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woody2434

Hade Etrade Brokerage for 2 years, denied Etrade checking

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I have had an Etrade brokerage account for 2 years and recently applied for Etrade checking and was denied due to ChexSystems. I am worried that they might try to close my brokerage account. Has this happened to anyone or even seem like a possibility?

 

I use my E-trade brokerage account off and on as a secondary checking/savings account basically. I have invested in stocks here and there, but have not for the past 9 months or so as Robinhood fills that void. I have a Regions checking account for about 3 months now as well, but I am worried (maybe unnecessarily) that E-trade will want to give me the boot since they now have become aware of my ChexSystems report. I am even more worried that they would freeze the money or something, again no real basis for that. 

 

Years ago I had a couple accounts closed with negative balances, nothing huge but a couple hundred dollars after all the overdraft fees hit. Then I had a BBVA account for the past year when I got into trouble again. Charges went through that I could not get removed drove me into the negative and the fees piled on. I did not have the money to pay it and pay rent, insurance etc. BBVA sent me a notice that I have 10 days to settle or they will send to collections. 

 

So, I am worried that A) Regions would find this and try to close that account and b) Etrade (which has always been my backup account) will now be aware of my Chex report and close too. Regions I have never been negative at all, a couple times on Etrade I had a subscription I forgot about and I overdrafted around $10 two times (which I did not even know was possible with their card) but as soon as I saw it I transferred money over to resolve. 

 

Can these banks close accounts and deny access to money for just becoming aware of other reports? Would they even try to close an account I have had for two years because of this? Also, on Regions after 3 months and no issues, would they come back to close my account?

 

I just have this fear that once they realize (in Etrade's case now that I applied for Etrade checking and was denied) and if Regions decides to run a report sometime that they would close an account even if I have done nothing wrong with these accounts. 

 

I know this a bit all over the place, but I don't want to lose access to my money obviously, and I purposely keep it in different accounts so if one goes down I will have the other. That is probably just unjustified paranoia?

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Regions really does not care about Chex as much as other banks.  If your account is never negative I wouldn’t worry about.  I had a Regions account a while back and my Chex report was really bad and they opened account and never closed it.  

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Anything is possible, but I feel unless there's something unusually bad, being denied for Etrade Bank shouldn't affect your brokerage. I do suggest not doing anything with your brokerage account that would raise concerns, like writing a big number of checks with it, to be safe.

 

The reason I say this is many of us have applied for a credit card at the same bank we have a checking account with and been denied. Being denied for credit doesn't mean they're going to shut down your checking account.

 

From this point forward, try to keep how you handle your bank accounts clean. Don't overdraw, do something crazy, etc. Also, don't apply for new accounts within a short period. I learned the hard way about Chex/EWS inquiries. I was literally thrown out of a bank because of that.

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Why not just open a TD Ameritrade brokerage account with Debit card and check access just to be safe?  I've had it for years with no issues despite being on chex and ews.

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