cancel
Showing results for 
Search instead for 
Did you mean: 

Is it safe to put money in a bank if your burned them?

tag
user365735
Regular Contributor

Is it safe to put money in a bank if your burned them?

I know this is probably stupid but I burned discover and I'd like to start using an old savings account I had with them...I was discharged in December, no issues right? 

Message 1 of 10
9 REPLIES 9
Creditwiser
Valued Contributor

Re: Is it safe to put money in a bank if your burned them?

You should not have an issue at all as long as Discover is discharged and IIB .  I did the very same thing in 2014 and still have money in their online savings acct. 

NFCU Visa 30k | NFCU Platinum 30k | Cap1 QS 12K | Cap1 QS 11.5K | Barclay MC 9k | Delta Gold Amex 30K | Discover IT 14K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 5k |
Message 2 of 10
Jeffster1
Valued Contributor

Re: Is it safe to put money in a bank if your burned them?

I IIB WF, Penfed, USAA, and Chase, and I have money in all of them. No issues at all.

FICO 8 (3/1/24) EX 805 EQ 824 TU 844
FICO 9 (2/17/24) EX 821 EQ 778TU 850
I practice AZEO - NEVER above 1% utilization across all cards.

Current lineup as of 9/23
American Express Gold | American Express Blue Cash Everyday 6K | American Express Blue Cash Preferred 10K I American Express Marriott Bonvoy Bevy 5K I American Express Gold Delta Skymiles 6K I American Express Hilton Honors Surpass 3K I Bank of America Customized Cash Rewards Visa 15K | Kinecta MyPerks Rewards MC 35K | TD Bank Double Up Visa 4K | USBank Platinum Visa 5K | BMO Harris Cash Back MasterCard 12K | Capital One SavorOne MC 3K | Capital One Walmart MC 2K | NFCU Amex 15K | NFCU CashRewards Visa 15K I Citi Best Buy Visa 10K I Macy’s Amex 1.5K I Bread Financial American Express 8K l AAA Daily Advantage Visa Signature 6K I Wells Fargo BILT World Elite MC 30K I BCU Cash Rewards Visa 8K I Chevron Techron Advantage Visa 2.5K I JCPenney Mastercard $6K I UCLA Wescom CU Rewards Visa 7K I Affinity Pure Rewards Visa 5K
Message 3 of 10
user365735
Regular Contributor

Re: Is it safe to put money in a bank if your burned them?

Thanks everyone. I feel safer nowSmiley Happy they are at 4.15% so right now new pennies are going to them..feels good to actually have savings!!!

Message 4 of 10
Lurker22
Frequent Contributor

Re: Is it safe to put money in a bank if your burned them?

banks shouldn't be an issue, CU's are a totally different story - do NOT put money in them if you burned them (there are exceptions but few and far between) 

Message 5 of 10
sccredit
Valued Contributor

Re: Is it safe to put money in a bank if your burned them?


@Lurker22 wrote:

banks shouldn't be an issue, CU's are a totally different story - do NOT put money in them if you burned them (there are exceptions but few and far between) 


After a debt is discharged the CU cannot come after money in an account. The debt no longer legally exists and even cross collateral agreements have no effect at that point. Some CUs won't let you have a deposit account post DC (NFCU is one I can think of) but they can't touch your money if it's there. 

Message 6 of 10
Lurker22
Frequent Contributor

Re: Is it safe to put money in a bank if your burned them?


@sccredit wrote:

@Lurker22 wrote:

banks shouldn't be an issue, CU's are a totally different story - do NOT put money in them if you burned them (there are exceptions but few and far between) 


After a debt is discharged the CU cannot come after money in an account. The debt no longer legally exists and even cross collateral agreements have no effect at that point. Some CUs won't let you have a deposit account post DC (NFCU is one I can think of) but they can't touch your money if it's there. 


correct, that's why they'll cross collaterialize before the case is discharged (as is their legal right) - and most will then kick you out of the CU until they're made 100% again (that they legally can do) 

Message 7 of 10
sccredit
Valued Contributor

Re: Is it safe to put money in a bank if your burned them?


@Lurker22 wrote:

@sccredit wrote:

@Lurker22 wrote:

banks shouldn't be an issue, CU's are a totally different story - do NOT put money in them if you burned them (there are exceptions but few and far between) 


After a debt is discharged the CU cannot come after money in an account. The debt no longer legally exists and even cross collateral agreements have no effect at that point. Some CUs won't let you have a deposit account post DC (NFCU is one I can think of) but they can't touch your money if it's there. 


correct, that's why they'll cross collaterialize before the case is discharged (as is their legal right) - and most will then kick you out of the CU until they're made 100% again (that they legally can do) 


If anyone signs a cross collateral agreement after filing their attorney is straight up incompetent. Any cross collateral agreement from before filing is null and void short of debtor reaffirming, which would be foolish as well. And, yes, a lot of CU's won't allow you to have deposit account. And, yes, that is absolutely their right.

Message 8 of 10
Lurker22
Frequent Contributor

Re: Is it safe to put money in a bank if your burned them?


@sccredit wrote:

If anyone signs a cross collateral agreement after filing their attorney is straight up incompetent. Any cross collateral agreement from before filing is null and void short of debtor reaffirming, which would be foolish as well. And, yes, a lot of CU's won't allow you to have deposit account. And, yes, that is absolutely their right.

NOGA District disagrees, they honor cross collateral agreements signed before filing, I had 1 instate CU cross collateralize and one out of state, neither was required to obtain court permission - when I inquired I was told it was their right with the CC agreement

Message 9 of 10
sccredit
Valued Contributor

Re: Is it safe to put money in a bank if your burned them?


@Lurker22 wrote:

@sccredit wrote:

If anyone signs a cross collateral agreement after filing their attorney is straight up incompetent. Any cross collateral agreement from before filing is null and void short of debtor reaffirming, which would be foolish as well. And, yes, a lot of CU's won't allow you to have deposit account. And, yes, that is absolutely their right.

NOGA District disagrees, they honor cross collateral agreements signed before filing, I had 1 instate CU cross collateralize and one out of state, neither was required to obtain court permission - when I inquired I was told it was their right with the CC agreement


Central District CA was different. NFCU could enforce the cross collateral on an auto loan, which they tried. I told them they could have the vehicle and bought another. Then they came back and offered the vehicle without enforcement of the cross collateral. DCU tried to enforce the cross collateral as well and was shot down, I had an unsecured credit card and they wanted the $1,100 in cash in my DCU savings account. They were not allowed to touch it. 

Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.