9 accts with the same bank

[Tromploi]

I am waking up at 3AM ON the dot every night, and just laying there wide awake for 2-3 hours thinking about all this stuff. Man.

Anyway, one thing I am wondering. We have 9 accts with B of A;
Personal checking
Savings
Business checking (mine)
Business checking (husbands)
Truck loan
1st mortgage
Heloc, 2nd mortgage
2 Visas

We are including the 2 visas in the BK, the rest of the accts we'd like to keep intact (except for the 2 Biz checkings, we moved those over to another bank), and are on time paying (at this point we're on time with the Visa's but pymnts are due EOM and we aren't paying this month). The checking we are keeping intact because they auto withdraw the 2nd pymnt from it, will transfer the amount in the day before pymnt is due and keep the balance very low in general. Savings has 0 in it anyway. I don't know when the Visa calls start coming whether I should or should not tell them that we are filing BK. Any advice?

[AngelinaCat]

From what I have read here--especially some of the experience Lajazz947 has had, I think I would move the two personal accounts also. I know its a pain in the neck, but you can reestablish the automatic withdrawls at the new bank.

Also, when the calls start coming, if you have already retained an attorney, just give the caller the attorney contact info.

[Frogge]

Do you have another personal account somewhere other than BofA?

I don't think I'd want all my eggs in their basket if you're going to stop paying their CC's. JMO

[Tromploi]

Sorry, we did open a new checking and savings as well at another bank. I should have said that.

So you would have the auto payment moved to the new account at the different bank? They can't take more than what they're supposed to can they?

Atty hopefully retained next week when I get back from "vacation". First vacation I've had since 2003, one of my clients bought my plane ticket and paid for hotel, but it couldnt be worse timing. I don't want to spend a cent, can't use a credit card and am worried to the core about all of this crap. But it is what is is. That's my mantra.

[AngelinaCat]

Hi Tromploi:

Here is Lajazz947's experience:

http://www.bkforum.com/showthread.php?t=26141

[Tromploi]

Thank you! I had actually searched through his posts to find this thread also. I guess I am just paranoid about giving B of A my NEW acct info if I am going to owe them money. (For the auto deduct on the 2nd payment).

[Help!]

I'd close all of the accounts with B of A. You don't want that headache! By the way, B of A "accidentally" continued to take out those automatic payments after we told them we were filing and de-authorized them. One month, they "accidentally" took out two automatic payments. Our mortgage lender seemed to have a really, really hard time stopping their automatic payments too (it seems they "accidentally" debited our account a month after we de-authorized them). I would put a stop to all automatic payments ASAP!

[BK2008]

I'd close all of the accounts with B of A. You don't want that headache! By the way, B of A "accidentally" continued to take out those automatic payments after we told them we were filing and de-authorized them. One month, they "accidentally" took out two automatic payments. Our mortgage lender seemed to have a really, really hard time stopping their automatic payments too (it seems they "accidentally" debited our account a month after we de-authorized them). I would put a stop to all automatic payments ASAP!

I never allow 'autodebits' from any creditor for exactly that purpose. I am ok with making payments online or through billpay (when *I* initiate them), but I knew someone who's account was debited by DirecTV to the tune of $450...and that balance wasn't even hers! It took her over a month to get it back, and in the meantime, her account was overdrawn because of the 'mistake'.

[Tromploi]

2 things about the auto payment, if I stop them the payment goes up .25% (not alot but anything is bad when you're filing BK!), and if the acct has nothing in it (say $10) and then the day before the payment is due I transfer the $1600 over, is that still a bad idea?

[southernbelle]

Are you 100% sure the credit cards aren't cross collaterilized with your mortgages? If the cc's are the only accounts you plan to bk with them, make absolutely sure before hand. The reason why I say that is because I had a similar situation with my 2nd mortgage co because I received a signature loan and cc from them and didn't know at the time they were all cross coll. with my 2nd mortgage. Since I want to keep the house, I'm stuck paying them and if I default on payments, they can start foreclosure, so make 100% sure of that fact before you include them in BK.

And make sure you don't have any money they can sieze to offset the bk'd accounts when you file. Just my opinion.

[Frogge]

2 things about the auto payment, if I stop them the payment goes up .25% (not alot but anything is bad when you're filing BK!), and if the acct has nothing in it (say $10) and then the day before the payment is due I transfer the $1600 over, is that still a bad idea?

Gosh, this is a tough one. I would be worried a CC payment would get slipped out of there before your truck payment posted. It's a risk, I understand not wanting the payment increased but if you get behind on those CC's there will be a flag on your account to watch for incoming availability. The truck loan is secured. Where are you in the process of your BK filing? Are you sure you're keeping the truck?

[BK2008]

2 things about the auto payment, if I stop them the payment goes up .25% (not alot but anything is bad when you're filing BK!), and if the acct has nothing in it (say $10) and then the day before the payment is due I transfer the $1600 over, is that still a bad idea?

I think I'd rather pay the .25% than have my account funds 'confiscated' to cover a debt that I had included in BK! Once that happens, it is next to impossible to get it back.

And like someone said, if that account is flagged, your $1600 could go to anything other than what you intended.

[Tromploi]

Thanks so much for the advice. I am calling B of A right now to stop the auto deduction and fix the variable rate portion of the loan. Less hassle and worry all around.

This forum is a great source of info, thank you!

[Tromploi]

Wow, so I called B of A, and rather than fix the variable portion, I UNfixed the fixed portion since variable rates are at 4% and fixed are at about 7.99%

I was worried about losing the .25% reduction for stopping the auto payment, and they said since we have such a good relationship we still qualify for the reduction in rate. So I took off the auto payment, and my payment went from $1600 to $800.

Now, my question is, once I file BK, can they raise my rate or is that based on prime?

[AngelinaCat]

WOW!!! I can't answer the question, but CONGRATULATIONS on the drop in payment!!!

I know some other posters don't care for BOA, but our local branch has been extremely helpful in all our dilemma regarding our god-daughter's account.

Wishing you continued good luck!