Banking?? What do you think?

[CindyLou]

Would it really be too much to ask to be able to do everything at one place????? I have a checking account at Wells Fargo. I have one car loan at Ford Motor....my other I just refinanced at Christian Community (which I am very happy about don't get me wrong)...I have a small personal loan at my credit union where I work..then I have a credit card with my largest credit line with Washington Mutual. When will I be able to walk into a bank like Wells Fargo or another bank and say, "Look, I'd like to bring all my business to you and combine all my accounts here.?" Do you have to have tons or money or great credit to do that? I am thankful to have built my credit back, but it is hard having things at different places. What do you think? When will I not look like a fool walking into a regular bank to do that? 2 years out? 3 years out?

[CATCHMEIFYOUCAN]

Banking

This is just my opinion, I'd stick with a credit union, their rates are so much better when trying to finance things and getting offers of credits, etc compared to a "regular bank". Spreading yourself out like that, especially with checking/savings, loans etc you lose track of money - where's it going etc. I dunno, I know that before I filed I had quiet a few accounts, with my money spread out, I just couldn't keep a good track on what the heck - where the heck it was all going to. Plus the wasted fees every month just to keep the accounts going ($5 a month adds up - even $3 a month) Right now I keep an interest free checking account.

Think I'm going to be sticking with the CCCS if they take over the new car loan I have with HSBC! I'll still keep my account with the local bank, simply because I have faster access to funds if I need them.
What I find incredible is how I'm rebuilding my credit up so fast after only being discharged from the end of January 07.

Thus far:

Set up a Secured CC w/New Millenium (limit thus far $600 / $59 annual fee)
Waiting for my Hooters CC (limit $1000 / $40 annual fee)
-should I shut down my secured card? I have to keep it open for at least a year they say!-
Paid off a new car Loan from last year (well I traded it in - same diff - but looks good on credit report! I guess)
Got a new Loan through HSBC (14.5% - awaiting to refinance with CCCU at 6.75% or 6.50%) Thanks to the forums info.

Think I should slow down, things are coming to me so fast!


Best of Luck, Catchmeifyoucan

[JollyGG]

Before our bankruptcy I had all my accounts with Wells Fargo. Actually I still have most of those accounts.
I had two checking accounts, three savings (two kids and one joint with husband), my auto loan (paid off now), my mortgage, my student loans, a credit card (discharged in bankruptcy), and two personal loans (discharged in bankruptcy).
So 11 accounts. I still have 7 of those. I still have the checking, savings, mortgage, and student loans with them.

It is nice to only have one bank and I have access to everything online. It also makes transferiing money between accounts easier. However, when I stop in with an inquiry about one account it takes them a minute to find the right one because there are so many under my name.

[Minnymouth]

Yes it makes life easier to have all your eggs in one nest - BUT - it can also cause you problems sometimes.

My uncle had all his accounts in one bank....... unfortunately one day the bank closed it's doors...............UH OH - no access to their checking account, savings account, NOTHING.............

Bank was closed over 18 months before someone bought it out and assets were released.

In the meantime uncle had to borrow money to survive each month.....

Now, he has two checking accounts at two different banks, and two savings accounts at two different banks............... HE SAID NEVER AGAIN would he set hisself up where he couldn't get his hands on money to pay his bills.................

So sometimes "all you eggs in one nest" can be a bad idea...........

[chpxiii]

While convenient, I wouldn't do that. It's nice to shop around and get the best deal you can. And you can play one against the other with regards getting the best interest rate deals.

I've been using Microsoft Money. I've set it up to access all of my bank accounts and when I start getting credit cards again I'll have that set up in there too. I can see everything all at once. Even my PayPal account.

BTW, my bank has online bill pay. While I don't use it, I can use it to pay my bills - ergo, centralizing bill payment. I like to keep things separate. Sure, it's a bit more of a hassle, but I feel like I have more control. I like to micromanage my money that way. :-P

[HeatherB]

I wouldn't

I wouldn't simply because if I did all of my money transactions, etc at one place and somehow got into financial trouble, it would be harder. I'd be worried that since I couldn't pay the payment on a CC, they would somehow take it out of checking/savings - leaving me with not enough money to cover any necessary bills.

I feel the same way with the whole internet/phone/cable. I mean, what if I couldn't pay for a month?? Would they shut off all three? Whereas if I have them in different companies I have the option of falling behind and having only one shut off.(actually I just have a seperate phone company. Internet and cable are lumped together as they are not a "necessity" for me.)

I'm just paranoid when it comes to money, though.

[treehugger1]

One of the things about paying unsecured debts with ACH or automatic payments is that your bank account information is now right at their fingertips. If you suspect creditor issues now, or in the future, you can always carry two accounts. One account is used to do nothing but pay your necessities and use as a debit card. The other account is used to pay your unsecured debts.

WHile I enjoy the convenience of online bill paying, it does present the problem that others now have quick access to account numbers, etc. should a judgment be found against you.

These are just my opinions, but it is strange how easy we are pulled into "convenience."

In terms of getting a bank account after BK, some banks check your background and others don't.

[Bandit]

So sometimes "all you eggs in one nest" can be a bad idea...........

Agreed. You get more leverage having money/credit through different places. The banks can see all that & will fight amongst themselves to get your business through a better interest rate. You can see this all over the place in their doorways, windows, mail offers and even when you chat with them on the phone. I did not use to see the bank wars like this years ago but still figured it out on my own at a young age.

A few eggs here a few eggs there...is better... just keep track of your eggs and watch out for the cuckoo bird swapping out your eggs for theirs.

[chpxiii]

A few eggs here a few eggs there...is better... just keep track of your eggs and watch out for the cuckoo bird swapping out your eggs for theirs.

LOL!!!!