Hello All,

I am brand new to this forum, and I'm hoping someone here can help me, or at least point me in the right direction.

I have recently finalized receipt of an inheritance, which has taken years to resolve. The amount, to me at least, is relatively large - a bit over a half million dollars, total. That is the good news.

Also, a quick side note, if I may: I noticed that this board is oriented toward watching for scams, so I will tell you up front that everything I am about to say has full documentation, involves established banks, bankers, attorneys, and related financial professionals, who can and will back up everything I'm posting here. Also, please note that the only thing I'm seeking directly is advice; this situation does not involve and special requests for assistance, or anything like that.

Last week, the Fiduciary Agent managing my family's Trust, was prepared to initiate a distribution to me, of roughly a quarter-million dollars.

However, I have recently moved cross-country, due to a job loss, and bottoming out financially, which included an eviction from a former residence, along with having to close two checking accounts while they were in overdraft status (a few hundred dollars, each). These account closures show up on Chexsystems, of course.

I went into a small, regional bank in my new state last week, and they almost laughed me out of the place (not really, they were professional - but one look at Chexsystems, and my credit report, and they professionally showed me the door).

I returned a couple of days later, thinking that a detailed conversation with one of their executives might make a difference, and the executive indicated it would (meaning: he accepted my story as reasonable, and agreed that a large opening deposit, wired directly, would help balance out their reluctance to work with person who is a proven consumer checking risk).

However, when the Operations Manager reviewed the details (including a full credit report that I did not direct authorize them to run), the declined to do business with me.

I then went to one of my former banks, explained the situation, and told them that I would of course re-pay them in full, while also making a significant deposit, and creating accounts according to their wishes, so that they would feel comfortable. For instance, maybe buying a couple of CDs, and/or opening an IRA and/or a Savings Account, as "security" against any bad checking habits I still may have (in terms of any bank's perception of the risk).

They called into a regional / corporate office, who pulled my account history, saw the details (account closed at about $850 overdrawn) - and declined my business, even with the promise of a quarter million now, and an equivalent amount in thirty days or so.

What has changed in the last couple of business days, is: for tax reasons, the Estate had to issue a distribution to the heirs (of which I am one), so they sent me a cashier's check for around than a quarter-million dollars (very strange to see, especially considering my history!)

My question is:

Considering the scenario I've described, and having been shown the door (after being told the bank would work with me), twice - will the actual money-in-hand make a big difference?

If not, what would you suggest, as far as best options for financially "normalizing" as much as possible?

Fortunately, one of the attorneys involved had the foresight to suggest wiring a small (few thousand dollars) amount into a friends's bank account, who then Western Union-ed some of it to me (WU is very expensive, so I'm seeking better / cheaper options to get the remainder).

I'm considering a pre-paid VISA card (which I will, of course, pay off every month) for things such as cell phone contracts, and monthly bill-pay ... but that still doesn't solve the larger problem, of being able to access / use / invest the larger sums of money involved (which, as I'm sure you realize, is far from all mine - a good portion will be taken by taxes; apparently the Estate figured out that treating it as income, and paying those taxes, creates less of a tax burden than the Estate paying the taxes and then distributing the money).

So, it's an unusual situation, and I certainly don't expect too many tears on my behalf ... and any / all suggestions will be very much appreciated.

Thanks,

Sakti

PS - As a reminder, any bank I talk with will be able to speak with bankers, attorneys, fiduciary, CPA, etc., to verify my story, and obtain (if/as needed) applicable documentation, etc. And, I of course have government issued I.D. (They can verify the money, and I can verify me. )

First and foremost, I am not a banker. This reply may be deleted by the moderators before long, so hope you get it before then. I have known a number of people in exactly your position and have, at one time in the distant past, been very near that position myself and now have a credit rating of 820+. My response to financial institutions then, and now, was: [Thumb to Nose] "If you didn't have faith in me then, forget you now", as I get bulk mail offers from them every day and mail back the empty envelopes. I'm sure it drives them crazy.
Seriously, What did I do? Deal exclusively in Cash and privately buy lotsa gold and silver to preserve purchasing power! BTW the Gov hates that too. Buy a disposable cell phone ($20 at Walmart) as your primary phone and, if you're not already situated, rent an apartment that includes all the other utilities, with whatever months deposit they demand (you'll more than likely get it back eventually).
But if you're not that gutsy. My second strategy would be. Demand the settlement in cash from the atty. If he has a major problem with that, take a large friend, get the check cashed at the originating bank (in cash is always fun: 2500 x $100's only weigh 5 pounds). If possible, take the issuing atty with you (they'll do anything for lunch at a classy local restaurant) and then ask THAT BANK to open an account with that as the opening deposit. If that doesn't work, I've found few brick-n-mortar banks which will resist a heavy stack of real Franklins to open an account assuming your SS# exists and matches your photo ID and you're not on a "person of interest list". Granted you might have to stoop a little lower than those you see on TV to start. If that doesn't work, look for a very secure Safe Deposit Box in a local place, if you can't get one at a bank, and... like I said, deal in cash, and pay off all your old debts, and wait until the stigma has worn off your credit record. Prepaid credit cards can be an option, but overly expensive, and not all that effective. It would probably be better to convince someone you can trust and trusts you (spouse, sibling, parent) with good credit to open a joint account to quickly re-establish credit.
You may also be able to convince the atty to set up a trust account for you where you can write checks and have a debit card, but that often costs a lot of unnecesary money, but it doesn't hurt to ask.
Good Luck Pal.