Establishing Bank Accounts After Bankruptcy

Establishing bank accounts after bankruptcy is a relatively easy task. Opening a savings account will not require the bank or credit union to obtain a credit report since you are not making a request for borrowed funds. Should you wish to open a checking or other transaction account, many financial institutions will obtain a report from one of the agencies that maintain databases of “negative information” regarding NSF checks or other problems that people have encountered managing checking accounts. Non-payment of fees, third-party NSF checks consistently included in deposits or other recorded problems one has had managing such an account. While bankruptcy information should not normally appear in the data base, if there were circumstances that may have caused problems with your previous checking account, you may need to explain the situation before you’ll be allowed to open the account.