I posted here a few weeks back regarding whether it was true that Bank of America would open a checking account for someone who had a three-year-old Chexsystems entry that was paid. I had heard this before, and wanted to verify. Well, for anyone who is interested, I thought I would post a follow-up now that I have information that may be helpful to some. I went into a branch to discuss this, so I have info straight from the horse's mouth, so to speak. The guy at the branch even got out the manual to be sure he was right in what he was telling me. Here's the scoop: B of A will open a checking account for someone with a Chexsystems entry that is one year old if it is paid, and three years old if not paid. This may be very good news for some people! The catch is this, though: you must pass a credit check now in order to open a B of A account, regardless of your history (or lack thereof) with Chex. I didn't pass, so obviously that's my next project. I knew I had some misinformation on my CR's anyway, so I need to get on that. Anyhow, some of you here with Chex issues may find this info helpful! And thanks for all the input I got here on my last post!
Wait a minute....are you saying that even if you have never been in chexsystems, they still run your credit to open an account? Do you know what kind of score is needed or anything? Are other banks doing this as well?
Oh yeah! Credit! I had one "Authorized user "charge off on my credit report. I had to get a letter from Amex on their embossed letterhead to prove it was not mine, to join my now-ex wifes b of A account. One authorized chargeoff = no BofA account, denied. doesn't that suck?
Yes there are banks that will just run a credit check and deny you based on that even with no Chexsytem negatives. First Chicago bank used to do that all the time. They were taken over by Bank One several years back so I don't know if this is still their procedure.
Yep, they run credit to open the account. The man sat right there and told me that as far as Chex went I was fine, but he couldn't open an account for me that day because of my credit score. He could not give me my score (of course), but said it was "not far off", so if I had some things to dispute on my credit I should get that done. He specifically told me that he did not think any other banks in Arizona (where I live) were doing this (the credit thing). He said it was a new rule for B of A.
My credit union ran credit checks on us. My hubby didn't know it, but he's on chex systems (big goof up by Washington Mutual). They said that he can probably open an account once the balance is zero.
Money Market acct Well, I'm not sure if their policies changed... but several years ago right after I had a bk (but was clear on chex) I opened a money market savings account. I have had it for several years and I kept going over the approved 6 times a month withdrawal limit... so they converted me to a checking acccount (which I didn't really want...) because I already have a waterhouse checking account. Regardless, I would talk to BA and ask them about establishing a savings account (see if the standards are a bit more relaxed). Then later convert the account to either money market savings or to checking... It might be a backdoor in... Especially if your credit score is "close" tell them you want to est a relationship with them... If the mgr says no, ask who can approve you. Try for a regional manager (a VP). Keep trying, they're a great bank
Re: Money Market acct I know Citibank also does a credit check. For me, I am in BOFA's "blacklist" so I know I'l never be able to open an account there again..
Re: Money Market acct I'm on BofA's black list probably too! I don't care though..they are a crappy bank anyway. But in light of all this new information about banks now running credit checks, looks like I'll be banking at the Credit Union FOREVER!! :-\
Bank One still performs a credit check and its a hard inquiry. I filed bk-13 in 96 but finally got a checking account in Jan. 2001. The CS was nice and open the account despite the negs. still on my cr. The CS could not authorize a debit card, I had to prove myself for 6 months. So last month I call CS and they upgrade my ATM card to a debit card. Best regards, Sam
