I am receiving a settlement check in an amount that totals over $10,000.00 and the insurance company's bank that the check was issued by is Bank of America. I currently do not have a bank account (on Chexsystems) and the only one I had open (bad idea) was a Bank of America account that closed for insufficient funds around $350.00. Many people have told me that I can take the check to my local Bank of America and with sufficient identification they should cash the check since it's their check and the only "bump" I'll probably run into is a hold if the bank doesn't have all of the cash at the branch and I may have to wait a few days to receive it.
I want to know is the aforementioned accurate? I don't have ANYWHERE else to cash this check other than a check cashing place and I would rather AVOID them especially in such a high amount check and I can't just sign the check over to a business for my bill as this is a finalized settlement that I will be paying over 7 different bills (companies) for....ANY HELP would be greatly appreciated!!
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.