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Now that my 5 year Chex deadline is ONLY two weeks away....


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So I put myself BACK in chexsystems in 2016. That account, which I will not continue to pay on, falls off 6/16/21.  I'm sending the letter a couple days early.  The same way Im upgrading my credit partners, I also upgrade my banking partners.  I dont qualify for Navy Federal.  Any other good credit unions with shared branching Im missing out on?  Its all about rewards, loan products, and perks with EVERY account.  I could add ONE more outside of DCU.

 

I started off with NASA FCU.  I also added two w/PenAir FCU.  Then, two w/Wells Fargo.

Pentagon Fed added me back in 2016, but I deleted the checking because it was a $10 monthly fee.  I just opened a new account in June 2020. I then added OneUnited Bank. 

Just added Langley FCU and will go back to DCU I think in about two weeks. Both offer great mortgage options.

 

Sock Drawer:

PenAir is cool.  Its a FREE account, but no real perks.  No loan products yet.  Have business account too. Has shared branching.
WF is cool.  No loan products yet.  Accounts require $500/month balance to be free.

 

Main Accounts:

NASA lets me transfer to all other institutions.  Has great bill pay. Decent credit products. Cash reward benefit.
PenFed is an amazing bank.  Already have $500 O/D and $2k in credit cards.
OneUnited Bank is my play account and Black-owned.
USAA is my external savings checking with cash reward.

Langley FCU has cash reward and great loan products.

 

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You could try First Tech Fed Credit Union. I am on Chexsystems with it froze and never had an issue opening account online with them, If you join Financial Fitness, then you can join. Doesnt matter where you live. Im not sure if they use chexsystems or not. 

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  • 3 weeks later...
  • 2 weeks later...
Posted (edited)

Quick update:  Not only did i get Langley, but I also got Justice FCU and Capital One.  I already have CCs, so solidify the relationship for greater benefits later on.  I am waiting on Citizens Trust Bank, a local one.  I was declined last month, but it was before the unpaid account fell off chexsystems.  First Tech FCU is taking its SWEET time processing, so Im not worrying about it.

 

I currently have:  WFx2, Pen Air FCU, Pentagon FCU, Justice FCU, NASA FCU, OneUnited Bank, Capital One, USAA, Langley FCU.


Why so many new accounts?  Wells Fargo will probably go, as I dont prefer the big banks. I am cutting off accounts that arent free AND give real benefits on the credit or consumer side.

Edited by dredee0
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Have a financial strategy and watch the inquiries. I've often recommended the following: (My accounts)

1)  An account and backup strictly for household expenses.

**Local small credit union and fee-free internet-only bank.

2)  A saving account only for emergencies (no point-of-sale).

**Ally money market

3)  A card strictly for point-of-sale and internet purchases. **Chime card

4) I also have accounts for investing only. **M Lynch and Robinhood

 

 

Edited by tmcgill
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On 7/18/2021 at 10:46 AM, tmcgill said:

Have a financial strategy and watch the inquiries. I've often recommended the following: (My accounts)

1)  An account and backup strictly for household expenses.

**Local small credit union and fee-free internet-only bank.

2)  A saving account only for emergencies (no point-of-sale).

**Ally money market

3)  A card strictly for point-of-sale and internet purchases. **Chime card

4) I also have accounts for investing only. **M Lynch and Robinhood

 

 

Thanks tmcgill.  I appreciate that reminder. 

 

Inquiries dont matter to me when in upgrade.  I HAD to get out of the restart/rebuild accounts.  Cant avoid the new inquiries.  I'm now bigger on relationship, so since they gonna use my money to MAKE money, I'm gonna use them to save and make money too.  No more monthly fees waived by balance or direct deposit. I only have a few direct deposits a month.  Its not work the extra running around to transfer money, so Wells Fargo two checking accounts will be shut down.  Yes, they have national access, but $20/month is insane.

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Great research here. Thanks!

 

If I may, a bit of input on Langley F.C.U. and Pentagon F.C.U. (aka PenFed). Both of these credit unions are really good and are frequently nationally ranked in financial publications. The good news: as of this posting, both do not use ChexSystems!

 

The fine-print: although you more than likely will qualify for accounts with these institutions, both do a soft-credit pull at the time of opening. If your FICO is < 600, PenFed will offer a “Limited Checking” account to you. The only difference is the checking account has longer holds when a physical (paper) check is deposited. Of course, once your FICO is > 600, they will convert the account(s) to their standard account offering. I do not recall what Langley’s minimum is, however, I believe it is in the low-600’s.

 

Lastly, when applying for accounts with a bank who uses ChexSystems, do not do anything ridiculous like apply for three accounts in one week! Reason being, the ChexSystems Gestapo has their own internal scoring matrix. There is a section on ChexSystems reports that list DDA Applications (DDA = Demand Deposit Account). The more ChexSystems inquiries, the lower your ChexSystems score.

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