This is quite a tricky question to answer because there are so many different things that will be analyzed in such a situation. Whenever you apply for the use of banking services in Wichita, KS, the bank will take a look at your credit history in order to decide if you can be offered credit or not. This check is also performed in order to see if you would pose a risk when you become a client.
When going through bankruptcy, many things change. You basically end up losing a lot and the application for credit is usually declined instantly. However, although this is what would happen, it does not mean that you cannot use other services that banks offer. It is true that banks and various financial institutions have mixed databases that are used in order to have information about potential clients. This is especially possible when using the same reference agencies for credit purposes.
Services You Might Be Offered
The good news for people that are faced with bankruptcy is the fact that they can use some basic banking services in Wichita, KS. This is actually a very good idea because it will help increase credit score. You are basically given a chance to prove that your financial stability is improving. The banks will usually allow you to pay with a check or deposit with cash in local branches but you are not normally offered direct debits, debit cards, internet banking or standing orders.
Opening The Personal Account
When you open a new personal account following bankruptcy, various account types are actually presented for you. They are usually basic accounts. Because of the bankruptcy, you will most likely not have access to guaranteed accounts or accounts with credit check requirements. However, your personal account can be created. It can be used to make some payments and you are allowed to use services and features that are still beneficial for you.
There is a possibility that the bank will also allow you to have a debit card. However, credit cards are never issued and linked with your personal account. Absolutely all the banking services that you are entitled to in Wichita, KS when you are bankrupt are basic. To put it really simple, you will not be offered any money by the bank. You can just use your personal account for savings and debit based operations.
In most situations a personal account has an associated monthly fee that you need to pay. It is small but you have to take it into account when deciding what to opt for. That monthly fee is not a bad thing though because of the fact that it guarantees you will not face any other bank charge when missing a payment or when you go overdrawn.
In conclusion, after a bankruptcy, you are offered the possibility to use some of the services of the bank but you do not gain access to all of them. Everything that is labeled as personal banking is possible but anything that would be business related is not.
If you recently went through a traumatic experience due to bankruptcy or you just want to use very good banking services in Wichita, KS, make sure that you consider the services offered by Southwest National Bank.
