Chexsystem question

Discussion in 'Credit Talk' started by gagliano3, Sep 3, 2003.

  1. gagliano3

    gagliano3 Well-Known Member

    My wife and I have just 1 ever NSF on ChexSystem from our old Credit Union bank (account has been closed eariler this year)

    my CU refuse to have NSF removed from our ChexSystem because it is a fact! I told them that charge caused NSF is when I verbally closed account, that charge was made in December 2002 but didn't post till April!

    ChexSystem can't do shit either.

    Any suggestion how to have our NSF off ChexSystem?

    Thomas Gagliano
  2. snakeman

    snakeman Well-Known Member

    I have a lot of experience (sadly) with Chexsystems.
    Heres the scoop.

    1. Reported information remains on your report for 5 years.

    2. Chexsystems is governed by the same laws that CRA's are.

    To have this information removed you need to do the following:

    First get a copy of your chexsystems report. Then use the included dispute letter to dispute the account. It doesn't matter if the account has been paid or not, if there was an NSF or other activity they have every right to keep it there for 5 years.

    I have found that disputing the negative information using the "not mine" approach works best.

    Dispute this until they send you a letter validating, in which case dispute it again.

    If you receive a letter stating they have removed it for whatever reason, GET TO THE BANK AND OPEN YOUR CHECKING ACCOUNT NOW. If you fail to do that quick enough, the removed item can be replaced back on your chexsystems report. Sometimes it happens that they do verify the account after the 30 days is up. Anyways hope that helps.
  3. gagliano3

    gagliano3 Well-Known Member

    My wife and I already have Wells Fargo for our checking and savings accounts.

    Our concerns is that we're planning to relocate to another state where Wells Fargo does not serve in that state. Will we be able to open an bank account if they view ChexSystem with ONLY 1 NSF on it? we both have excellent banking records execpt that NSF plus bankruptcy?

    Thomas Gagliano
  4. snakeman

    snakeman Well-Known Member

    Generally speaking, no. Each bank sets their own guidelines as to this opening a new account process goes.

    I have had "good hearted" bankers who will say "ehh ok". Others don't budge.

    Bank of America had an article published here about a year ago citing new rules for people reported in Chexsystems.

    It said something like, "We will now allow people on chexsystems to open a new account of they have no more than 2 negative items and they are both over two years old and they have had a checking account in good standing for at least one year prior to opening an account with us."

    My advice is to dispute the report.

    I used to hate Chexsystems with a passion, then I got even.

    I had 4 NSF accounts reported from my Ex-wifes own accounts. I couldnt get a savings account!

    I disputed for 3 years and finally I got the clean report in the mail last month. I was so siked that I beat the system that I broke up my 500$ paycheck into 50$ increments and opened 10 different checking accounts the very next day just to tick them off!

    I have since closed all but 2 due to fees and of course, because I am mature.

    Oh, and one more thing. You mentioned a BK?
    Some banks will not open a checking account without pulling both Chexsystems and Equifax or Experian!

    They not only want you to be NSF free, but with a good credit score!

    I know of two that do this

    They are Bank One and Flagstar Bank.

    Hope I was some help.

    GEORGE Well-Known Member

    "IF" you work for a "MAJOR" EMPLOYER in your city...many banks have SPECIAL ACCOUNTS tied to the "MAJOR" EMPLOYERS...they bend the SO-CALLED RULES...ESPECIALLY IF YOU GET DIRECT DEPOSIT...
  6. lbrown59

    lbrown59 Well-Known Member

    Bounced checks are a racket !
  7. SoParkDiva

    SoParkDiva Well-Known Member

    I have never heard of Chexsystem. I don't believe they operate in Georgia. I have a long-standing (5 years) checking account and I have had NSF quite a few times but I was able to open another checking account at BoA last month without a problem. The rep never mentioned Chexsystem, just TU.
  8. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Chexsystem question
  9. SoParkDiva

    SoParkDiva Well-Known Member

    Re: Re: Chexsystem question

    Thanks lbrown. I have never heard of them but I see that you have to have collection activity on NSF to be reported to CS. I always pay my NSF overdraft the same day because it's usually a goof up on my part.
  10. snakeman

    snakeman Well-Known Member

    Re: Re: Chexsystem question

    Yeah, in order for you to be reported to Chexsystems, your account/NSf activity has to have gone past due 30 days from the date of the NSF.

  11. rhondak

    rhondak Well-Known Member

    BofA here pulls CRAs, too - I don't know if they pulled a chexsystem or not, but I think they pulled an equifax on us.

    It was when I moved from Kansas to Georgia that I first had the experience of a bank pulling a credit report to open a checking account. Luckily, I still had my Kansas acct open. They don't (or didn't) pull credit reports or anything there to open checking or savings accounts.

    It was also when I moved to Georgia that I first had the experience of being turned down for rental insurance because of pulling a credit report. They didn't do that in KS either.
  12. Hedwig

    Hedwig Well-Known Member

    Even though it's a little cumbersome, you can bank by mail and keep your Wells Fargo account. The problem may be cashing checks to get cash. I used to have a bank 4 states away from where I lived. I had direct deposit, so that went in no problem. One I got established with a local address, I got the frequent shopper cards at the grocery stores and they will usually give you like $50 over the amount of purchase. So I could buy a box of milk and get $50.

    For things like credit card bills, it doesn't matter where you bank. So you could charge most things and pay at the end of the month, get a little cash at the grocery store, and just keep using Wells Fargo.

    But I agree, some banks won't check to see if you're on Chexsystems. Try a small local bank or another credit union where you can explain things to someone and you may get an account that way.

Share This Page