BK friendly checking accounts

[luckstyl]

I was advised on this site to move my checking account away from Wells Fargo before filing bankruptcy. I will be filing in two weeks(finally!), and applied tonight for an account at Ally and was "pended" due to my credit. I may still be applied, but does anyone have other suggestions just in case?

[jst4f]

We had no problem with Union Bank where had no other prior dealings.

[luckstyl]

So far I've been turned down for checking accounts by Ally and ING online. I've been pended by Bank of Internet USA.

I'd really just prefer to keep my Wells Fargo account. Is it possible to quickly and easily have my funds unfrozen if WF does end up freezing my account? I'm not sure what the procedure to do that would be.

[lillymarlene]

You might try small local banks or credit unions, instead of the large national banks.

[LadyInTheRed]

So far I've been turned down for checking accounts by Ally and ING online. I've been pended by Bank of Internet USA.

I'd really just prefer to keep my Wells Fargo account. Is it possible to quickly and easily have my funds unfrozen if WF does end up freezing my account? I'm not sure what the procedure to do that would be.

It's possible that if the account is frozen that your trustee will be willing to write a letter telling them they can release them. But, I wouldn't count on it happening quickly. You don't have to close your Wells Fargo account. Just make sure there is no money in the account on the date you file and then don't deposit any money until you check with the bank to make sure you'll be able to access the funds. You may have to work in cash and/or with pre-paid debit cards for a while if Wells does freeze the account. Some have reported that their Wells Fargo accounts did not get frozen and others that they only freeze an account with a balance over a certain amount.

It sounds like maybe you have some bounced checks in your past. I believe banks usually refuse to open a checking account based on information on ChexSystems instead of your credit report. Have you tried opening a savings account?

[Freddy03]

If your state has a Regions bank I would apply with them. They do not use Chexsystem. Also most credit unions only go by credit report not Chexsystem or EWS (Early Warning System).

[luckstyl]

I have no bad check issues whatsoever. ING told me that my credit score did not meet their requirements, and even gave me the number that equifax gave them. Ally said it was because of my beacon score, and bank of internet usa or whatever said it was because of chex system. The thing is though, that bank of internet was the most recent application, and I read that a lot of applications to open deposit accounts can cause chexsystems to flag your account, so maybe that is why bank of internet did not approve my application?

[LadyInTheRed]

I stand corrected about credit reports and checking accounts.

You may have to settle for a savings account. Because you can't overdraft a savings account, I am pretty sure you won't be rejected. But, I could be wrong again. Just don't tell my husband!

[JessMN]

I opened one with US Bank for the same reason and had no issues


Also, you can request your consumer report from Chexsystems for free to see what is on it https://www.consumerdebit.com/consum...port/index.htm

And one more thing: If you want to keep your account, you could temporarily get one of those prepaid cards that you can do direct deposit to and use that to pay your bills (here's one: http://www.upsidecard.com/ but there are others - I have NOT used this card)

[luckstyl]

I should have mentioned earlier that I did request a chex systems report as soon as I got word from bank ofinternet USA, but thanks for the recommendation.

Has anyone used upside card or the greendot card or anything similar?

[Gonzo]

AMEX has a new prepaid card on the market. No fees - for the most part. You do have to fund the account before you can use it but you can do that by transferring funds from a savings account to the AMEX card.

I see this card as a great fallback. Just google "American Express prepaid card."

[luckstyl]

thanks gonzo. I went ahead and ordered the prepaid AMEX after making sure all of my utilities would accept that form of payment.

I'm a lot less leery of a prepaid AMEX than I would be of some company called GreenDot or upside card, etc.

[Logan]

thanks gonzo. I went ahead and ordered the prepaid AMEX after making sure all of my utilities would accept that form of payment.

I'm a lot less leery of a prepaid AMEX than I would be of some company called GreenDot or upside card, etc.

Unfortunately you applied to 2 banks that ran credit 1st and I know fraudulent accounts is a big problem these days so that's probably why the Bank on Internet denied you. I would go to a local Bank since you show them your i.d. they may not care that you just tried to open a bunch of accounts and/or you may except a good explanation.

[Gonzo]

thanks gonzo. I went ahead and ordered the prepaid AMEX after making sure all of my utilities would accept that form of payment.

I'm a lot less leery of a prepaid AMEX than I would be of some company called GreenDot or upside card, etc.

Agreed. No need to worry about Amex. They're not going anywhere either. I wouldn't trust any of the drugstore cards and I hear they have huge fees.

Do the big banks like TD and Bank of America pull credit for checking accts now? I opened a business acct at B of A last year and they did not check credit.

[narf]

if you're filing Chp13 I know for sure TD bank offers DIP (Debtor in Possession) checking accounts. no fee/no interest. can link with a debit card just like any other checking account