Credit Union & Checking Account

[jade73]

I have a $5000 unsecured loan that is being wiped in my Chap 13 plan. I also have a checking account with this credit union. We have another checking account with WaMu but like dealing with the local credit union. Do they have the right to close my checking account if we dip them in the plan. The paralegal says no but just wanting to find out if this has happened to anyone.

[StartingOver08]

My CU closed my accounts. I had a checking, savings, 2nd Mtg, visa and a car loan.

I reaffirmed the car loan and BK'ed on the mtg, and the visa. They said since I caused a loss, they had to close my accounts. They did reaffirm the car loan with good terms (they worked very well with me and removed all cross collateralization).

So in my experience, you will lose your checking account with them.

[jade73]

That's not cool and I've tried to open a checking account with a credit union @ my work and they denied me for bad credit...duh. Like I would have good credit if I was to the point of filing BK. I guess they will do what they have to do and I'll just use my WaMu account until my credit betters, Oh well.

[moonbeam9209]

crap

I had no idea that they would actually close your accounts. I have a very past due Visa (7k) with my cu, an auto loan that we owe about 1800.00 on, and our mortgage (they are our server, and Fannie Mae owns the loan now). We didn't qualify for the loan mod cuz I think I understated our income a bit, but we are in forbearance till the end of July when we can try again. I will hopefully have a better P & L for them. We are both self-employed. We have hardly any money (under fifty bucks), in our account with them, and under 15.00 in our BOA account which coincidentally we also owe them for our Mastercard of about 8000.00. Time to open another bank account.

I don't know when and if we will file, I just spoke to our first bk attorney today. Don't think it went too well...

[jade73]

I had no idea that they would actually close your accounts. I have a very past due Visa (7k) with my cu, an auto loan that we owe about 1800.00 on, and our mortgage (they are our server, and Fannie Mae owns the loan now). We didn't qualify for the loan mod cuz I think I understated our income a bit, but we are in forbearance till the end of July when we can try again. I will hopefully have a better P & L for them. We are both self-employed. We have hardly any money (under fifty bucks), in our account with them, and under 15.00 in our BOA account which coincidentally we also owe them for our Mastercard of about 8000.00. Time to open another bank account.

I don't know when and if we will file, I just spoke to our first bk attorney today. Don't think it went too well...

You have to have good credit to get a checking account. It's not like it used to be.

[falken]

You have to have good credit to get a checking account. It's not like it used to be.

There are a lot of banks that only run chexsystems and not credit reports. So if you don't owe a bank money because of bounced checks or fraud you should be able to get one.

[jade73]

I have a $5000 unsecured loan that is being wiped in my Chap 13 plan. I also have a checking account with this credit union. We have another checking account with WaMu but like dealing with the local credit union. Do they have the right to close my checking account if we dip them in the plan. The paralegal says no but just wanting to find out if this has happened to anyone.

This is so funny....The first paralagal tells us no they won't close your checking account and when we go in last Wednesday to file we talk to another paralegal and he said the first guy didnt know what he was taking about and for us to get our money out of that account ASAP.

Makes you wonder who you can trust. I went with my gut and got my money out of there this weekend

[flnybk]

There are a lot of banks that only run chexsystems and not credit reports. So if you don't owe a bank money because of bounced checks or fraud you should be able to get one.

Do you know which banks?

[falken]

Do you know which banks?

There were 8,430 FDIC-insured commercial banks in the United States as of August 22, 2008. Try some.

[inevitable]

Try small banks that are inside of WalMarts, I think they refer themselves as "second-chance" banks.