Opening a new bank account when you owe banks money?

Tips and Deals Forums Consumer Credit Opening a new bank account when you owe banks money?

This topic contains 3 replies, has 2 voices, and was last updated by  Anonymous 8 years, 5 months ago.

  • Author
  • #209322


    My co-worker asked me if I could find something out for him. He currently does not have a bank account and gets paper paychecks and he would like to get an account* again so he can get direct deposit. He told me that he owes a few banks small amounts of money, $50 here and $50 there. He said he has never used checks so there aren’t any bounced checks. Is there a bank or credit union that would give him an account with him owing money to a few banks? I am not sure how many banks he owes money. I know he owed BoA and US bank money.

  • #442327


    Nothing wrong with having a float. Student loans are far superior though – interest rates on credit cards will hurt in the long run.

  • #442328


    You should take out a student loan. Most loans do not charge interest until your graduate so that is far better than owing money to credit card companies.

    You can however get a credit card to start spending money until your loans paper and everything is complete.

  • #442329


    You will definitely want a loan instead of a credit card. Credit card you earn interest while in school regardless and often backfires in a situation like this. Loan no interest charged while in school, and you don’t have to make payments while in school. So you have more breathing room to build up and save then pay it off.

    I am leaving a link to explain the difference between subsidized loans and unsubsidized loans, to further explain student loans.

You must be logged in to reply to this topic.

Register New Account
Reset Password