Change bank accounts if cc debt is with same bank??

[Beeheery]

I have yet another question! I have approximately $17,000.00 in debt with BOA and I have two checking accounts and one savings account set up with them. Should I switch to Wachovia and put my wages from my new job since I will be trying to discharge my cc debt with them? Does this even matter? If anyone has done this before and more specifically with BOA, please let me know so I know what route to take. You all have been sooooo helpful and I am no longer sick to my stomach. LOL.

[WantToBeDebtFre]

From what I've heard on this forum you should change banks for sure. If you do a search you'll see posts where people have had their checking accounts drained because they owed money to the company.

[lrprn]

If you have a credit card or loan with BOA along with your checking and savings account or you have overdraft protection that you owe on, then yes. It's wise to move your accounts to another bank. If the credit card, loan, and/or overdraft account agreement you signed have a cross-collaterization clause (and most do) then BOA can take money from your checking and savings accounts to pay the credit card, overdraft account, and/or loan.

However, if you don't have a credit card, loan, or overdraft protection account with your BOA bank - just checking and savings - then there's no reason to change banks.

[sf2007]

If you have a credit card or loan with BOA along with your checking and savings account or you have overdraft protection that you owe on, then yes. It's wise to move your accounts to another bank. If the credit card, loan, and/or overdraft account agreement you signed have a cross-collaterization clause (and most do) then BOA can take money from your checking and savings accounts to pay the credit card, overdraft account, and/or loan.

My question is when they can do it?
Can they take money after I'm 30 days late on one of the credit cards with them?

[lrprn]

My question is when they can do it?
Can they take money after I'm 30 days late on one of the credit cards with them?

If there is a cross-collateralization clause in your credit card contract, then yes - the bank can take the money out of your accounts to pay off the credit card without prior permission and without prior warning.

[CATCHMEIFYOUCAN]

I would change banks regardless. I had a credit card and an overdraft bank with Chevy Chase. They would not let me shut down my account because I still owed on the overdraft. I made them change my account to a "student" account, where they were not charge me an annual fee for the checking account. I kept a $1 in it. I opened up an account with Wachovia!

Good Luck, Catchmeifyoucan

[spongenotbob]

I have yet another question! I have approximately $17,000.00 in debt with BOA and I have two checking accounts and one savings account set up with them. Should I switch to Wachovia and put my wages from my new job since I will be trying to discharge my cc debt with them? Does this even matter? If anyone has done this before and more specifically with BOA, please let me know so I know what route to take. You all have been sooooo helpful and I am no longer sick to my stomach. LOL.

Yep - you need to change your bank asap; otherwise they will seize whatever you have in the checking/savings account as soon as you file.

[BearChaser303]

Yep - you need to change your bank asap; otherwise they will seize whatever you have in the checking/savings account as soon as you file.

Wouldnt that be a violation of the automatic stay? Not that I am disagreeing with the advice to change banks, but it seems like if they seize any funds AFTER filing then it is a violation of the automatic stay.

[jp2861]

Yep - you need to change your bank asap; otherwise they will seize whatever you have in the checking/savings account as soon as you file.

They can't take any money after you file.

beeheery: I had 3 cards with B of A and a checking account. I also had 2 cards with Citbank and a checking account. I closed both the checking accounts and opened a new one with a bank that I had never done business with. The reason I did this was so I had a checking account that didn't have any checking or routing numbers floating around, or hadn't been used for any loan or credit applications. There's never a guarantee that someone won't find this account, but I'm hoping it will stay under the radar by not showing up on any credit reports.

[demismom]

We changed, just to be safe and on the advice of our attorney.

[Runnin on empty]

We changed too, no sense giving them a chance to take the money.

[Carlysmom]

We filed on an HSBC credit card and kept our account and nothing happened. Our attorney said that they wouldn't be able to seize any funds out of the account and we've been lucky so far. I thought only Credit Unions had the Cross Collateralization?

[Rintaro]

What methods can a Creditor who has a judgement use to locate my Bank, they already levied one bank but have not levied my main bank, I am worried because I received a Memorandum of Costs on 12/28/07

is Memorandum of Cost an indication that a writ of Execution is to follow?

How can I be sure my bank account is safe, can they purchase or pay someone to get my banking Info ??

[seafresh]

We filed on an HSBC credit card and kept our account and nothing happened. Our attorney said that they wouldn't be able to seize any funds out of the account and we've been lucky so far. I thought only Credit Unions had the Cross Collateralization?

same here.. i had BOA personal ck accts(2) and my business cking.
Plus 2 cc personal and 1 business cc. I am still using both checkings with any problem. My lawyer also told me that they would have request to trustee or file to hold any money.

seafresh

[krielly]

Better Safe Than Sorry

They can't take any money after you file.

Please don't give people a false sense of security about this!

I can't speak specifically for BOA, but my credit union DID do this to me after I filed. Their position was that they didn't "take the money", but just "froze" the account. Same difference either way, when you can't access your funds. In my case it was over 2K, and I had a mortgage payment due that I couldn't write a check for because they had frozen my checking acct.

Better safe than sorry. When in doubt, take it out!!!!!!!!!!!!!!!!!

K