Bank of America

[mckbulldog02]

I know Bank of America is known for closing accounts a day or two later after opening. I have had 4 Bank of America accounts back in 2006 that went bad and was reported to EWS/Chexsystems. Then I applied about 3 or 4 more times in the past 3 years and was declined. I applied Monday night ( 7/20/20 ) and woke up to an email 7/24/2020 from Bank of America saying i was approved and my account opened. Now since i am still on EWS, will this probably be closed. Im already expecting it to happen. However though, I have Wells Fargo and Ally Bank and Capital One which all use EWS and them accounts have been opened and remained opened for years now while still in EWS.  Or, maybe due to covid-19 could there be some leniency or maybe the risk departments working from home and not doing full screenings. Because I mean it took me 5 days to get an answer. 

Edited July 24, 2020 by mckbulldog02

[tmcgill]

EWS reps have told us negative entries fall off after five years. Anything prior to July 2015 should not be reported.

 

How long ago has it been since you requested your file?

[mckbulldog02]

1 hour ago, tmcgill said:

EWS reps have told us negative entries fall off after five years. Anything prior to July 2015 should not be reported.

 

How long ago has it been since you requested your file?

US Bank put me on there from a joint account in 2017

[tmcgill]

I haven't heard of any COVID specific lieniency for new accounts, but know that some banks have been known to relax approval policies when the economy dips, and they want more depositors. As always, wait two full statement cycles before fully utilizing the account, and maintain one or more backup accounts.

Edited July 25, 2020 by tmcgill

[mckbulldog02]

On 7/24/2020 at 9:33 PM, tmcgill said:

I haven't heard of any COVID specific lieniency for new accounts, but know that some banks have been known to relax approval policies when the economy dips, and they want more depositors. As always, wait two full statement cycles before fully utilizing the account, and maintain one or more backup accounts.

 

On 7/24/2020 at 9:33 PM, tmcgill said:

I haven't heard of any COVID specific lieniency for new accounts, but know that some banks have been known to relax approval policies when the economy dips, and they want more depositors. As always, wait two full statement cycles before fully utilizing the account, and maintain one or more backup accounts.

I made it alot farther with this account then in the past. Its still been open since 07/24/2020. I was able to make a small deposit, write a check, and use debit card. I even got the welcome letter. Usually by now i would be closed by now in the past. Hopefully i can make it a full 60 days. 

[MBgratitude]

This is interesting about negative information staying on EWS for five (5) years. Curious if this has changed. A few years ago, I distinctly recall negative items appearing on EWS for seven (7) years. Negative information has always stayed on ChexSystems for five (5) years.

[mckbulldog02]

On 6/26/2021 at 12:35 PM, MBgratitude said:

This is interesting about negative information staying on EWS for five (5) years. Curious if this has changed. A few years ago, I distinctly recall negative items appearing on EWS for seven (7) years. Negative information has always stayed on ChexSystems for five (5) years.

Almost a year later my personal account is still open without issue even though i had a debt owed to them in 2007. Im just not able to open any more personal accounts. I opened a business account back in January of 2021 and got by somehow but i had to close it when my business name changed. After reapplying about 4 times i was able to get back in there again for the business account. 

[MBgratitude]

Yes, it is interesting how risk tolerance varies from one financial institution to another.

 

I also can speak to Bank of America's policies. Several years ago, I had a personal account relationship with BofA. One of my checking accounts I allowed to remain in the negative (red) for a significant amount of time from a charge-back deposit... well over thirty days. I ultimately did bring that account to $0.00 yet their back office closed it. Funny, a week prior to it being force-closed, the BofA system had some ridiculous indicator showing something like ($888,888.00) for the account. Very amusing in my opinion.

 

Fast forward to a month or so later, I wanted to open a new (secondary) personal checking account. The application though the online portal was denied, even though I paid the account in-full. If I recall, the local branch could not override this either. BofA reported my closed account to EWS; the EWS record blocked me from opening any other accounts with BofA. Despite the fact I still had an active checking and savings account with them. So, BofA kept the relationship open. I know that with other institutions, if one account is charged-off, the entire relationship will be terminated.

 

Also, one more data point to add on this. Bank of America did not elect to use their right of set-off to collect on the checking account in the negative. They allowed me to pay it off in an agreed upon timeframe. I have to say that was nice to have that control and not have any surprise logging in to view my accounts in the morning or intra-day.

 

 

[tmcgill]

Thanks for the updated info.

I've learned that BOA is self-serving and fickle like many other banks. The strategy is to stay in control of your money, whether it's personal and business. Always have a backup plan if you have negatives in EWS or Chexsystems. 

 

EWS repeatedly says over the phone its five years. However, I've helped some remove entries that were well over 5 and even 7 years.

Edited June 29, 2021 by tmcgill

[DONUTS2021]

On 7/24/2020 at 6:33 PM, tmcgill said:

I haven't heard of any COVID specific lieniency for new accounts, but know that some banks have been known to relax approval policies when the economy dips, and they want more depositors. As always, wait two full statement cycles before fully utilizing the account, and maintain one or more backup accounts.

Hi I'm brand new to this forum.  Just last week my CAPITALONE360 which I have had for 5 years in great standing, was closed.  I called and the confirmed it today. I can only think it was because I called to cancel a transfer to schwab.  they did if for me last month and refunded my account, but since then SCHWAB and now CAPITAL ONE canceled my account.  

 

I'm freaking out because I need a checking account to handle all my finances, I have chime which so many brokerages won't accept for a transfer. 

 

I don't want to write too much. Since this happened I have managed to get approved for a CITI account aso i'm wondering if I can set them up to transfer to my brokerage or should I was 2 months? 

 

I ask because before Citi I went to Bank of America and was also approved last week.  So I went into my brokerage account and set up an ACH.  Later that day I wanted to look over their mobile app and was locked out.  So I don't know if it's because I shouldn't have tried to set up the transfers so soon and needed to wait to get my info in the mail from them. It's only been 5 days for BAC.

 

If someone could point me to the part of the forum that has the basics would be great. I  am trying to read everything but so much of it that seems to apply to me is from 10 years ago.

[tmcgill]

The first 30 days after you open an account is a "probationary" or new account period.  The banks don't know your banking habits, as you are not an established customer. They closely monitor for any irregularities. Any activity that violates the account agreement might prompt the back office to close the account.

 

When a bank closes your account, contact them and try to pinpoint the reason. Again, any transaction they consider suspect - or that violates the account agreement could trigger a closure.

 

Any basic info is at the top of the section in the pinned posts.

 

 

Edited August 3, 2021 by tmcgill