11-11-2009 09:11 AM
11-16-2009 11:32 AM
I would NOT advise going with BofA.
Basically, all of the agreements/notices I have seen with them state that they can change the terms at any time, with no reason, with no notification. Thus, they can empty out your bank accounts to pay the debt.
Is it worth taking the chance?
11-16-2009 11:58 AM
Actually I'm pretty sure that it is illegal to remove funds from an account without authorization....... and while you are in BK, creditors have to cease collection activities anyway.
I currently have a BoA account that I opened after settling a CC debt with them - but if you have any concerns, I agree that you should just look at another bank.
11-17-2009 01:44 PM
BoA cannot take money if they are listed in BK. However, they probably won't open an account for you either.
Once you are in BK, creditors may not collect the debt except as outlined in the BK 13 payment plan. If 7, then the debt is legally discharged and not owed any longer.
11-18-2009 11:35 AM
I filed Chap 7 in Sep 09 and opened a checking account with them in October 09.
I had a old checking account that had a balance of $760 with them from 2003 that was listed as IIB.
I have not had any problems with them taking any funds from my account.
11-19-2009 02:09 PM
11-20-2009 04:54 PM
I would also advise against opening an account with BofA in this situation. Your funds will be protected as long as you are still in the Chapter 13 plan. However, if you defaulted for some reason and the Trustee dismissed your case, they might be able to get at your account. So with so many options out there, why take the risk? I would say cut ties and move on somewhere else.
If your BK gets dismissed mid-cycle, you got bigger problems than if BoA might take a few bucks out of your checking!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.