BOA settlement, should I close checking account?

BofA has been known to take funds from your checking account to pay other accounts you have with them. It might be a good idea.

Yes, I agree with either closing your account or keeping it nearly empty so they do not take your money. Once your settlements are complete and you have the settlement document, you should safely be able to use or reopen an account with them.

Thank you so much, that's exactly what I'm afraid of, I would not want to wake up one day without money for basic stuff.

leonard .... Yes , I agree 100% with dan .... I personally would close your bofa accounts and move to another bank ...

BofA did this very thing to me at about 60 days late !!
I had a biz line of credit ... was late on a 700 $ payment about 60 days

Then bam !! they took it right out of my checking ..

I was going to move my checking account .... and I kept saying " Im sure I have another month or so...." but about a week too late.

So be careful.... they gave me no notice .... since then I have settled all my bofa's for about 15 % of balance at about 170 days late .... pre chargeoff !!

They were stuck at 25% for a long time ... then briefly to 20 % ... I pushed my luck and it paid off .... got 15 % and all settlement letters in hand !

Wow, that's exactly what I was thinking: "maybe I should do this next month or next week"
I already started the paperwork to have another checking account.

Actually, my wife has a business checking account with credit card included. I will need to move her account as well cause they are linked to my account. Uff, not fun, but better be prepared.

In addition, I was surprised yesterday when AMEX called on a credit card that is just a few days late (9 I think), and they offered to take money out of my BofA account they already have on file... I told them not to do that, but since they have the information, it could happen that they might just do it. It's even more urgent now to close the account.

Thanks again!