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Business Checking non-ews / non-chexsystems


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14 replies to this topic

#1 repairing

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Posted 11 February 2018 - 08:39 AM

I have a couple entries in Chex, not sure about EWS, waiting on report.

 

Can someone please suggest business checking in South Florida?

 

I started a new business.  Opened a savings with Cap1 Spark, but denied the checking account.

 

Two weeks later my initial deposit with Cap1 Spark savings still pending.

 

 





#2 repairing

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Posted 12 February 2018 - 03:17 PM

Cap1 released the initial deposit.  Looks like it was a 10 day hold.

 

Still need a checking account though.

 

Any ideas? Willing to payoff Chex entries.  Should have Chex and EWS reports by end of week.

 

You think I have a shot at PNC business checking?


Edited by repairing, 12 February 2018 - 03:18 PM.


#3 tmcgill

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Posted 13 February 2018 - 08:40 AM

Paying doesn't guarantee approval. How old is your negative Chexsystems info?

I've had those on Chexsystems email me that Renasant Bank approved business checking.

Also, check in the pinned post section for MCA's list for FL. Visit bank websites in your area to see if they offer business accounts.

#4 tmcgill

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Posted 13 February 2018 - 08:42 AM

Also, PNC approval responses have been mixed.

#5 repairing

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Posted 13 February 2018 - 11:40 AM

I called EWS, the woman on the phone said she doesn't see any records.

 

However, she said by requesting a consumer report, which I did, the technician compiling the report at EWS may add items based on what they find.

 

Still waiting on Chex to come in the mail.

 



#6 tmcgill

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Posted 15 February 2018 - 09:28 AM

From responses I've received, if there were negatives on EWS, they would have indicated it. Unless you have something very recent, you should be okay.



#7 repairing

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Posted 20 February 2018 - 03:32 PM

EWS report back.  Quite a lengthy report.  Capital one is report my ACH transfers to another bank.  Interesting.

 

How do banks interpret 

 

Current Account Status: Closed-Purged

Previous Account Status: Closed

 

?



#8 tmcgill

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Posted 20 February 2018 - 05:29 PM

Negative entries will generally include a loss amount (if none will say "$0) - and reason for the closure after Closed-Purged, or will include Closed For Cause. Is there additional information for the entry?

 

Remember, EWS is the watchdog CRA for negative or suspicious banking activity. That is why they report ACH transactions, account closures, check kiting, closed accounts, etc. to their subscribers.


Edited by tmcgill, 20 February 2018 - 05:34 PM.


#9 repairing

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Posted 20 February 2018 - 07:15 PM

I



#10 repairing

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Posted 20 February 2018 - 07:50 PM

It doesn't say anything else.  So I am guessing that its "good."

 

However, I did find another one from Regions that says:

 

Current Account Status: Closed

Previous Account Status: Overdrawn

 

No details other than date open and status update.

 

Has anyone had success getting them to pay for delete?

 

Given the limited detail, would this preclude me from ALL EWS banks or likely prompt automatic closure during a sweep?

  • It appears this info was on here when I opened a ClearChoice Checking with Compass.


#11 tmcgill

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Posted 20 February 2018 - 10:25 PM

Each bank sets their own policy for overriding negative info once it ages. Some banks will open - but then Loss Prevention will later close or freeze the account depending on the negative info. There is no single practice, it depends on the financial institution.

 

A best practice is a non-Chex non-EWS bank or credit union as backup until your report is fully clear.

 

Current Account Status: Closed

Previous Account Status: Overdrawn

 

**Although it shows no loss amount, this may be a negative for some banks or credit unions.


Edited by tmcgill, 20 February 2018 - 10:31 PM.


#12 repairing

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Posted 21 February 2018 - 12:30 PM

Got me thinking.  I tried Suntrust online last week for business and got an error code 103.  I called and was told to go to the branch to open the account.

 

Both EWS and Chex are not reporting an inquiry, so this might be a good catch.

 

I'll let you know next week.


Edited by repairing, 21 February 2018 - 12:31 PM.


#13 tmcgill

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Posted 21 February 2018 - 03:04 PM

Thanks for the valuable input. Actual experiences, approvals and strategies help others who are climbing back up and need an account.

Keep us posted with any updates. :good:



#14 CenterMassLogistics

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Posted 18 March 2018 - 09:43 PM

I HAD a Suntrust account because I found out they didnt take Chexsys into account. But after I opened it they sent me a letter saying I needed to make a deposit ....DUH, then I got a statement and another letter that said they couldnt verify my business and shut the account down. I dont know what happened there and I am still searching out bank accounts because its really the only thing I dont have.

 

I did look into SBB and they are supposed to be getting back to me. I was also considering having my wife be the executor on the account but I dont know if that will work since she is not an owner. Can I just name her the Treasure or something and pull that off?



#15 breeze

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Posted 18 March 2018 - 11:36 PM

I HAD a Suntrust account because I found out they didnt take Chexsys into account. But after I opened it they sent me a letter saying I needed to make a deposit ....DUH, then I got a statement and another letter that said they couldnt verify my business and shut the account down. I dont know what happened there and I am still searching out bank accounts because its really the only thing I dont have.

 

I did look into SBB and they are supposed to be getting back to me. I was also considering having my wife be the executor on the account but I dont know if that will work since she is not an owner. Can I just name her the Treasure or something and pull that off?

 

If you have formed an entity - like LLC, Corp, etc, and registered with your secretary of state, they need those papers. If you are a sole proprietor, you have to register the name you will be using. Then you open a bank account in your own name, "doing business as..." (dba) and the name you will be using. 

 

They will verify the business by checking to see if you've registered one of these ways. If you have the original documents, they usually accept those unless they think there is some reason to doubt them. I've never run into that kind of problem.






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