towhook Posted October 27, 2006 Report Share Posted October 27, 2006 I owe MBNA about 6.5k. This now reads BOA MBNA on my report (they merged, I read). I also have on my report that it was sent to HILCO REC (collections) about a year ago.My question: Am I safe opening a bank account with BOA? Can they just take money out of my account? I recall coming across some disappearing money stories on here or chexvictims that worry me.Thanks. Link to comment Share on other sites More sharing options...
direred Posted October 27, 2006 Report Share Posted October 27, 2006 Not unless they cross-collatoralized (however it's spelled), and I don't believe BofA does. It's common for credit unions to do so, though. Link to comment Share on other sites More sharing options...
towhook Posted October 27, 2006 Author Report Share Posted October 27, 2006 How do I determine if they cross-collatoralize?Does it make a difference if Hilco has the debt now? Does a collection agency actually purchase the debt, or are they just sub-contracted out to collect on it? Do they pay for it up front, or only when/if it has been collected? Link to comment Share on other sites More sharing options...
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