Bank Accounts?

[azguy]

I am hearing different information about this topic- was hoping you guys could clear it up for me.

I have 2 accounts at BoA- checking, savings, etc. I also have a Credit Card that BoA bought from another bank many years prior to me opening these checking accounts. I believe I owe $8k to that credit card.

My attorney says I don't need to close my bank accounts, or open new ones. I only have $50 total in the checking/savings accounts. However, I DO plan on continuing to use them, get direct deposit for paychecks, etc etc.

Since I am discharging the credit card in a Ch 7 (filed today actually)- will BoA want to close my checking accounts down on me?

If that happens, will it be a nightmare to get new accounts? Should I go first thing tomorrow, to BoA and open NEW accounts to use here on out?

Thanks for the help guys!

[optimistic1]

Getting a new checking and savings account will be a snap, unless you have written bad checks. You might need to utilize a smaller bank though, as their standards will be lower.

I dont believe BofA will care about closing your accounts, you have already filed, so the damage is really over with at this point.

[azguy]

So is there even a point to getting new accounts then? Or just don't worry about it and leave it be?

[music12]

i would stop direct deposit until the dust settles (say until the 341).

it's not a question of having BofA close your account; the problem is whether they will freeze them when they hear about your bk. wells fargo does that. who is to say BofA won't too! i'd rather be safe than sorry.

[azguy]

Really... attorney didn't mention anything like that. DANG! She gets paid tomorrow night! Can't stop it now. uggghhh...

[music12]

relax. you haven't filed yet. i'd stop direct deposit for next month. and i am probably being too cautious given your $50 only in the bank.

[azguy]

No, it was filed TODAY actually. Does that change anything?

[music12]

if her salary is direct deposited tomorrow, just go to the ATM as early in the morning the next day as possible and take the money out. you might have to go to a branch if it's more than the ATM limit.

however, even wells fargo bank doesn't freeze accounts under $5000. you are probably ok. but if it were me, i'd take the money out (and cancel any outgoing payments)

[liz417]

I had WaMu (now Chase) banking, but I also had a cc with Chase that I defaulted on. I opened a new checking account with Wells Fargo just in case WaMu/Chase decided to "freeze" the account...they didn't. Also Wells Fargo didn't freeze my account either (I guess I'm lucky), but I only had like 3k in there. I think you are fine, especially since you've already filed.

[relief13035]

Everyone has conflicting stories on this. The only horror story that I have heard was from a co-worker that had BofA. She had direct deposit, and on one paycheck, BofA took all and left her with only $20.

[Amy26]

Not sure if this helps you or not... but I too had a bank of america checking account and a credit card with them. Its different for me I guess because the card I had with them had a zero balance. But, they did close my credit card account the other day but left my bank account unharmed/unchanged.