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Banking w/ Capital One Bank?

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    #1

    Banking w/ Capital One Bank?

    Has anyone had Capital One Bank freeze their account(s) during Ch. 13

    Husband and I filed jointly. We have a HELOC w/ Capital One that is current; paying outside of Ch. 13. I have a individual checking account w/ Cap One. Is it safe to still use it or should I find another bank? I'm worried that they will freeze the acct.

    Thanks!
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    #2
    Find another bank! Beware of the so-called "right-of-offset" which banks can use! That is, they can take funds you have on deposit -- in demand deposit accounts or timed deposit accounts -- to offset any losses! In my new informed opinion, I would never keep money (cash) where I have credit products... if I'm about to file for bankruptcy, or I am having trouble paying.

    Of course, I'm being entirely cautious, but it is not beyond some reasonable expectation that it could cause issues.

    justbroke says: when in doubt... move it out.
    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 agree with justbroke....when in doubt...move it out, I wouldn't take the risk

      Like the old experession goes..."Don't s@#$ where you eat..." sorry for the language but that pretty much sums it up...
      Chapter 7 Filed: 04/21/2011, 341 Meeting: 05/31/2011, Report of No Distrubution: 06/02/2011, Discharged: 08/03/2011, Closed: 08/10/11

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