Here's the situation - I have two accounts with BofA (checking/savings). So does my husband. We want to open a joint account, but I have a record with Chexsystems since then with another bank. Will they open an account for us. I have a solid history with BofA, just not with the other bank. In other words, do they check chexsystem even if you already have existing up to date accounts with them.
As a banker with Wells Fargo, I can tell you that once you have 1 account with our bank, we use that account's history to qualify you to open another new account. We look for an account that's over 2 years old, over $100 average balance, and less than 3 overdrafts within the last 12 months. I believe that BofA would be the same, but I'd give them a call anyways. Note: Our Wells Fargo policy states that if you don't have an account that meets the above guidelines, we are then required to call Chexsystems for qualifications. IF YOU HAVE A RECORD WITH CHEXSYSTEMS, WE ARE REQUIRED TO CLOSE ALL YOUR ACCOUNTS WITH WELLS FARGO BANK. So, knowing this information, I'd ask about your account standing with BofA before risking the closure of your existing accounts.
I actually found an old press release from B of A with regard to this. They will open an account once the chexsystems record is over a year old and paid. And they will consider less than a year if you have an account with them already. I guess they are more lenient than Wells Fargo!!
