Posts: 66
Credits: 1,394


Send message to luv2laugh
Sub: #1 Direct Deposit to new checkings account?
Replied on 05-15-2008, 10:33 AM
Reply With Quote

So, my husband and I both receive direct deposit to our checking accounts with Wells Fargo, a bank we will be trying to settle our credit cards with.

Do you recommend that we open a checkings account with another bank so that Wells Fargo does not have a record of how much money we are receiving? or does that not really matter?


Moderator

Posts: 1,821
Credits: 10,356


Send message to mobile0311
Sub: #2
Replied on 05-15-2008, 11:17 AM
Reply With Quote

Yes , change banks asap. You have whats known as cross collateralization which basically means if you stop paying on a credit card and you bank with them they can just take the money from your checking or savings.




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -8. The time now is 05:24 PM.





* Disclosures:
  • By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  • Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
  • Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  • Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  • The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.044 seconds.