new checking account question...

I have never heard of this, and I owe a bank money and they never went after my new account...I believe that just like any other creditor or collector, they have to go through the proper channels to get the money.

I am surprised the US Bank didnt see the previous bank incident on Chexsystems...

But like golden said, especially depending on how long its been, banks typically dont wait in the wings to nail your new account. They will collect some other way or typically rely on Chexsystems to flag you which will prompt you to pay them in order to open a new account anyplace else.

Ok...time to clear this up. I'm a new accounts person at a GREAT bank...pm me if you want to know more....and here's the low down on new account holds and chexsystems. If the bank you owe money to reported you to ChexSystems, the new accounts person at US Bank would have told you, and most likely refused to open an account for you. UNLESS you're in some kind of second chance account. Even then, you would know it. So, unless US Bank is presented with a court order to place a lien or garnishment on the funds in your US Bank account, you will not lose your money. Now, if you previously owed US Bank, they are totally within their rights to do a right of off-set on your new account. OK...hold policies....new accounts, usually in the first 30 days of a new relationship with a bank....causes there to be longer than normal holds on checks over $100 deposited. They more than likely won't even allow you to cash a check over $100 without there being funds available in the checking account to hold in it's place. So, whatever you do, don't spend money that you know is on hold. Ask the teller at the time of deposit if there is a hold on any of those funds you deposited. DO NOT DEPOSIT INTO AN ATM! It ALWAYS holds anything over $100, even cash, until the next business day, at least. Besides, you want a teller name or number, date and time of deposit on a receipt. I hope this helps to clear things up. :P

Thanks swedish...but I dont think anything was "unclear" as you referred to "clearing things up".... but you provided some great additional information! Not to get into a "banking war" here :) but I too work for a bank, the 4th largest in the nation, but not on the retail side...I am a VP head of fraud and compliance.

You have given us WONDERFUL INSIGHT, swedishgirl. We all appreciate it.
:lol:

ladybug

Question for all of you. What if a checking account was closed at one bank for overdrafts, etc. and the person is making payments per a agreed arrangment on the charged off closed account and this person went to a new bank no relation to the old bank; is there anyway or would the old bank have a reason, if they could, to go to the new bank and take my money?

just curious, I would think they cant.

thanks,
Luke

I think they would have to go to court for that. I haven't seen that too often. I guess it would depend o if it was worth their time and money to go to court for it.

I agree. I dont think that one bank , can go to another bank and withdraw your funds. It just legally does not seem right

They cannot....

I think that maybe we are all so scared and paranoid about these illegal cpmpanies hitting our accounts and stealing our money, that we (at least I ) forget about legit places like banks, that follow the law and can not just take from us. I believe for a bank to do that (and I never heard of it happening )it would have to be done thru a court,

Yep kash you are correct....banks have to play by the rules to keep in good graces with the OCC.

I was in the same situation. i had SOO many overdrafts, at the first bank, I just couldn't 'gt ahead' with it all. So, I opened an account with a second bank. However..by the time I opened a NEW account, my OLD bank had already 'closed' the account, "because of NSF's." Well...to make a long story short, the NEW bank wasn't told about this when I opened the NEW account and the OLD bank tried to 'debit' money, to pay for the NSF's. The OLD bank couldn't it..I don't know why, but, I was told they just couldn't ( this was told to me, by the manager of the NEW bank). Anyway..the OLD bank just had to 'eat' ( lack of a better word) the OLD NSF's.

:idea: SD-Hold onto your new account as long as you can...chances are that they (old bank) reported you to Chexsystems which will alert the new bank ( if you decided to open another new account) tht you have an outstanding balance.

SD, How did the old bank get your new bank info. If they closed your account for NSF did they report you to chex? Did the new bank close you account? I am always so paranoid about people getting my new info. Even banks

Good point kash..

SD-You know for a fact that the old bank tried to debit?

Seriously, 99% of the time you will be okay with your new account. The other 1% is virtually immpossible to stop because of id theft and chance.

If you do everything in your power to protect your account information, you will be safe. If you still worry, my suggestion would be to open several accounts at different banks and spread your money out. That way your money isn't all in the same place, and if something happens to one account, the others are still good.

Goudah , I have taken your advice on this when you first mentioned it. It is probably one of the best things to do.I now have 3 accounts,and have my direct deposit split between them. I do feel safer. For some reason I seem to be more paranoid than most about banking info getting out.

Hey! I wasn't meaning anything facetious when I was saying I was going to clear this up. You were very clear, volley ball mom. I just get to feeling like a broken record sometimes here at work, but my main thing is that I want to be sure I'm helping people the best way I can. This whole forum is a wonderful place to get info, and I'm glad to give advice to people that are in the same position I was a year ago.

swedish..its alllll goood! :D You have a TON of good info!

swedish, you were simply being blunt and sharing your job knowledge. Not to worry about how you come across as I have seen tons worse and welcome banking knowledge to help everyone here.Hell when I have a rough day as a mod some tend to find rocks to hide under so you are very sweet compared to a P.O. mod when he is trying to keep a forum up and running. :lol: