Being Chexsystems Proof

[Burgerwars]

Let's say over a period of years a person opens checking accounts with over a dozen different banks. Are they immune from Chexsystems? They would seem to be protected from over a lifetime of mistakes. If they screw up an account that gets closed, they have others to fall back on, with no need to apply elsewhere and be worried about being in Chex. If they screw up a dozen times, they deserve not to have a checking account.

Edited December 26, 2012 by Burgerwars

[jonson]

I have a friend who had his Chase account closed due to a new entry in Chex from another bank. So I'm assuming other banks practice this, as well.

[crushd]

I have a friend who had his Chase account closed due to a new entry in Chex from another bank. So I'm assuming other banks practice this, as well.

 

What do you mean by "new entry"? Chase doesnt close accounts merely because someone had an inquiry at a competing bank. However, if the competing bank reported your friend for causing a loss, fraud or other type of negative then THAT could cause Chase to close his account.

[crushd]

Let's say over a period of years a person opens checking accounts with over a dozen different banks. Are they immune from Chexsystems? They would seem to be protected from over a lifetime of mistakes. If they screw up an account that gets closed, they have others to fall back on, with no need to apply elsewhere and be worried about being in Chex. If they screw up a dozen times, they deserve not to have a checking account.

 

Im not sure I understand your question. What do you mean by "immune"?

 

If one already has 20 checking accounts, and Chex reports you for fraud or as owing money to a bank such as for bounced checks, applying for NEW accounts at banks that use Chex will likely get you rejected.

 

If you are talking about being able to hold on to your long term EXISTING checking accounts, in most cases those would be immune from being shutdown because it is like you are grandfathered in, UNLESS that bank pulls your Chex report again and sees that Chex has marked you as bad. The bank where you have long-term EXISTING accounts wont necessarily be notified by Chex, so they wont know Chex has slammed you.

Edited December 30, 2012 by crushd

[jonson]

I have a friend who had his Chase account closed due to a new entry in Chex from another bank. So I'm assuming other banks practice this, as well.

 

What do you mean by "new entry"? Chase doesnt close accounts merely because someone had an inquiry at a competing bank. However, if the competing bank reported your friend for causing a loss, fraud or other type of negative then THAT could cause Chase to close his account.

 

He had an account with Chase and with a regional bank. He overdrew the account at the regional bank by several hundred dollars and it was closed and reported to Chexsystems. After that happened, he said he went into a Chase branch and they informed him his account was closed because of his Chexsystems report.

[mca]

I have a friend who had his Chase account closed due to a new entry in Chex from another bank. So I'm assuming other banks practice this, as well.

 

What do you mean by "new entry"? Chase doesnt close accounts merely because someone had an inquiry at a competing bank. However, if the competing bank reported your friend for causing a loss, fraud or other type of negative then THAT could cause Chase to close his account.

 

He had an account with Chase and with a regional bank. He overdrew the account at the regional bank by several hundred dollars and it was closed and reported to Chexsystems. After that happened, he said he went into a Chase branch and they informed him his account was closed because of his Chexsystems report.

 

 

Unfortunately that happens all of the time

[Guest]

I have a friend who had his Chase account closed due to a new entry in Chex from another bank. So I'm assuming other banks practice this, as well.

 

What do you mean by "new entry"? Chase doesnt close accounts merely because someone had an inquiry at a competing bank. However, if the competing bank reported your friend for causing a loss, fraud or other type of negative then THAT could cause Chase to close his account.

 

He had an account with Chase and with a regional bank. He overdrew the account at the regional bank by several hundred dollars and it was closed and reported to Chexsystems. After that happened, he said he went into a Chase branch and they informed him his account was closed because of his Chexsystems report.

 

 

Unfortunately that happens all of the time

 

Better to maybe let sleeping dogs lie, if ever on Chex?

 

I was told "Account not available" when pressured into applying for a Chase account in early 2009. I then applied at a bank called "Cooper State Bank" in Ohio, and they denied me for 4 (2 banks 2 entries each) Chex report. I have had my Transportation Alliance Bank checking ever since.. and not even approached the subject of Chex! (Though they may have aged off, likely did, actually.. I have left it alone.)

[jonson]

Also, correct me if I'm wrong, but doesn't having too many checking accounts on your report also raise a red flag?

[Burgerwars]

Also, correct me if I'm wrong, but doesn't having too many checking accounts on your report also raise a red flag?

 

Opening too many accounts in a short period of time can bite you. Otherwise having a bunch of checking accounts I'm unaware would be a problem as long as they're not being reported for stuff like being overdrawn/closed for cause. If anyone has a different experience, please post.

[shinto123]

 

Also, correct me if I'm wrong, but doesn't having too many checking accounts on your report also raise a red flag?

Opening too many accounts in a short period of time can bite you. Otherwise having a bunch of checking accounts I'm unaware would be a problem as long as they're not being reported for stuff like being overdrawn/closed for cause. If anyone has a different experience, please post.

 

I do have some questions.

 

I recently ordered a copy of my Chex report after reading about credit reporting.

 

The following have "No Information Found":

 

1. Reported Information
2. Inquiries Not Initiated By Consumer
3. Retail Information
4. History of Checks Ordered

There are 2 "Inquiries Initiated By Consumer" in 2010. One from my current Credit Union when the account was opened, one from BOA when they were considered as a possible account. I decided against BOA after all I've read, and didn't want another large name bank.

 

If I wanted to open an additional credit union account, how would they review this report? Would two inquiries be considered negative?

 

Would it be worth the time for me to also get a report from Telecheck & EWS?

 

The Chex report that commercial operations get on a consumer is different. Anyone here been able to see a copy of theirs?

Edited March 4, 2013 by shinto123

[Burgerwars]

 

 

 

Also, correct me if I'm wrong, but doesn't having too many checking aiccounts on your report also raise a red flag?

Opening too many accounts in a short period of time can bite you. Otherwise having a bunch of checking accounts I'm unaware would be a problem as long as they're not being reported for stuff like being overdrawn/closed for cause. If anyone has a different experience, please post.

I do have some questions.

 

I recently ordered a copy of my Chex report after reading about credit reporting.

 

The following have "No Information Found":

• Reported Information
• Inquiries Not Initiated By Consumer
• Retail Information
• History of Checks Ordered

There are 2 "Inquiries Initiated By Consumer" in 2010. One from my current Credit Union when the account was opened, one from BOA when they were considered as a possible account. I decided against BOA after all I've read, and didn't want another large name bank.

 

If I wanted to open an additional credit union account, how would they review this report? Would two inquiries be considered negative?

 

Would it be worth the time for me to also get a report from Telecheck & EWS?

 

The Chex report that commercial operations get on a consumer is different. Anyone here been able to see a copy of theirs?

Inquiries that far back on a Chex I consider meaningless. If everything else is OK, you should be ok. My rule of thumb is an absolute maximum of two inquires in a three calendar month period. Just don't get carried away opening bank accounts in a short period.

[shinto123]

 

 

 

 

Also, correct me if I'm wrong, but doesn't having too many checking aiccounts on your report also raise a red flag?

Opening too many accounts in a short period of time can bite you. Otherwise having a bunch of checking accounts I'm unaware would be a problem as long as they're not being reported for stuff like being overdrawn/closed for cause. If anyone has a different experience, please post.

I do have some questions.

 

I recently ordered a copy of my Chex report after reading about credit reporting.

 

The following have "No Information Found":

• Reported Information
• Inquiries Not Initiated By Consumer
• Retail Information
• History of Checks Ordered

There are 2 "Inquiries Initiated By Consumer" in 2010. One from my current Credit Union when the account was opened, one from BOA when they were considered as a possible account. I decided against BOA after all I've read, and didn't want another large name bank.

 

If I wanted to open an additional credit union account, how would they review this report? Would two inquiries be considered negative?

 

Would it be worth the time for me to also get a report from Telecheck & EWS?

 

The Chex report that commercial operations get on a consumer is different. Anyone here been able to see a copy of theirs?

Inquiries that far back on a Chex I consider meaningless. If everything else is OK, you should be ok. My rule of thumb is an absolute maximum of two inquires in a three calendar month period. Just don't get carried away opening bank accounts in a short period.

Thanks for answering!

[shinto123]

Also, thanks mca for access to your list!

 

These boards have some good people. I won't live long enough to learn everything here!!