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Chexsystems and EWS: What Defines Account Abuse?

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6 replies to this topic

#1 tmcgill

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Posted 21 October 2016 - 09:01 AM

As I've often posted, banks will often report accountholders for "abuse" or "fraud", when there was no intentional abuse or actual fraud. There is no clear FCRA or FTC definition of abuse or fraud, and financial institutions have a lot of lattitude in sending information to Chexsystems and Early Warning Services.


It is so important to monitor accounts, communicate and work with the bank when overdrafts or return items occur. I've found maintaining a good relationship with branch managers (where you opened the account) is also helpful.


Good Read From Bankrate: http://www.bankrate....ount-abuse.aspx

Edited by tmcgill, 21 October 2016 - 09:05 AM.

#2 Fred030

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Posted 30 October 2016 - 05:58 PM

Thank you for sharing, tmcgill!

#3 800credit

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Posted 24 November 2016 - 11:05 PM

I recently got my EWS report and it shows 2 accounts that were closed by the Banks.


BOA checking account that was closed on 06/29/16 "Closed for Cause-Purged"


Chase checking account closed 03/18/15  "Closed for Cause-Purged"


I am looking to apply for a Navy Federal Credit Union checking account soon, does anyone know if this will affect my approval?

#4 tmcgill

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Posted 25 November 2016 - 07:20 AM

Possibly, because your entries are under 36 months old.

It has been reported they pull Transunion and EWS, but may ignore older entries.

#5 800credit

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Posted 25 November 2016 - 07:12 PM

Thanks for the feedback @tmcgill to add I dont all them any money. I believe they closed the accounts due to being overdrafted too many times. I paid back any funds owed, so it does not say I have a charge of or owe them any funds.

#6 800credit

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Posted 07 December 2016 - 05:10 PM



I went to a local branch and applied for membership last week with NFCU . Last night I received a membership welcome letter. :dance:

Edited by 800credit, 07 December 2016 - 05:11 PM.

#7 tmcgill

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Posted 07 December 2016 - 10:35 PM

Note: Lots of great info in the Credit forum about NFCU.

Edited by tmcgill, 07 December 2016 - 10:36 PM.

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