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Bank of America "Safe Balance Account"

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This may have already been discussed here - if so mods just delete this.

 

I'd never heard of this before - it's considered a second chance account so though I'm not sure but it sounds like anyone should qualify. $4.95 a month. No checks and you cannot overdraft as it will just decline payment if there are not sufficient funds.

 

This is basically a prepaid account.

 

https://www.bankofamerica.com/deposits/safebalance-bank-account.go

 

https://www.bankofamerica.com/deposits/resources/safebalance-personal-schedule-fees.go

 

https://www.bankofamerica.com/deposits/resources/safebalance-clarity-statement.go

Edited by Prepaid

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Very interesting indeed. Thanks for posting. I used to have a really high balance savings account years ago with B of A before my finances took a down turn. I wonder if I will qualify now as I am in chexsystems! I will try!

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Very interesting indeed. Thanks for posting. I used to have a really high balance savings account years ago with B of A before my finances took a down turn. I wonder if I will qualify now as I am in chexsystems! I will try!

 

Did you have any luck with this? I'm going to give it a shot also but waiting til after new years.

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This one is new for me. Will contact them plus research.

Note: BOA may run EWS (plus Chex) even for a prepaid card or checkless account. I've noticed the larger banks - and those affiliated with EWS will.

Edited by tmcgill

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This one is new for me. Will contact them plus research.

Note: BOA may run EWS (plus Chex) even for a prepaid card or checkless account. I've noticed the larger banks - and those affiliated with EWS will.

 

 

Really some Banks with prepaid products run Chex or EWS? Wow that would defeat the purpose altogether. Banks are strange sometimes. This product sounds like it's an appeasement to the CFPB. I'm in Chex and EWS but not for fraud so when I get a chance to I'll sit down with a BOA desk person and give it a shot.

Edited by Prepaid

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Some of the big banks (Chase, BBVA Compass, Wells Fargo) profile prepaid customers [just like regular applicants] to assess them financially, and see what other products or services they can offer They do EWS supposedly as a "fraud deterrent". Since BOA was one of the original banks that created EWS, I'm sure they run it as part of the prepaid approval process.

Edited by tmcgill

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Some of the big banks (Chase, BBVA Compass, Wells Fargo) profile prepaid customers [just like regular applicants] to assess them financially, and see what other products or services they can offer They do EWS supposedly as a "fraud deterrent". Since BOA was one of the original banks that created EWS, I'm sure they run it as part of the prepaid approval process.

 

I'll let you know when I give this a try, pretty sure I'm still in EWS.

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I spoke with a bank manager who had never heard of this she put me on hold then came back and said they offer it. I asked whether this was opened under the same criteria as a regular account and she said it was. I told her it was basically a prepaid account and she said no it wasn't it was a checking account. I laughed and said a checking account without checks or overdrafts.

 

I'll have to go into a branch and try to open an account because this branch manager knew nothing about the account.

 

Santander does not use Chex anymore and they are trying to add deposit customers whereas the big banks are trying to dump deposit accounts so they can more easily meet the Dodd Frank.

 

BTW I posted the fees for this in the first post.

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It looks like a second chance account without the second chance. BOA will run Chex/EWS to open. If you go into a branch to open, keep us updated on the process.

Edited by tmcgill

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I have the account, and I've had two BofA accounts blown up due to bad finances and ID theft. So far, I haven't been shut down. I applied online and was approved the next morning. I opened a regular savings account as well.

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That will be contingent on their current Chexsystems and EWS requirements. They use to approve depending on the age of your negative Chexsystems information. EWS is usually an instant decline.

Edited by tmcgill

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I thought I'd share my SafeBalance experience.

 

I had a bit of a row with BOA in 2009 and they closed out my accounts and did their whole "you'll never have an account here again" bit. Long story short, a check I deposited from a friend of mine was returned, they called it kiting, and basically told me they hated me and never speak to them again. I've tried a few times over the years to get an account with them again and they've always denied me on the spot. I always had applied online. When I heard of the SafeBalance I figured I'd try to apply and see how it went. Instead of an immediate denial, I was told to visit a branch to confirm my identity. I didn't really want to go to a branch and be denied a checking account but decided to take my chances.

 

Keep in mind, I'm currently in ChexSystems for a few misdeeds that happened 2013/2014. I'm also on Early Warning but for what I don't know yet (I'm having the toughest time getting my report from them). I suspect the EW is for a charge off with SunTrust from a few years back but I don't know for sure. I also still owe SunTrust a good chunk of money and I have been denied accounts with Chase, PNC, and two local banks. I have accounts with BMO Harris and Huntington Bank (see more about Huntington* below).

 

So I get to the BOA branch basically ready to be sent home empty handed but then something interesting happened. I asked for SafeBalance and the rep asked why. I told her an overview of the situation and she tried to talk me in to a Core Checking account. I didn't' want to push my luck. While she was opening the account she read a flag that came up. At first I internally sighed and figured that was that, but it wasn't a denial. She told me that there's record that I had a BOA account closed with a negative balance (I did in 2009) and that any balance owed will be deducted from my account. The option also exists to call their customer service department to set up a payment arrangement. I know for sure I paid off the balance but I thought it was nice they were giving out that option instead of immediate denial.

 

Once the account was opened the rep tried again to get me to open a Core Checking and said that if I was able to open a SafeBanking than I would be approved for Core. Still, I didn't want to push my luck. It's been about a week and the account hasn't been closed so I'm a bit optimistic it will stay open.

 

I want to give a quick shoutout to Huntington Bank. If you're in the midwest where they serve I highly recommend them. I can confirm 100% that they don't pull ChexSystem because they are not listed on my recent report. I don't know about EW or Telecheck, but if I was able to open accounts with them, they must have relaxed rules. Check them out if they're in your area.

 

 

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Did she tell you they will deduct money from your account? I had a past balance from a old account with a bank that BOA took over. What number can I call and make arragements?

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"She told me that there's record that I had a BOA account closed with a negative balance (I did in 2009) and that any balance owed will be deducted from my account."

 

This intrigues me a bit.

 

I realize a 'statute of limitations' is something we usually associate with most types of credit accounts, but you'd think there'd be something similar w/bank accts...maybe, maybe not?

Is there any type of 'statute' in situations like this...OR...will BofA (or any bank in a similar situation) essentially have first dibs on any deposits that you make...I don't know, let's say, forever???

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Doesn't apply. You sign an account agreement allowing them to take the funds out of the account.

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Another update from me. It's been over a month and the Safe balance account is still open and going strong. I don't know if BOA relaxed their approval guidelines for these accounts, but all seems to be good.

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I was just able to open a Safe Balance account. I am sure I am in Chex and EWX. Don't intend to use this account for anything just yet. Am going to make sure that it stays open for several months before I use it for direct deposits.

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