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tmcgill

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  1. tmcgill

    Capitalone360 Checking

    Keep a non-Chexsystems account as a backup. If some account activity triggers a Loss Prevention review, they may run the report again once the file is unfrozen.
  2. Chexsystems offers their scoring system to subscribers. The scoring goes by different product names, most commonly Qualifile. It computes several things in your file, and gives them a "predictive" score. This score is suppose to indicate to the bank or credit union how you'll handle the bank account, and how much of a risk you are. 520 may be lower than what they'll accept for new accounts. The bank decides which scores they'll accept for new account approvals. **If your Chex file is clean, many of the declines are often due to recent inquiries for new accounts, or discrepancies in identifying information. What It Computes: Number of new account inquiries over a certain time period. Discrepancies in identifying information found in LexisNexis. FICO Score Recent negatives with a current or previous bank account. Recent negatives with check writing or debit card activity. Other related financial transaction information. Here's a good article explaining the scoring: https://wallethub.com/edu/chexsystems-score/13318/ How To Resolve? Each bank or credit union is different. You could contact them and try to determine if they offer an account alternative, or reconsideration. Personally I would find another financial institution. With a clean file, you have a lot of options. Let us know if you would like options for your location. A low Qualifile score is not an end all. Too many other options available. NOTE: However, keep in mind that multiple new account inquiries can affect approvals.
  3. The bank or credit union may pull one of these CRA reports: Request and review your free annual reports. Chexsystems https://www.consumerdebit.com/consumerinfo/us/es/chexsystems/report/index.htm Early Warning Systems (EWS) If you wish to obtain Consumer Report Information, please contact Consumer Services at: (800) 325-7775 Monday - Friday 8:00 a.m. - 5:00 p.m. Arizona Time (Mountain Time Zone) Telecheck Free annual file disclosure pursuant to the Fair Credit Reporting Act 1-800-366-2425 Note: Reports from Chexsystems include your personal data from LexisNexis. Request that report as well. The Lexis report may be lengthy, but go through it and check for false or inaccurate information related to your identity. LexisNexis https://personalreports.lexisnexis.com/pdfs/CD107_CP-File-Disclosure-Request-Form_pg-3.pdf
  4. tmcgill

    Moneylion Zero Free Checking

    Regarding MoneyLion: I found a few complaints online about duplicate charging for the $29 fee, and a user who said it was hard to cancel the account. I advise reviewing the account terms and details regarding the fee account, if anyone is considering using those services. Keep us posted with updates on any operational or customer service issues.
  5. tmcgill

    Moneylion Zero Free Checking

    As always, choosing a banking relationship depends on how your monthly funds come in and go out. You should always determine which banking services you need and how you'll use them. Moneylion is an account with two options: Free checking only, or free checking under their membershp program which is $29.00 per month. It offers loans and payday advances.
  6. A problem I've had with many specialty CRAs is the failure to properly filter information. I've helped individuals who had to deal with similar information that wasn't theirs. https://www.housingwire.com/articles/47142-realpage-to-pay-3-million-to-settle-ftc-allegations-of-faulty-tenant-screenings
  7. tmcgill

    Moneylion Zero Free Checking

    Thanks for the post. I'll review and post more info.
  8. For the closed bank accounts. Simply state the accounts were closed without cause. *I think the OP mentioned a fee associated with the closing.* (Even though the bank can drum up a justification, it still requires them to respond.)
  9. tmcgill

    Method of verification letter

    CRAs have gotten wiser about responding to a MOV request. Often they will include contact information in their declination that meets the MOV requirement. Always check the info they send for accuracy. Years ago, I got two entries removed because the info they supplied was inaccurate. After the MOV response, I sent certified ITS letters stating they couldn't have used that false contact info to verify the debts.
  10. Regarding bank accounts, what I've found is that nuisance complaints often get a response. National and state chartered banks hate regulatory complaints. They don't want the feds or state agencies digging around looking for possible violations. Try to get a reason for the closure; - Is there a transaction the bank considered "illegal". - Was there an activity they considered a contractual breach. - Is there a problem or incorrect info with your identifying data. **Check those CRA reports line by line. - The reason may be none of the above. There are no guarantees when you file complaints. There is a long list of reasons banks have to justify closing an account. As someone who had a relationship with your bank for a considerable length of time, I can understand why you want to know. I've heard of banks closing accounts for the most ridiculous reasons, but personally I think they should let you know why. I would also file with the local Better Business Bureau and the Banking Ombudsman. Neither of these have regulatory oversight, but financial institutions are also concerned with public image and perception. Banking Ombudsman https://bankomb.org.nz/make-a-complaint/complaint-form/ Better Business Bureau Locator https://www.bbb.org/en/us/bbb-directory Keep us posted with any updates.
  11. To iterate Burgerwars and ICAN: 1. File a consumer complaint with the US Office of the Comptroller. The bank has 30 days to respond to them. Although the OCC has been known to refer complaints to the CFPB, I would still file with them. https://appsec.helpwithmybank.gov/olcc_form/ 2. Never keep that many accounts and cards with one bank or credit union. Banking is too volatile in the current environment. Keep backup accounts. 3. Plus, I suggest getting your free annual Chexsystems, EWS and Lexis reports for review. https://creditboards.com/forums/index.php?/topic/547172-free-annual-reports-chexsystems-telecheck-ews/
  12. Here's the pinned post with links for EWS, Telecheck and Lexis Nexis. These CRA reports can also affect a checking or savings account approval. https://creditboards.com/forums/index.php?/topic/547172-free-annual-reports-chexsystems-telecheck-ews/
  13. Thanks for the update on Los Angeles Federal Credit Union. Keep us posted on any operational or customer service issues. Yes, inquiries can adversely affect a new checking or savings approval. I post often about randomly applying to banks and credit unions, without finding out their approval process. Always map out a strategy for account applications based on your Chex, EWS and Telecheck files.
  14. They must really want the bad publicity. https://www.dallasnews.com/business/banking/2018/08/30/bank-america-freezes-account-immigrant-phd-candidate-studied-us-seven-years
  15. tmcgill

    Members 1st Credit Union Pa

    Thanks for the update. Yes, banks and credit unions will change new account policies based on loss ratios.

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