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Bank5 Connect Checking Option

The last post in this topic was posted 1888 days ago. 

 

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Has anyone had any experiences with Bank5 Connect? Here is my review of them to this point.

 

Let me say first and foremost that my issues with Chexsystems were all of my own doing. When I was younger, I conducted very poor banking practices which led me to end up on Chexsystems with double digit entries. As of this post I'm down to just 2 and I hope to have them resolved by the end of the year.

I have learned my lesson and have been much more responsible with the accounts that I now have. These accounts are all in Great Standing and I haven't had any issues with any of them at all.

 

I just recently applied for and was approved for an account with Bank5 Connect. It's an Online Only account and the approval process took about 5mins. I've had the account for approximately 2 months and the account and Customer Service have both been great. I currently have 2 entries on Chexsystem, however, my overall Chex File is toxic.

 

If you are in need of an account, you may want to consider Bank5 Connect. I was approved and you may be as well.

 

Thanks to the advice of MCA, I now have the following:

 

Bank Of America - Checking and Savings, 6 months, no issues

 

Merrill Edge - Money Market / Checking, 5 years, no issues

 

Fidelity - Checking, 7 years, no issues, my Favorite account

 

E-Trade - Money Market / Checking, 5 years, no issues

 

TD AmeriTrade - Money Market / Checking, 3 years, no issues

 

Bank5 Connect - Online Banking Only / Checking, 2 months, No Issues

 

I now practice very responsible banking and can't tell you how Awesome it is now to NOT have to stress about accounts. Believe me, at double digit Chexsystems Entries, I DARE say that my Chex File is/was probably far and away one of the most toxic on this forum.

 

Be responsible, have constant communication with your bank, check your balances regularly to avoid fraudulent activity, and don't keep your money in 1 place .... all just my opinion.

 

NCC8108K

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Thumbs up to MCA as well. Her advice and support helped me turn things around several years ago.

 

Re: Bank5 Connect

 

Here is the feedback I've received from others trying to bank with them:

 

- They use Equifax to verify identity, but there have been glitches. Apparently, if there is a discrepancy, they deny the account, with no recon or option to send in supporting information.

 

- The account setup process has taken longer than usual (2 plus weeks or more).

 

- The customer service has been less than satisfactory.

 

Since they are relatively new, I would advise going slowly if you are approved, before setting up bill pay, direct deposit or transferring a large amount of funds.

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I was immediately denied due to Chex and have 2 entries for nsf from Jan and 3 from 2011

NSF? That seems like such a common thing. I even had an NSF last year.

 

I felt pretty stupid about it too. Called and got the fee reimbursed though.

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NSFs? Charged-off overdrawn accounts?

Are you saying that is what an NSF is?

 

I thought it is non sufficient funds?

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I was immediately denied due to Chex and have 2 entries for nsf from Jan and 3 from 2011

 

I was confirming with akale why the NSFs were reported to Chexsystems. Although Chex maintains retail check writing information, NSFs alone don't usually generate negative entries. The account is usually closed or charged-off first.

Edited by tmcgill

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