Internet's first get-out-of-debt community - 168,000 members

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?

Posted: Thu May 15, 2008 11:17 am Subject:

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.

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Direct Deposit to new checkings account?

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