Jump to content

Sign in to follow this  
vinny99

Denied opening a rollover IRA because beneficiaries having an EWS record? (Merill/BoA)

Recommended Posts

Has anyone have heard of Merill/BoA denying an application due to a beneficiary being listed? They suggested that I open the account and try to add the beneficiary later but couldn't guarantee I wouldn't run into problems then. It's a Rollover IRA. I'm not sure what shenanigans they're afraid of in the case of my demise but this seems next level ridiculous...

Share this post


Link to post
Share on other sites

Since BOA is one of the founders of Early Warning I'm not surprised.

 

1.  Have the beneficiary pull their EWS report to see if it has outdated or incorrect info.

(How does your EWS report look?)  www.earlywarning.com/consumer-information

2. Of course, research an account elsewhere.

Edited by tmcgill

Share this post


Link to post
Share on other sites

They do in fact have something (it may age out in a few years). We've tried getting it resolved with BoA without luck but may try again.

 

I just wanted to know if this was such a thing. I would have expected this for joint accounts or my wife opening her own account with BoA again. I did not expect them to block me from opening a non-checking account simply by listing her as a beneficiary.

Share this post


Link to post
Share on other sites

EWS reps have stated they keep negative info for five years. 

 

Without posting personal ID info, what does the EWS report say?

Share this post


Link to post
Share on other sites

Strange, I would have expected these to be gone by now then. We pulled a report back in 2017 when we were having issues opening a joint account at various places (Chase denied, NFCU closed after allowing her to join)

 

The only negatives from what I see on the report are the Bank of America listings. We couldn't get anyone at BoA to explain what needs to be done to make it right. We think it was an overdraft of $100, but the report just shows a principal loss of $0.00.

 

We currently reside in Texas so physically going back to the original branch to inquire (assuming it's still around) isn't an option.

 

Report Contents summarized:

 

Bank of America

(BoA routing number (related to CA?), and account number)

Incident Date 1/10/2013

Principal Loss: $0.00

Contribution Reason: Transacting (or attempting to transact) with an account in an unauthorized or prohibited manner

 

Ally Bank checking and savings open 9/19/2011, close 1/12/2012

 

Bank of America Florida

(routing number related to FL, a checking account number)

Open 12/31/2012, Checking Close Date 02/13/2013

Closed for Cause-Purged, Previous Account Status: Closed for Cause

Date of Last Status Change 04/03/2013

 

Bank of America Florida

(routing number related to FL, a savings account number)

Open 12/31/2012, Checking Close Date 01/14/2013

Closed for Cause-Purged, Previous Account Status: Closed for Cause

Date of Last Status Change 03/04/2013

 

Capital One 360 savings, open 10/14/2014, still open

Capital One 360 checking, open 11/14/2014 (closed now)

Capital One 360 savings, open 01/31/2015

Discover Financial Services -DPCK  Savings, open 05/15/2016 (still open)

 

4x TD BANKNORTH opened 09/20/2011, 06/24/2012, 12/20/2011, 11/21/2012

 

 

Thanks in advance for any insight!

Share this post


Link to post
Share on other sites
Posted (edited)

As indicated in the report, if the three negative BOA accounts were closed in 2013, they are obsolete and should be deleted. EWS has stated they keep negative info for five years, but even if they were reporting for the FCRA-required seven years, the entries should be removed.

 

Send a three page fax using the following letter. 

(The same letter for each entry. Change the indivdual account info (in red below).

Keep it short and simple.

 

**Their dispute form indicates you need a separate signed letter for each dispute, so send a page for each account.  On the cover page, use CONSUMER DISPUTE as the subject.  After delivery, keep the delivery confirmation form.  If you do an electronic fax, take a screen shot of the page.

 

NOTE:  Since you were trying to open with BOA, they may have this past info in their internal records, but a clean report will help with future applications with another bank or credit union.  Once you get a clean report, you could try contacting them for a recon, but they may bring up the closed accounts.

 

(Date)

 

VIA FAX - 480-656-6850

 

Early Warning Services

16552 N. 90th Street

Scottsdale, AZ  85260

 

         Re:  Consumer Report ID - (Add the Report ID info on the report)

                (Your Name)

                (Bank Name and Account Number)

 

Gentlemen:

 

The following entry on my report contains obsolete information.  It contains information that is outside of the negative reporting period and should be removed immediately.

 

   (List entry exactly as it is on the report)

 

After removal, send an updated report to:

(List your address)

 

Sincerely,

 

 

(Your Name)

 

 

 

               

 

 

Edited by tmcgill

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

    No users celebrating today.
  • Member Statistics

    • Total Members
      178,430
    • Most Online
      2,046

    Newest Member
    emcibucuresti
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines