A bank can take the money you have held in its accounts if you owe it money. Even in a bankruptcy, you need to pull any money out of the banks you owe money to.
NO, unless you give them permission to in the contract. I don't rem the term for it,its not vey common. That's why …
NOPE, only the state can garnish for CS or taxes. Some collector is trying to smoke you into paying or dont know the laws in SC.
To my knowledge, the lender can ONLY repo when the loan is in DEFAULT. Does your acct. being minus put you in default????
IF your loan contract calls for cross-collayteralization of the checking account, YES.
Their credit is not reported on yours unless they mess up the checking account itself. If they bounce a check or start getting a lot of NSF's that will be on both of you. But their previous credit cannot affect yours. First, I would like to explain to you the difference between having bad credit, an…
Might Show Up On Credit HistoryMost banks do not report customers to CRAs. There are a few that do but most do not, especially for an NSF. If the account is turned over to collections at a later time then it might be more likely to be reported by the collection agency.
Banks do not report …
Yes, it can. Banks feel that they are taking a risk on someone who has bad credit. Most lending institutions think that you will write "bad checks" and not be able to pay for them, thus leaving them to charge off the account. If you have bad credit, they think that you can't manage money.
It depends on who the garnisment order is against and how it is written. A joint account where only one person is the debtor can be garnished under certain circumstances. The difficulty in figuring out your situation, is not knowing where you reside. Each state legislates its own laws for garnishmen…
Most banks use some kind of verification when opening accounts. There are many banks that do NOT use credit as a means but use chexsystems or telecheck instread. Other banks may pull credit for identity purposes only.
Not usually. Unless it includes NSF charges. It may affect the terms and charges though, for period of time.
Actually, I was turned down for a checking account at Bank of America because my credit was poor, so that is not true. It can effect you getting a checking account. It just depends w…
This is rather a complicated issue in the sense that states inact banking laws. In which case what would happen to a joint account depends on state laws. And also on whether it is a Federal or State BK filing.
It might be that there was not enough money in the account to honor the auto draft. Or in quite often the request date falls on a holiday or "non banking day". Thereby making the draft when it is implemented, appear as a late payment. In short a bookkeeping error, that can and should be corrected as…
Consumers should respond to collection attempts in the same manner regardless of how the account originated. The first step is to find out what your rights are under federal and state law. The second thing step is to exercise those rights.www.ftc.gov has a link that will allow you to print off a cop…
A bank account can only be seized by the excution of a judgment writ by the court. The funds can usually be held for a maximum of thirty days, for a ruling to be made on the amount that can be taken. If the debt is paid in full, the account should be reactivated within a reasonable time, generally 2…
No. The authorized user/signer will have to apply for an account using their own credit history.
Yes, but it is very unlikely.
I used to get calls all the time asking me to remove customer's names off of this list. The reporting bank does have the option to have you removed if you paid owed balances. However, all of this is dependent of:
The severity of CS report - If you commited AT…
Nothing unless it caused the account to be overdrawn and fees were charged. However that would be an issue for the bank which processed the check previous to posted date.
Yes, provided this provision is allowed by your state's laws.
That's at the discretion of the party who won the lawsuit and had the judgment enforced. In general creditors are only open to a settlement/payment agreement before a lawsuit is undertaken.
Yes. Creditors cannot seize bank accounts except by due legal process. Which entails filing a lawsuit, winning a judgment, executing the judgment against the debtor's nonexempt property. The defendant is given an opportunity to claim exempted property before the judgment is rendered. A summons shoul…
That is not counted as income, it is debt. You are not being paid for working or asset liquidation, etc. You have to pay back the amount plus fees and interest. So it cannot be classified as income.
A collection agency, or their legal representative that won a judgment against you after filing suit, could have your checking account attached and your wages garnished. These legal actions would be accomplished and allowed through a court order. No deductions or garnishments could happen without a…
No. That's a myth that has been around "forever". It has no affect whatsoever, unless the check is actually written for the full amount that is owed the creditor.
Section 3-311 of the Uniform Commercial Code does state that a debt can be discharged with a check designated as payment in full…
Maybe. If the decedent had a loan with the bank in which the account is located, there might be a clause allowing a "set off" withdrawal. Whether or not this can be done against a person's account before it has been probated is dependent upon state statutes.
A checking account has nothing to do with a bankruptcy unless the bank you are going to deal with does a credit check on you and uses this information to Approve/Disapprove you based on that info. If you are turned down by a bank try another, some bank in your area will give you a Checking Account I…
Bank accountsYou can generally keep both your checking and savings account when you file for bankruptcy. However, if you also have a loan with the bank and you intend to discharge it, then the bank will close your account. For example, say you have a savings account with your credit union. You also …
Chapter 7 is total liquidation, so basically you present the court a total financial picture of yourself, assets and debts. The court will distribute what it can of your assets to your creditors. In my case, I had no assets but the court took my 2700 tax refund and distributed it. So my answer is ye…
Many banks will work out a equiable arrangement, unless they were one of the creditors in the BK. Which usually doesn't happen because they generally use their "set off" options. You can open an account at Wal Mart for as little as $25. There are several online banks, I'd be VERY careful a…
Maybe. Not in the sense that anything will be placed on their CR.However, when the BK Trustee, goes over your assets, might be difficult to assess, who the funds belong to. The way the account is set up (whatever is on the signature card) will more than likely be the determining factor. The account(…
This would be the best case scenario for your credit report, but it does not happen automatically.Hopefully, your bankruptcy attorney was diligent about informing all creditors included that their debts were discharged. If not, and you still have derogatory information showing that was included and …
In general, Federal tax lien are not able to be discharged through bankruptcy. You didn't mention what state you are in, but whether or not state taxes would be exempt would depend on applicable law. You should consult a bankruptcy attorney for exact answers to this question.
Yes, it is a debt.
Yes. If the loan is with the bank where you have deposits, then you have a "offset" clause in the agreement. This allows a bank to take funds directly from your account to pay the debt. Dependent upon the outcome of the creditor hearing, the BK trustee might have the money returned (temporarily).
The effect it would have depends on the amount in the account and the exemption status. Regardless it would be considered an asset and would be included in the BK.
No. Unless there is some proof that the money was placed there to avoid any creditor claims. The way such transaction are determined is when the account was established and the most recent deposit of funds.
You can attempt to open a savings account. Whether or not the bank you apply to grants you the account depends on each institutions rules and policies.
A bank account can be garnished by one creditor at a time. Levies on bank accounts remain until the debt is paid in full.They can put a "freeze" on your bank acct everyday if they want. I found this out. Keep your money out of the bank. Im going bankrupt and my lawyer said to let the bank fees go in…
Opening A Savings Account Generally if a bank uses chexsystems, they will use it to open a savings as well. Sometimes a credit union will open a savings account if you are on chexsystems as long as you are eligible for a membership even if they will not open a checking. Some banks and credit unions…
Highly UnlikelyBecause of the Patriot Act, banks and credit unions use your SSN#, ID and the ChexSystems reporting to identify you as a person. The likelihood of finding a non-CS bank or credit union is very slim in this day and age. My suggestion would be to pay off the owed balance. Most banks wi…
Concentration Banking is system whereby customers make payments to a regional collection center which transfers the funds to a the principal bank. Acceleration of cash collections from customers by having funds sent to several geographically situated regional banks and transferred to a main concent…
Once you open an account at any bank, your account is monitored regularly for new Chexsystems records (usually through eFunds). As a courtesy, if your account has a new Chexsystems report, eFunds or whatever company they use, will either email, fax or mail a letter to all of your banks telling them …
BOA and United Community bank are two very good options at this time in NC
Yes! Bank regulation E stipulates all these rules about what can and cannot go through your account and what is required if funds are to be electronically sent to you. When you fill out your form for direct deposit, it states that the information that you listed is correct and that you knowingly are…
You will need legal advice to find a loop hole on this one because you and your mother had a joint account. It's no different than a man and wife sharing an account. If either of them skips town or dies, then the living mate is responsible for the debt.Good luck Marcy
A joint account is onl…
Generally , no you cannot. An abuser by nature is not trustworthy.
When someone abuses you, they tell you right there that you are
less. They lie and blame to make you think that you are responsible
for the abuse- you made them do it. They seem to be able to treat
everyone else, including strangers,…
Absolutely .I used to locate assets for a large motor credit company for accounts that have already been sued and one of the consumers I was trying to locate assets on had been on America's Most Wanted during the time a judgment was being placed on him . basicly he was nowhere to be found and was st…
After declaring bankruptcy it is smart to wait six months before obtaining a new account. If a trustee finds that you have XXXX amount of dollars in bank B after closing an account at bank A it will look as if you tried to defraud the bankruptcy law. For chapter 7 wait until discharge for chapter 13…
There are many reasons that a bank will deny a customer the opening of an account.
1.If you have been reported to chexsystems or telecheck, they may deny you for that reason.
2.if you still owe outstanding debt to an old bank, they may deny you.
3.If your credit is not sufficient.
Insist that the collector/creditor stick to the original agreement. A better option refuse to render payment until you have received a written, signed agreement containing the agreed upon terms. It is never a good idea to hand over post-dated checks to anyone, especially a collector. A wise cons…
Certain banks will allow you to open a second-chance checking account, however, you may not be able to receive certain services like a debit/ATM card, or Direct Deposit. This, however, is dependent on what type of record is reported to CS and if owed balances have been paid. If…
The best and perhaps only way to obtain the correct information is to ask the person in charge of accounts at the bank where the application was made. It is could be that the person trying to open an account has been placed on Chex System for having written NSF checks or some violation of bank pol…
First make sure that the major credit reporting agencies are notified that these checks were stolen. Secondly, you will need a copy of the police report and all documentation from the CRAs stating that this was fraudulent activity. Third, contact the reporting bank and present them with al…
There is obviously a great deal of confusion here, to say the least. The bank has to know why the account was frozen, as it is not an action that can be done arbitrarily but requires a court order. This usually pertains to a lawsuit having been won against the involved party and a judgment awarded …
Go to the bank; they will give you the forms for the previous and new officers to sign.
New signature card is required as well as a resolution listing authorized signers.
She needs to get a checking account in her own name, which means that you both will need to put money into the joint account until it is at least a zero. If you stiff the bank, then it will not be possible for either of you to get a checking account anywhere until you pay the amount owed. …
When you signed the loan application, or opened your bank account, they were given, by you, full permission to use ANY legal means to find you and to collect the debts you owe them. It is called "sharing consumer credit information" and it is a basic clause in every loan document/ ba…
Depends completely on the size and complexity of your company. I have seen many small businesses with less than 8 employees pay as little $50-100 per month. If you get quoted prices higher than that look in the local newspapers. Bookkeepers are usually accountants by day and bookkeepers by night. Th…
Yes, you can include your negative checking account balance in a
bankruptcy. Be aware that your account will be closed and this will
ruin your credit with this bank and potentially other banks.
I am currently in Chapter 13 and I can use my checking account the same as I did before I filed.Just make sure you don't use your checking account to pay any debts that you didn't list in your bankruptcy.
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It will probably be two or three years before you are able to open
up a checking account. Bankruptcy severely effects your credit.
There are many banks that will open accounts for those in chexsystems. Your options really depend on the state in which you live
peoplescashsolutions dot com (Peoples Bank in Paris, TX). This bank will give you a 2nd chance even with having bad credit and being on Chexsystems at the …
the banks credit card and your checking savings accounts are different. if you file bankruptcy they will check your available balance to see if you can make partial payments towards your creditors. only the IRS or government can freeze your accounts.
All SS benefits are exempt from private creditor action (benefits may be garnished for back alimony, child support, unpaid federal taxes and amounts due other federal agencies), most pension/retirement plans are also protected, although it is possible to garnish a portion of certain types. In regard…
There are banks that will help you regarless of your credit history. If you have been reported to chexsystems, your name remains on file for 5 years but there are also banks that do not use chexsystems
This has occurred recently to me. I called the bank to find out who placed the levy on my account. I then called the sheriffs office who handled the levy, who gave me file number and the attorneys office to contact. I immediately contacted the attorney who handled the judgment filing. I arranged to …
YOU SHOULD BE ABLE TO CALL ANY BANK AND THE'LL ADVISE YOU OF ALL CREDENTIALS NEEDED TO OPEN AN ACCOUNT.
Also, you may want to get a free copy of your chexsystems, telecheck and ews reports to make sure you do not have a negative report listed that could indeed stop you from getting an acc…
I don't know if this helps anyone or not but I know that I have a friend who had went to court several months ago over a dr bill. The judgment was set for her to pay so much a month. She missed a payment and then all of a sudden she started getting bounced check notifications in the mail. when she c…
Banks and credit unions report incidents to ChexSystems to protect themselves and other banks in the future. You get reported to ChexSystems if your account is closed for good cause.
Some banks will accept you once posted to ChexSystems list provided the debt has been settled. The only w…
The financial institution (bank or credit union) will publish their interest *rates*, and you can look for these rates in the branch, online, or if you givcall theiir customer service line. Really the question should be refined, because if you are talking about how much interest you are going to ear…
Take the account balance at the end of each day's business. Add all of these balances and divide by the number of days.Average Daily Balance is the practice of crediting an account from the day a payment is received or debiting an account on the day a charge is made. It is a daily tracking of what i…
possible. After my five years with chex systems passed, I opened a checking account and the bank closed it after two months due to my chex systems record. They froze it and then closed it without notice to me. I found out when the ATM card quit working. I then had to get Chex systems to write a lett…
The code is correctly named Uniform Commercial Code. It was developed in order to promote interstate commerce at a time in our country's history when commercial laws varied widely by state. While it's true that each state must adopt their own version of the code, the result of this effort has made …
The answer is No. Not unless you call and make a formal request. Even then they will tell you it is up to Chexsystems and it will stay on your credit report for 5 years. Chexsystems will tell you to call the bank. My advice is be clear about what you are paying for, ask questions and g…
Yes. All Wills are probated to be sure that out-standing debts are paid off and what is left in the Estate will be divided amongst one or more heirs according to the directions by the deceased in the Will. All properties, monies (in Canada Mutual Funds and RIFS ... for the retired) are a s…
The average monthly balance is calculated by adding the ending monthly balance for the period (usually 12 months) and dividing this by the period. e.g. For a period of 12 mos with an ending balance at the end of each month of $12 you would have 12+12+12+12+12+12+12+12+12+12+12+12=144 and 144/12= $12…
There are two things you should do. First, dispute the information with the credit reporting agency (you may have to dispute it with all three -- Experiean, TransUnion and Equifax -- if it appears on all three reports). This compells them legally to conduct an investigation and prove the information…
There are many methods, the simplest of which would be sending a query to all banks within a given radius and if they find your bank, then the writ of execution gets filed. Further, if you ever paid the debt with a personal check, then they already have your banking information. Lastly, you can be s…
Yes. Accounts held at a bank where a loan is also active can be garnished for repayment of the loan and applicable fees by the use of a "set off". The bank does not need to obtain a court order nor permission from the account holder to implement the action.
This must have been posted by someone in…
Answer Most banks that use chexsystems will not allow you to open an a savings or a checking account if you have been reported. There are more credit unions that allow those reported to chexsystems to open a savings if you are eligible for membership even if your chexsystems report is stopping you …
You would need to make right the bad checks that were written. Theres no other way around it. If you were also on the acct you would both be held responsible.
No, a checking account is not correlated to your credit score. The only reason why you have to give your social security # is to prove that you have no outstanding debt with any other banks. ______________________________________ Actually, there is a correlation. Having a checking account doesn't …
Paying off chexsystems will not remove you from chexsystems. There is no guarantee for removal but you can always file a dispute with both chexsystems and the reporting bank.
To dispute write to:
Chex Systems, Inc. 7805 Hudson Road, Suite 100 Woodbury, MN 55125
Absolutely. By using a check, you are agreeing to the rules set up by the processor of your checks. One of these rules is they charge you extra for bounced checks. Also, even if it wasn't legal for them to do this - you still have no standing. If you go to complain to the penal system, you wi…
Yes there are banks that do not use chexsystems and others that will only run a businesses name through chexsystems and not the signers when applying.
I know in California, once you get married, you share EVERYTHING. I would advise opening a separate checking account. Also, be careful if you own any property or vehicles together.
In the majority of US states most bank accounts even those that are joint can be levied by a judgment creditor.
The determining factor is how the account is established under the existing state laws.
Joint marital accounts in states that are held in Tenancy By The Entirety cannot be levi…
Drafting of bank accountThe IRS and if there is a judgment due to a lawsuit a "freeze" can be put on.
You are entitled to a FREE annual report from chexsystems. To order your report, go to www.chexhelp.com
You can use one of these methods to find out if you're listed on ChexSystems:Non free Chexsystem banks List,Free bad credit gude, Learn how get off chexsystems,Or looking for a pre paid visa card Don't give up there is a bank out there for you!!!!!GO TO: http://911chexsystembank.blogspot.com/
They can garnish your wages. Texas only allows a judgment creditor to garnish wages if the creditor has no other options available to execute the judgment. A judgment creditor can levy a bank account including a joint account or a joint marital account.Regular earned income (wages) deposited into a …
There are some banks that will aloow this but generally no. Most banks will run all signers on an account and will not allow you to be added to an account if you have been reported to chexsystems, There are some banks that do not use chexsystems at all and others that offer second chance checking.
Unless the person is the executor of the deceased's estate or is a joint account holder then he or she cannot gain access without an order from the state probate court.
You would need to order a copy of your report to see if you are reported or not.
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Banks use automatic checks as a payment service when the customers
do not wish to print and/or mail paper checks. They only need check
information to go through with the process.
It depends on the bank. Some require up to two weeks. Two weeks was typical in the past and many banks have refused to change policy after the electronic funds transfer took over the banking industry. Check with the bank and find out what their policy is. If they want to keep you hold on to your mon…
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signing over an annuityNot as long as the senior relitive is still living. The only problem you might run into is if a creditor has a lien agenst the annuity in that case you would not be able to collect the funds.If the relitive signed the check over to you and then past away before you were able t…
You need to locate one of the build sheets. sometimes you can find one on top of the gas tank. Also attached to the passenger's seat underneath or in the back panel of the seat attached to the padding. If you locate on use extreme care with it and put it in a clear plastic folder.