CHeck Systems

[maryv]

I have another question, I went over on my checking account and bounced a couple checks (they've been paid already) but what if I were to go into a WalMart for example to cash a check (i.e., tax refund or pay check) would they cash it now since I'm in bankruptcy or would I still need to wait the 5 years or whatever before my name comes off the list.

I'd rather cash my checks at WalMart (they only charge $6) as opposed to the currency exchange (I closed out my checking account).

Thanks as always in advance.

[jq26]

I don't think bankruptcy has any bearing on check cashing. It isn't credit related, is it?

Why would anyone, in bankruptcy or out of bankruptcy, ever pay to cash a check? Did someone tell you to do this? I'm trying to figure out the rationale here so the board doesn't steer you wrong.

[PeteyPie]

She's saying she doesn't have a checking account anymore, like many Americans, and needs to cash her pay check. Many banks will charge a fee to cash a payroll check DRAWN on their bank. (BoA charges $5 on their own checks if you don't have an account.)

There are other check cashing services, some take a percentage, others a flat fee. Wal-mart will cash your check for a flat fee of $6 contingent upon information gleaned from ChexSystems, a CRA for paper instruments. As a CRA, ChexSystems is bound by the FDRPA.

Edit to the OP: I forgot to add, ChexSystems reports account mishandling for only 5 years, then you can get another checking account. You can also follow the advice here on debt verification and maybe with a bit of luck, get those items removed.

[jq26]

Get a checking account at a credit union. You should not have to pay to access your own money.

I thought she was choosign NOT to have a checking account because of a bankruptcy issue. And maybe the BK attorney was hinting that her funds should "lay low" in cash. But the bankruptcy has no bearing. Any earnings post-filing for BK7s are not part of the estate.

[maryv]

Thank you both. I think I will get a credit union account.

Have a great weekend!

[Methuss]

Credit unions have pluses and minuses. Research it thoroughly before you go that route. For example, a credit union can be more troublesome to get your own funds out of if you have future financial problems. If you take any sort of loan or have a credit union issued credit card they can take your deposited funds by off-set. They operate under a different set of rules than banks; so just make sure you understand how they work beforehand.

[maryv]

That's good to know. Thanks Methuss!