When a bank pulls a Chexsystems report on someone trying to open a new account, does only the SS# have to match in order for them to get a hit, or does all info have to match? I have a four-year-old Chex item (account was closed for overdraft). I also have had a suspended driver's license for over seven years, so all info on me anywhere that has any ID number on it is based on my state-issued ID, which has a different number from my driver's license. I am getting ready to get my driver's license back, so I was thinking... If I applied for a checking account, but I used a different different address than what Chex would have and I presented my driver's license as ID (which is a number they don't have, either), is the bank still going to get my bad report back from Chex? My SS# would be the only item that matches anything Chex has. Does anyone know what would happen?
If I had to guess, I'd put money on the fact that it's driven by your social security number. The idea is to catch people no matter how they may try and get around the system. I suspect that a different form of ID would not help because people move from state to state all of the time.
I am a banker and can tell you exactly what will happen (at least with Wells Fargo). Your chexsystem record will remain for 5 years after the latest record was sent to them. For us at Wells Fargo, that record MUST match your SSN to be declined for a bank account. Your drivers license is used to be determined if you are a constant "bad check writer". Most merchants record your DL info on the front of your check and so this is an additional way to determine if you've abused your bank accounts before. Now, your banker will/should ask you if you've lived in your state for the past 5 years. If not, you'll need to tell him which other states so Chexsystems will have all the pertinent date for your record or non-record. So, your Drivers License won't really matter (as long as it isn't fake, of course!). A record with Chexsystems that MATCHES your SSN is all that really counts. At least you only have another year to go! David Kinder BTW, I have heard of a "financial class" that chexsystems provides. I've heard that if you take this class, Chexsystems either removes your record or something. Anyone else know about this?
I would try w/ another ID.. I know of others that have been able to do that, it depends on how your file is organized. No loss in trying beacuse inquiries on your Chex doesn't really hurt anyway. good luck
most banks will turn you down if anything matches. You shoudl; try sun trust or south trust they use equifax and not chex or use bank of america just apply on the phone whty check credit there not chex system. hope that helps
Just FYI: Bank of America does use Chexsystems. I've had many "would-be" customers turned down beause of their previous chex records with Bank of America. Most large commercial banks use chexsystems, however, it doesn't hurt to have a bunch of inquiries - except that your banker will ask if you've been opening up a bunch of different accounts. I would just call ahead before going into the bank to see if they use Chexsystems or not.
if you open a bank of america act over the phone the use equifax. I know they do cause my biz partner did just that and has 6 trade lines in eq. that is what i am saying not in person over the phone. Thanks and the other banks i named use eq. the branches i know are in florida. Thanks
I am not sure I understand. A couple of years ago I tried to open a B of A account over the phone, but they said I'd still have to go into a branch to basically finish everything up, so I never went in. Is it done differently now? If you know, how exactly does the process go when you apply by phone? Do you call in and give all your info, and they just have you mail in your opening deposit and open an account for you without ever having seen your ID or anything?
they open it over the phone and even give you your account number. they mail you your papers to sight but you can go to the branch to funds the account. if you call over the phone what they do then is check you credit report not your chex record. that is how its done the rep explained the process in detail. Thanks hopes that help.
Thanks for those details; I really appreciate it. Now, let me ask you this: when you call to open an account over the phone, do they get suspicious if you don't seem to have a *reason* to need to open the account over the phone? I guess I was thinking that if *I* worked for B of A and I knew (which they must) that people used this method to avoid a Chex inquiry, then I'd be suspicious of people who opened accounts over the phone when it didn't seem necessary. It also seems odd to me that they open this account without ever having seen ID. How do they verify your identity, and how do they verify that you aren't "fudging" anything (like maybe your driver's license number) when they don't actually see the ID? I'm curious as to how all this works, so that if I try to do this I'll know what possible pitfalls to avoid. Any thoughts?
They will eventually see all of your id that you presented to them over the phone as you will have to send in a copy of your drivers license or state id when you return the account documents i.e. signature card. So if you did "fudge"any info they would know it pretty quickly. Also, how would they know why you are opening the account. They don't exactly ask you what your motivations are for opening account. You want to open an account and that's it. Further, there are many legitimate reasons why people open accounts via mail or phone. One major reason is a person that is homebound due to a disability, not simply to avoid a chexsystems inquiry.
Well, that's a good point. I guess whenever I feel as though I'm not being completely truthful and forthcoming, I tend to think everyone is suspicious of me. That's why I am a *really* bad liar, so I never try to pull it off. LOL. Anyway, thanks for the answers. I appreciate it.
