I have an employee that has a Chexsystems problem due to bounced checks, so he says. I have disputed this thru Chexsystems. Do they block the account during the investigative process like EQ does or if he were to try and open a checking account would they deny him? Charlie
He would probably be correct. Banks have a certain threshold of bad check activity before they close your account and report you to CS. Any funds in a closed account will be frozen during an investigation and returned once it is determined that the check writer was just irresponsible. If this person tries to open an account within the next 5 years, most major banks CAN AND USUALLY WILL deny him (even though some branch managers have been known to feel sorry and grant an account). I know all of this as I went through it 5+ years ago. Since then, I have been VERY careful and done my homework on what banks do tolerate before reporting to CS. If this person is going in, good luck!
If you are going to do a EFT direct deposit by payroll with a MAJOR LOCAL COMPANY...and you deposit like $500.00 cash (to open)...they "SHOULD" forget about CHEX (if it 2+ years ago)... We have a LIST of banks at work...they give SPECIAL treatment...(I assume that means, they can "bend" the rules a little)
He is thinking about rolling over an IRA at a credit union and thinking that will get him an account. He really needs an account because I have him traveling all over Texas. I try and help him pay bills while he is on the road, but Money Orders are a pain. Charlie
sorryyyyyyyyyyyyyyyy charlie, LOL LOL ;-) Money orders are a pain! I don't know if they are blocked when disputed. They should be marked as disputed too, hard to get a copy of your report to tell though. Do you know if he owes money on any of the checks or was just reported for the NSF activity? If he doesn't owe money, the CU will likely trump the report from Chex. Is he married or does he have a significant other that could open the account? he could then be added to it if there's no money involved. The other option I've heard of that I thought more practical than money orders was to open a savings account, they don't have the Chex restriction, and have bills paid via EFT arrangements or initiate payment online. Sassy
Sassy, He says EQ has "deposit related". He has literally no family. He even has me the benificary on his life insurance. I think if he puts an IRA in then opens a savings, like you say, they might ditch the Chexsystems block on him. Sooooooooorrrrryyyyyyyyy Charlie
Hey Charlie, That's a typo, I hope, the EQ has "deposit related" -- you meant chexsystems? DEPOSIT RELATED, they are flying by the seat of their pants! You can ask the reporting bank for their chex reporting policy and chex itself for their procedure to ensure maximum possible accuracy. Mostly, you have to be a squeaky wheel and pain in someone's backside. There's a list of non-chex banks, you have checked that for something in your area? I'll dig up the link if you need it. The reporting is connected to your driver's license number, it would be a darn shame if he lost his license and had to get a new one ;-). What a great boss you are, Charlie. Sassy
sorryyyyyyyyyyyyyyyy charlie, I still think you're a great boss, btw. TY for clarifying, something is hokey indeed, lol. ChexSystems is a CRA just bank/financial specific -- they don't report to the other bureaus (ex, eq, tu). Bad checks from other CA's can end up on the big 3 credit reports. Is he sure he is even in the ChexSystems or does he have a double whammy going on? Sassy
Frost Bank (in Texas) put it on his EQ. Sorry, I didn't clarify. Chexsystems itself is not. So. I'm trying to dispute his EQ and his Chexsystems. I don't understand what you're trying to say Butch. Sooorrrrryyyy Sassy. Charlie
wow Charlie, He does have a double-whammy! I'd sure make them validate and define that, deposit related, humphhhhhhhhhhhhhhhh. Sassy BTW, with an IRA and savings he should be ok, there's the greed perk!
Have him try Compass Bank http://www.compassweb.com/index.cfm They are in Texas, Alabama, Arizona, Colorado, Florida and New Mexico. The use Telecheck instead of Chex. When I last used them they were one of the first to offer internet banking, online bill pay, Quicken/MS Money access etc.
sorryyyyyyyyyyyyy charlie, that's HUMPH not hump, well they are humping something, but I was humphing! Deposit related!!!!!! what is that, how is it defined and how can it possibly be validated? And I was thinking too, banks reporting to the CRA's, isn't that a violation of the financial privacy act? ChexSystems was recently determined to be a CRA they got away with pretending they weren't for a long time by focusing specifically on banks and check products. HUMPHHHHHHH as in some nerve, what buttheads, hands on my hips, spinning on my heels, sticking my nose in the air kinda noise while stomping to the post office with a big fat certified letter. You know the noise I'm talking about? LOL Sassy
