Chexsystems - how many new accounts are too many

[umfor]

I frequently do bank bonus deals -- $100 from WAMU for opening a new account, $76 from BOA, etc etc. I open the account, fulfill the requirements, withdraw the bonus money, close the account and move on. I'm well enough organized to do this without missing anything, and I always get my money.

 

I've heard that opening too many accounts at one time can get you flagged in chexsystems even if you never bounce a check. I vaguely remember rumors that more than 3-4 accounts a quarter (3 month period) will get you flagged, but I don't know if they are right or not, or even if I remember them accurately.

 

Does anyone know the safe limit to the number of accounts that I can open in a given time period before risking a bad report in chexsystems?

[mca]

I am not positive on any of it as well but I do know that I have had many people over the years that have told me they were denied accounts when they had not actually been reported to chexsystems. Apparently too many inquiries can be considered suspicious and they will flag an account indicating possible fraud.

 

Of course the inquiries would only show up if the banks and credit unions that you are applying at are ones that use chexsystems. If you order too many checks through Deluxe or any of the partnering companies, they will track that as well and much the same as opening a new account at too many banks, ordering too many checks can also cause a problem since all of this is tracked

[cashnocredit]

I am not positive on any of it as well but I do know that I have had many people over the years that have told me they were denied accounts when they had not actually been reported to chexsystems. Apparently too many inquiries can be considered suspicious and they will flag an account indicating possible fraud.

 

Of course the inquiries would only show up if the banks and credit unions that you are applying at are ones that use chexsystems. If you order too many checks through Deluxe or any of the partnering companies, they will track that as well and much the same as opening a new account at too many banks, ordering too many checks can also cause a problem since all of this is tracked

 

I got my free annual report from ChexSystems and it was completly blank. No nothing. Since I had opened at least 2 bank accounts within the last year, one of which absolutely does use Chex, it would appear Chex does not capture inquiries. If anyone has been turned down for a bank account they have a right to know what CRA caused that and what it said. Get a free AA report and see.

 

ETOA:

It had been about 7 months since I had opened the account at a bank that used Chex. Perhaps it was there and dropped off early.

Edited September 15, 2009 by cashnocredit