wonder why..... (lol)

I've opened about 5 Che king accounts over the last 4 years and none of them checked my credit. I opened an account at Perkstreet in April and they don't but I know for a fact that they wouldn't approve someone who just tried to open other accounts.

[df04527]

Most all banks and credit unions use your credit score these days and/or chexs. I have a in law who is a VP of a small to mid size bank in the Northeast. They always use your scores (their own they pull) and chexs. They started doing that a couple of years ago after relaxing those requirements prior. Wonder why..... (lol)

[katztoo]

Why would you have to move your account? We kept ours with Suntrust Bank and they have not said anything. Also, someone I know filed chapter 13 while having an account with Wachovia (now wells fargo) and they had a credit card with them in the 13 and they kept their account through the whole 13.

[narf]

if you're filing Chp13 I know for sure TD bank offers DIP (Debtor in Possession) checking accounts. no fee/no interest. can link with a debit card just like any other checking account

[Gonzo]

thanks gonzo. I went ahead and ordered the prepaid AMEX after making sure all of my utilities would accept that form of payment.

I'm a lot less leery of a prepaid AMEX than I would be of some company called GreenDot or upside card, etc.

Agreed. No need to worry about Amex. They're not going anywhere either. I wouldn't trust any of the drugstore cards and I hear they have huge fees.

Do the big banks like TD and Bank of America pull credit for checking accts now? I opened a business acct at B of A last year and they did not check credit.

[Logan]

thanks gonzo. I went ahead and ordered the prepaid AMEX after making sure all of my utilities would accept that form of payment.

I'm a lot less leery of a prepaid AMEX than I would be of some company called GreenDot or upside card, etc.

Unfortunately you applied to 2 banks that ran credit 1st and I know fraudulent accounts is a big problem these days so that's probably why the Bank on Internet denied you. I would go to a local Bank since you show them your i.d. they may not care that you just tried to open a bunch of accounts and/or you may except a good explanation.

[luckstyl]

thanks gonzo. I went ahead and ordered the prepaid AMEX after making sure all of my utilities would accept that form of payment.

I'm a lot less leery of a prepaid AMEX than I would be of some company called GreenDot or upside card, etc.

[Gonzo]

AMEX has a new prepaid card on the market. No fees - for the most part. You do have to fund the account before you can use it but you can do that by transferring funds from a savings account to the AMEX card.

I see this card as a great fallback. Just google "American Express prepaid card."

[luckstyl]

I should have mentioned earlier that I did request a chex systems report as soon as I got word from bank ofinternet USA, but thanks for the recommendation.

Has anyone used upside card or the greendot card or anything similar?

[JessMN]

I opened one with US Bank for the same reason and had no issues


Also, you can request your consumer report from Chexsystems for free to see what is on it https://www.consumerdebit.com/consum...port/index.htm

And one more thing: If you want to keep your account, you could temporarily get one of those prepaid cards that you can do direct deposit to and use that to pay your bills (here's one: http://www.upsidecard.com/ but there are others - I have NOT used this card)

[LadyInTheRed]

I stand corrected about credit reports and checking accounts.

You may have to settle for a savings account. Because you can't overdraft a savings account, I am pretty sure you won't be rejected. But, I could be wrong again. Just don't tell my husband!

[luckstyl]

I have no bad check issues whatsoever. ING told me that my credit score did not meet their requirements, and even gave me the number that equifax gave them. Ally said it was because of my beacon score, and bank of internet usa or whatever said it was because of chex system. The thing is though, that bank of internet was the most recent application, and I read that a lot of applications to open deposit accounts can cause chexsystems to flag your account, so maybe that is why bank of internet did not approve my application?

[Freddy03]

If your state has a Regions bank I would apply with them. They do not use Chexsystem. Also most credit unions only go by credit report not Chexsystem or EWS (Early Warning System).

[LadyInTheRed]

So far I've been turned down for checking accounts by Ally and ING online. I've been pended by Bank of Internet USA.

I'd really just prefer to keep my Wells Fargo account. Is it possible to quickly and easily have my funds unfrozen if WF does end up freezing my account? I'm not sure what the procedure to do that would be.

It's possible that if the account is frozen that your trustee will be willing to write a letter telling them they can release them. But, I wouldn't count on it happening quickly. You don't have to close your Wells Fargo account. Just make sure there is no money in the account on the date you file and then don't deposit any money until you check with the bank to make sure you'll be able to access the funds. You may have to work in cash and/or with pre-paid debit cards for a while if Wells does freeze the account. Some have reported that their Wells Fargo accounts did not get frozen and others that they only freeze an account with a balance over a certain amount.

It sounds like maybe you have some bounced checks in your past. I believe banks usually refuse to open a checking account based on information on ChexSystems instead of your credit report. Have you tried opening a savings account?