How can you hide your bank account from creditors?
My son just got out of prison about a year ago and was finally able to get a job. Because he was locked up he fell behind on a lot of bills and has creditors after him. Even though we are Americans, he took a job that illegal immigrants usually do, painting houses, because they pay cash under the table and don't even ask your name.
Last summer on a road trip to Utah, I saw a really small bank along the way in a small town in South Dakota. I got the idea that a creditor could never find that bank account since it was a small bank with only two branches in that South Dakota town. I told him to lie to them and say we were moving there and that he needed to have a bank account in town.
Since he has bad credit and marks against him on Chex Systems I asked if they did any type of check and they said no. They simply said that the first 90 days he was on probation and if anything went wrong with the account they would close it. We ordered the free Chex Systems report and there was nothing on it from this bank.
When my son gets paid, in cash, he goes to a bank in our area or a check cashing store and buys a money order with the cash. He makes the money order out to cash and then deposits it in his South Dakota account with a mobile app. And of course he doesn't use bill pay or any transfer features on the account.
He has another account that he has used before so there's a paper trail. The creditors tried to levy that account but there's only $25 in there.
- Anonymous5 months agoFavorite Answer
No wonder your son ended up in jail. Look at his parent.
- JudyLv 75 months ago
If they really look, they can find it.
- Anonymous5 months ago
You can't....your SS number is attached to your bank accounts. Interesting he's a felon committing tax fraud while getting paid under the table.
- KiethLv 75 months ago
If you have a bank account, it is free game for creditors. He would have to keep the money as cash to keep it invisible. If you took out a bank account in your name, but he used it for his money, you could be charged with conspiracy to commit fraud, a felony.