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obsidian

Does Bank of America use EWS?

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I have an EWS entry from 2013(that entry I feel is bogus but I have not been able to remove it)

 

I need to open a business checking account and would like to go with Bank of America. My chexsystems and credit is clean EWS is my only issue. Do they check EWS?

 

If they do I am considering Axos Bank or Radius Bank, does anyone know if they check EWS?

 

Thanks!

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30 minutes ago, hegemony said:

explain "feel is bogus"

 

what have you done to attempt to remove it?

the checking account was closed in 2009 when I moved out of the state(it was a local credit union). They claim an ACH came in 2013 which reopened the account and charged an NSF which created a negative balance and is what was reported. They wont remove it. I disputed it twice with ews to no avail. I was only made aware of this a few months ago. First dispute was as obsolete which failed. Second was account status and date of last status change was inaccurate. after ews claimed it was I contacted the credit union which is how I found out the scenario. They refuse to delete it or a pay for delete. 

 

My wifes Fidelity account had our new credit union and the old one and it appears she did a transfer from the old one back in 2013 but after so many years I don't see how they should reopen an account to charge an nsf but thats why I said I feel it is bogus. I didn't realize this happened until just recently and she thought since it was an old closed account that she didn't need to do anything other than remove the info from Fidelity. While the nsf is our fault being so long after it was closed.....

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BOA is one of the banks that founded Early Warning Services (EWS), so I guess they feel they can ignore federal law. Also, their reps have said negative info is only reported for five years.

 

BOA and other banks and CUs use a statement in the account agreement to rip people off. When an account is reopened, they are required to send monthly statements. 

 

I would file a consumer complaint with both the Office of the Comptroller, and the CFPB ( at one time the OCC was referring banking complaints to the CFPB).

 

1. If the account was reopened, they were required to send periodic statements. Did you receive those?

Did you get a final statement showing the closure and a zero balance?

2. What state are you in?

Edited by tmcgill

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I will file those complaints. I did not receive any statements and we did update the address when we closed the account.

 

This account was opened and closed in Arizona(Arizona Federal Credit Union is the old CU). We now live in New Mexico.

 

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Will look for any state laws that expand the FCRA for credit reporting.

 

Also there are two separate complaints:

 

1. EWS is reporting obsolete info.

 Not sure if the reopen gives the original account a new DOFD, but I would still assert they are reporting obsolete information.

 

2. The financial institution failed to provide statements for the months transactions occurred. Therefore, you were not aware of the reopen and processing fees, with no opportunity to dispute them.

(I think Reg. DD might be the one requiring the statement)

 https://www.consumerfinance.gov/ask-cfpb/does-my-bankcredit-union-have-to-send-me-a-monthly-statement-for-my-checking-account-en-965/

 

Edited by tmcgill

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Bank of America closed an account of mine and since I was an online customer with paperless billing, they refused to send a final paper statement.  

 

Problem was, when they closed the account they removed online access.

 

After they didn’t respond to my request to get a final statement, I contacted my state AG and I was sent a year’s worth of statements.  

 

Always escalate if you are getting nowhere.

Edited by mdcrabber

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Good advice. The BS with banks and credit unions never seems to change. Sometimes, the regulator and/or legal action is all they understand.

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