Bank of America - should I be worried?

[evileeyore]

So I'm on Chexsystems; one entry from Wells Fargo that should be falling off in late spring 2010. While I've lived with no checking account for nearly 5 years, I've been having problems lately cashing my payroll checks and I'm getting pretty desperate to get a bank account. My employer banks through Wells Fargo, and while I've been able to cash my checks there over the past ~5 years, apparently they had some policy change where they won't cash if you owe them money (and they look your information up in their computers to be sure). Or maybe they've recently decided to actually enforce this policy, because the branch that I've gone to for the last 2 years will no longer cash them for me, and neither will any other branch I've tried in my area. I've basically resorted to having to cash my checks at Winco Foods, because check cashing fees are ridiculously high and Walmart can't cash checks from my employer for some reason.

 

So anyway, over the weekend, I went on a psycho crazy online bank application frenzy, applying just about everywhere in my local area that had an online application (rather than hauling my butt all over town); even though I probably shouldn't have due to all the inquires that will be made, but I just was tired of it and was hoping that something would bite and I would get someone to accept me.

 

Bank of America approved me today. I'm totally shocked, stoked, and scared at the same time. I've read a number of stories about people who had accounts opened online, only to have them closed randomly sometime later. The interesting thing is, that not only do I have a charge off with them from a credit card I had 6 years ago, but I'm also fairly certain that the checking account that I had with them 6 years ago was closed on a bad note. I can't remember for sure; I don't remember being overdrawn, and I don't remember ever seeing them on my Chexsystems report, but I also can't recall why I don't have that account anymore, so I can only assume that it was closed for something I did wrong.

 

Should I be worried about using this account? How often does it seem like they close accounts for no reason after approving them? Is there any real reason why they are approved and then closed, when clearly they have run my background check and should know my history, which probably should have resulted in denial?

 

I'm not really sure what to think. Thoughts?

[havepeace]

I don't think you have anything to worry about.

 

When I moved cross country years ago, I was in ChexSystems, and BofA was the only bank that let me open an account. I also have a CO from them on my report currently, and they've never made a move to collect on it.

 

Just be careful as their fees are exhorbitant, but I've found that as long as I bank responsibly, they're fine.

 

If you are still worried that they may tap your account, you may want to open a Savings account at a credit union (which I was able to do while in ChexSystems...they just wouldn't allow a checking account) and keep the bulk of your money there for safe keeping.

[mca]

you should be fine as long as you are not reported to EWS. If you haev been reported to EWS, they will close the account

[evileeyore]

So... if I was reported to Chexsystems in 2005, and have had no other issues since (and no bank accounts for that matter), should I worry about obtaining a report from EWS? Is it likely that I have been reported to EWS?

[hinklesc]

I applied and got a BOA account to maximize Keep the Change for a free 250.

 

They did a hard pull on EX, and like 4 soft pulls within 3 days.

 

I decided to FREEZE EX report.

 

I applied last weekend for a SECOND checking account, and received an email denial but they did not disclose why. Who cares.

Edited October 30, 2009 by hinklesc

[mca]

evil ..I don't think you have anything to worry about and your report should be removed next year as well