How do I choose a bank or credit union?

[lostinmich]

I am going to need to get a new bank and/or credit union for my financial affairs after my bankruptcy. How do I go about choosing a BK friendly one? I am looking for checking, online banking, online billpay, loans, etc. basically the whole financial package.

Thanks!

[keepmine]

I'd suggest you get a banking relationship established prior to filing bk.

[lostinmich]

Hmm...too late. Other options?

[SinkingFast]

Actually, it is best to open a new acct shortly after filing. The new acct will not be part of the BK Estate.

Generally speaking with regards to checking and/or savings accts,........... Banks are not concerned with whether or not you've filed BK. They're more concerned with if you're in Chex or some other sort of Bank Reporting System. At least that's what we were told at our bank.

Call around town. Ask Banks what their new accts policies are. Go with one that will give you the best deal and meet your needs.

[freshstart2006]

Credit unions typically require a minimum credit score of 600 to open a checking account. I went with a smaller bank and they didn't even pull credit. I have free checking, online banking, etc. Everything. I'd call around and ask if I were you. Credit unions are typically better, but with bk on your record it might be difficult to becmoe a member right now.

[SinkingFast]

We have a major University here. College Students can open accts and then their immediate family members can as well. I've been thinking our kids should open accounts at the Univ CU. Then we could as well.

Maybe a thought for you Lost. If you have family that's Members at a local CU, that may get you in as well.

[bige1030]

I have a little story to surprise you naysayers out there. I joined a credit union a couple of weeks after discharge. They pulled my TransUnion credit report and score (which was 556 - I saw the member service person write it down), and I got to open both a share savings and a checking account with Visa debit card! I was quite pleasantly surprised by that (since they pulled my credit).

[CATCHMEIFYOUCAN]

Check with your employer to see if they have a credit union. That may be a sure foot in the door! And CU's have better interest rates when it comes to needing a new car/used you might pay a tad bit more but I think they beat most local bank offers.

Catchmeifyoucan

[GoingUnderInNV]

I just recently opened one of those online "free" checking accounts at Washington Mutual. My plan was to start socking away money for a rainy day, but I'm really trying to transition away from Bank of America (I have too many issues with them). There's no WAMU here in Northern Nevada so I have to do everything online; seems like a good approach (free checking, MasterCard gold debit card), but it takes forever to get online deposits to be processed for some reason (earliest transaction date is usually 3-5 days out, and it may take another 3 days for them to process it). I'll probably start having direct deposit into the WaMu account as soon as I see how good they are.

WaMu is slow, but from my perspective it's a good option.

[lostinmich]

Well I found a local credit union that welcomed me with open arms!! I was able to get everything I wanted, checking, savings, VISA debit, and online bill pay. When my BK is discharged they will give me a secured VISA that reports as a regular VISA. After a year, they will allow me to convert to an unsecured VISA.

[CPO]

Educate me please.....

I have a "Direct Deposit Advance" for under $400.00 from a checking account outstanding at Wells Fargo, which I'm unable to pay so I have left my account open but dormant since January.

They have threatened to notify Chexsystems....

So, what....I pay my utilities and home loan with checks. Otherwise, I never write checks anyways. Have not written one in 5 years other than my monthly bills I mail.

Will file in April....

I opened new accounts at a military credit union...transferred all my direct deposits to them.....

I have not and will not request any extensions of credit from them.

I will forward statements from the new accounts to my attorney and the Trustee for the normal BK7 processing....

I intended to remain with the new credit union....but perhaps this is not a good idea.

Certainly my new credit union may find out about my BK, but what action could they take? I'm not asking for credit from them, I owe them no money.

For what reason should I open new accounts elsewhere AFTER I have filed?

Please tell me what I'm missing here....

P.S. My deposits are judgement proof.

Thanks,

CPO

[lrprn]

You are assuming that your current situation will never change in the future - that could be a risky assumption because life does have a way of throwing curve balls at us when we least expect it.

To read some real-life tales of woe from those who have run afoul of the CHEX system, go to http://chexvictims.com . Click "I Agree", then in the right-hand pane, click Active.

[CPO]

Irprn,

Good point, and a great link.

However, there is not much I can do about fighting Chexsystems, assuming that Wells Fargo does notify them.

Why would opening ANOTHER bank account AFTER filing BK7 change that scenerio?

I have left Wells Fargo, have a new account elswhere which was opened just prior to my filing?

Why would I need to open another account after I file?

Thanks for any responses...

CPO

[keepmine]

CPO,

If you are happy with your present bank, no need to start looking for another post bk.
In fact, you're lucky you got an account before being reported to chexsystems. The OP seemed to have filed and then needed a bank. That's not your situation.

[lostinmich]

FYI, the only reason I was looking for a new account is because my previous account was closed due to a loan that I had through them being included in my BK. I certainly would not recommend looking for another credit union/bank if one already has an established account. That previous business relationship would likely help you when one emerges from their BK.