Have no checking account. Depositing large check. Please advise....

[neveragain2014]

So here is my situation:

 

-My checking account was closed after an overdraft and that amount plus fees (~$700 with fees) were put into Chexsystem

-I have a closed, charged off credit card account where I owe ~$3500, with Capital One

-Capital One merged with my old bank so both accounts are with Cap1

 

I have no checking account. I use Serve, and cash. I also have a ReadyDebit prepaid account that I dont actively use anymore (Serve is better)

 

I am about to receive a large check for helping some relatives renovate and sell some property. Next week I will be receiving a 4 or low-5 figure check.

 

How and where can I deposit it?

 

I have not tried to open a checking account and have not had the funds to payoff the accounts until now. I would like to negotiate my settlements in good faith and start a checking account somewhere without Capitol One just taking it off the top.

[BRBiz]

So here is my situation:

 

-My checking account was closed after an overdraft and that amount plus fees (~$700 with fees) were put into Chexsystem

-I have a closed, charged off credit card account where I owe ~$3500, with Capital One

-Capital One merged with my old bank so both accounts are with Cap1

 

I have no checking account. I use Serve, and cash. I also have a ReadyDebit prepaid account that I dont actively use anymore (Serve is better)

 

I am about to receive a large check for helping some relatives renovate and sell some property. Next week I will be receiving a 4 or low-5 figure check.

 

How and where can I deposit it?

 

I have not tried to open a checking account and have not had the funds to payoff the accounts until now. I would like to negotiate my settlements in good faith and start a checking account somewhere without Capitol One just taking it off the top.

The thing with Chex entries is you either pay them in full or don't bother. When you settle it states that on Chex. So in the eyes of a lot of banks the debts were really never paid and thus they will not open a account for you. A paid Chex entry can still get you declined at some banks but leaves a lot of places open.

 

There are a good amount of non Chex banks listed let us know were you are located or there are also numerous online banks.

[neveragain2014]

 

There are a good amount of non Chex banks listed let us know were you are located or there are also numerous online banks.

 

 

Maryland (DC metro). And cyberspace.

[neveragain2014]

Anyone have more insight on this?

 

I'm looking for a bank that will open a second-chance account. I have unpaid Chex entries (that I can pay--but I'm in a catch-22 for now).

 

I received a pm about opening a Walmart prepaid account, but it seems they only take printed checks--I will be getting a personal check.

 

I'm looking at Woodforest (not sure I can do it yet) and wondering if there are other options in Maryland/DC/online.

[tmcgill]

Consider opening a credit union savings with penfed.org or mecu. Penfed is picky about credit, and mecu requires paid Chexsystems entries.

Note: Any bank or credit union will put a hold on a deposit of that size, especially a new account.

[neveragain2014]

Thanks I'll look into both of those. Yes I'm expecting a hold.

 

I'm also wondering if a savings account would be easier. I need a place to deposit the funds, but don't really need another method for day-to-day transactions.

[CG in TX]

If the check is drawn on a bank that has local branches, you should be able to cash it there.

[neveragain2014]

Woodforest worked out fine. Thanks for the advice.

 

CG in TX, thanks for the tip---once I knew which bank my check was coming from I used your advice and just took the cash from there too Woodforest.

 

Now I'm working my way out of purgatory...

[tmcgill]

Good tip from CG in TX!

 

Hey, it gets better. Treat your accounts like gold, and keep a backup account. I'm fanatical about what goes out and what comes in to my accounts. I log in and check transactions daily, and am careful now with my finances.

[dredee0]

Do Woodforest if its near you.

[MasterCharge]

So here is my situation:

 

-My checking account was closed after an overdraft and that amount plus fees (~$700 with fees) were put into Chexsystem

-I have a closed, charged off credit card account where I owe ~$3500, with Capital One

-Capital One merged with my old bank so both accounts are with Cap1

 

I have no checking account. I use Serve, and cash. I also have a ReadyDebit prepaid account that I dont actively use anymore (Serve is better)

 

I am about to receive a large check for helping some relatives renovate and sell some property. Next week I will be receiving a 4 or low-5 figure check.

 

How and where can I deposit it?

 

I have not tried to open a checking account and have not had the funds to payoff the accounts until now. I would like to negotiate my settlements in good faith and start a checking account somewhere without Capitol One just taking it off the top.

 

You know you can simply deposit the checks to your serve account right, you can use the mobile deposit feature.