Ally bank and bankruptcy

[wellnowwhat]

I know that Wells Fargo has a bad history of freezing accounts/funds when someone files bankruptcy. Does Ally bank do the same thing? I just opened a checking and savings account with them as I'm moving away from USAA (I have a credit card with them and have heard that they don't really treat you very well after you file bankruptcy on them).

Does anyone have any experience with Ally during and after bankruptcy?

[ccmisery]

I can't say but Ally's competitor ING Direct now Capital One 360 has not frozen or closed my account yet. They are also one of my creditors, not the bank account but a Cap One Credit Card which I suspect might lead to my account being closed.

[wellnowwhat]

I can't say but Ally's competitor ING Direct now Capital One 360 has not frozen or closed my account yet. They are also one of my creditors, not the bank account but a Cap One Credit Card which I suspect might lead to my account being closed.

I thought about going with ING but I, too, have a Capital One credit card that's going to be included in my filing. The advice I received from my attorney and others is get away from banking where you owe money. I don't have any open lines of credit with Ally, hence my switching to them.

[sbatman]

If you are with USAA, perhaps you may qualify for Navy Federal Credit Union. USAA says that even though I went bankrupt, they will not let me have any financial accounts unless I pay back the $100K+ I bk'd them. Fat chance of that.

So, Navy Fed, welcomed me and gave me a secured $2000 card immediately (6 monts post discharge) and now I have a $1500 unsecured card. NFCU yeah!

[wellnowwhat]

So, Navy Fed, welcomed me and gave me a secured $2000 card immediately (6 monts post discharge) and now I have a $1500 unsecured card. NFCU yeah!

My wife currently has a savings account with NFCU, which I'm guessing would qualify me to open an account there. I will definitely look into that, as my wife really liked them when she used her account regularly. She also had a car loan through them and never had any trouble. Thanks for the tip!

[ccmisery]

I thought about going with ING but I, too, have a Capital One credit card that's going to be included in my filing. The advice I received from my attorney and others is get away from banking where you owe money. I don't have any open lines of credit with Ally, hence my switching to them.

Better to play it safe, I suspect mine will be closed by Cap One, they haven't yet and I am sure they got the Petition notice.

[LadyInTheRed]

Wells Fargo is the big account freezer and only for accounts over $5,000. Oregon is in the 9th Circuit where the Bankruptcy Appellate Panel ruled in a case against Wells Fargo that freezing accounts is a violation of the automatic stay. Unless you have debt with the same bank or credit union where your savings or checking account is, don't worry about it.

[wellnowwhat]

Thanks, Lady! That's great to know. Do you know if Wells Fargo also cuts off access to other accounts? My wife and I have a car loan through Wells Fargo Dealer Services that we intend on keeping.

[ccmisery]

Oh yes Wells Fargo is notorious, I am also concerned about Cap One 360, reason I have my account at around a $1 or so with them currently. I opened another bank account 6 months ago with another brick and mortar bank.

The car loan might be a concern, but you need to check with your lawyer as the laws differ from state to state, here I only know of Ford Credit and Suntrust being two that can repossess if you don't reaffirm or assume the lease.

[LadyInTheRed]

The car loan might be a concern, but you need to check with your lawyer as the laws differ from state to state, here I only know of Ford Credit and Suntrust being two that can repossess if you don't reaffirm or assume the lease.

They'll still take your payments. But, if you have online access to the account, that will probably be disabled.

[ccmisery]

They'll still take your payments. But, if you have online access to the account, that will probably be disabled.

Ford Credit already did that to me, I can see my account status but no longer can pay through their online site, but I can pay via my online billpay with my bank, check in the mail or by phone. They told me once I am discharged, it will go back to normal. Only issue is, no statements either, so I have to make note of the payment due date now and not forget.