I don't have a checking or savings account. If I have accounts in collections, do I have to pay those accounts before opening up an account?
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The answer is, it depends. If the collection accounts are at the bank where you want to open the account, they may require that the collections be paid first. Further, if you open a deposit account there, they can take that deposit immediately and apply it toward the debt you owe them.
If the collection accounts are from an overdraft, any bank may opt not to allow you to open an account which can be overdrawn because your track record says you can't always pay this back. That leaves the bank with a loss.
Some banks may not care and may allow you to open either a checking, savings or both. It really depends on the policy of the bank. You won't know until you ask.
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The answer is, it depends. If the collection accounts are at the bank where you want to open the account, they may require that the collections be paid first. Further, if you open a deposit account there, they can take that deposit immediately and apply it toward the debt you owe them.