Cross-Collateralization - Bank of America

[lifelesson]

nope looks like we might be heading down the 13 road.
But we did oen a new account to be careful not to he the DH check swiped up from under us, as atty advised us to to.

[diggy]

Thanks all for responding about my original corss-coll question about BofA... and uh, thanks to the person who high-jacked this thread (?!)

Yesterday I pulled out $500 from my account and opened a new checking with another bank that i don't owe anythign with. My Corp Amex Acct is set to auto-withdraw from the BofA the rest of the money that is there and I hope they do it pronto so that at the end of it all, there is maybe $20 left over... then BofA can close it if they want.

Also switched all of my direct deposits to the new account. Told work that I will take a live check if they can cut it. In the meantime I am keeping close eye on my BofA checking account. Just want to make sure Corp Amex gets their money.

[debtmonster]

Remember this my friend. Attorneys only practice law. Finding one that is any good at it is another thing.

They are not that good at it. That's why it's "practice". Maybe one day they will be experts.

[LimpDisc]

We have a credit card with BoA. My attorney said one you file, they are not allowed to touch your checking account. It's 1 month into our BK from the date of file and so far no money has ever been taken out of our checking or savings accounts.

debtmonster-

Now that it has been nearly 3 months since this post I was wondering if you had any issues with Bank of America removing funds from you checking\savings accounts?

Do you still continue to use Bank of America for checking\savings accounts?

Thanks

[2manybills]

LimpDisc: We had our BofA account since 1987. They of course, were the first to raise our interest rates.I also had an account with Wells because they hold the HELOC on our home. I moved all of the money out of both. BofA had about $50 in on the date we filed and then I closed my account totally. Went to the credit union. They don't nickel and dime you for every little transfer or anything.

Wells is still there but told me they while they now send me statements for the HELOC, I can't have online access unless I reaffirm. NOT! So I'll continue to drop off payments or mail them in.

BTW, BofA was the first to raise interest and the first to drop and negotiate a lower debt and lower interest with us before we filed!

[LimpDisc]

LimpDisc: We had our BofA account since 1987. They of course, were the first to raise our interest rates.I also had an account with Wells because they hold the HELOC on our home. I moved all of the money out of both. BofA had about $50 in on the date we filed and then I closed my account totally. Went to the credit union. They don't nickel and dime you for every little transfer or anything.

Wells is still there but told me they while they now send me statements for the HELOC, I can't have online access unless I reaffirm. NOT! So I'll continue to drop off payments or mail them in.

BTW, BofA was the first to raise interest and the first to drop and negotiate a lower debt and lower interest with us before we filed!

I'm not a big fan of Bank of America either, but can't say I'm a fan of any other bank or CU. I don't really care who I bank with after my BK is finished. Just trying to figure out what to do over the next 4-5 months. My BofA accounts will only have $10 each until this is finished.

[2manybills]

I agree with you. But in the end, the CU at least doesn't charge for every little thing.

[SPalin]

I have both a checking and savings account with direct deposit w/ BofA. I filed Chapter 7 and listed a BofA CC, no issues with freezing my account! Asked my attorney when I filed if I should take my direct deposit out when posted, was told no problem with BofA seizing your account here in California.

[music12]

careful with having only $10 in the BofA account. they usually have a low-balance fee of $12 per month unless you have at least around $750 in there.

[LimpDisc]

I made sure I would be safe from fees on the account. Just going to leave the Bank of America accounts alone. I want to keep the accounts open because they offer the option to write checks and I think we need that post filing. Our other checking account at ING Direct gives us very few options to pay our secured debts post filing.

[music12]

I made sure I would be safe from fees on the account. Just going to leave the Bank of America accounts alone. I want to keep the accounts open because they offer the option to write checks and I think we need that post filing. Our other checking account at ING Direct gives us very few options to pay our secured debts post filing.

wow, how did you manage to be safe from fees? BofA have been taking $12 from me every month.