Bad Credit, No Bank Account - Big Inheritance?

Question

I've had a rough few years financially, and no bank I've talked with will give me a checking account, based on two accounts that were closed with money owing. One bank also pulled my credit report (I didn't authorize this), and it is horrible. I feel badly about all this, but am ready to fix it. I just got a large inheritance, and have the large cashiers check, in my possession (the bank that manages the family Trust was going to wire the money, but I have no account to wire it into). I also need to get a VISA-Debit card, the kind that normally comes with checking accounts, these days. So, Item number #1 - find a bank who will open an account for me, based on the info above., Item #2 - If they won't give me a checking account, set up a pre-paid VISA with a decent balance. I thought getting a bunch of money would "erase" my undesirable status with banks - but apparently not. I've gotten many suggestions from friends, family, even attorneys - and everyone seems mystified. Please Help!

Answer 1

I agree with the other posters about opening a savings account. If it's been awhile since you were placed on Chex, many Chex banks/credit unions will allow you to open a savings.

You might also go to http://www.chexvictims.com
They have an excellent database of banks and credit unions that do not use Chex when a person opens either checking or savings.

Answer 2

My suggestion's are from a personal banker's point of view. I would suggest talking with either a personal banker at a bank.. or the Manager of the bank... make a decent deposit to an account that you can not draw from for a specified time period, like a CD....... ANY bad credit history that you can possibly pay off with inheritance.. have that bank make our cashier checks for... then put the rest in a savings account...If the bank will still not allow you to pen a checking account... I will be honest.. the smaller community banks.. or credit unions are usually a little easier to work with.... .

The banks just want to make sure they are covered in case anything goes wrong... I think you can understand that.. right? So what you need to do is make sure they have what they need to be covered in a worst case scenario...

Good luck.

Answer 3

Having a foul credit on my own won't be the biggest barrier to beginning a sparkling economic organisation account. the biggest undertaking is having a damaging ChexSystems rfile when you consider that maximum banks will do a ChexSystems verification ahead of beginning a sparkling account and could deny all and sundry with a damaging rfile on checklist. That being mentioned, there are some banks which will open a economic organisation account to all and sundry. Peoples economic organisation and TAB are 2 stable examples. regrettably, those banks don't have branches around the rustic making them a touch inconvenient selection. a great option for people who're no longer able to open a economic organisation account is utilising a prepaid debit card.

Answer 4

Once I was in a simular situation. Some Credit counseling agencies have a program that you can attend a meeting counseling you on how to manage your money and as long as the bank is paid off there have agreements that they will open up and account for you. The company in my area is called Consumer Credit Counseling. Call around to see if any in your area do the same. As far as a debit card, I use www.netspend.com But they do have limits to how much you can deposit. Go to their website and see. They give you a visa or mastercard and you use it just like a debit card and you can also set up auto payments through them and/or have them mail checks directly for you. You can also set up a free savings account. I love them. Good luck, I hope this info helps.

Answer 5

Start by trying to open a savings account. Another responder's suggestion of a CD is good. Try credit unions as well as banks. Once you have an account of some sort, you can draw on it to pay off anyone who needs to be paid off.

Answer 6

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 7

try to open up anything that runs your social, (cell phone contract, credit cards that are offered to people with bad credit, or just anything else) or if anything if you know someone that has a credit card and good credit, someone who you trust or trust you, ask them if they can put you as an Authorize user, thats how i satrted my credit, by somoneone else. make sure they use your social security though, cuz there's some cards that you can be added as an authorized user but all they need is your name, so it doesnt help you. Good Luck

Answer 8

Put the money in a savings account or a CD or Put the money in a safe deposit box or get the cash and keep it in a safe or you could have somebody co- sign on the account which makes them liable to.