WARNING RE: AMEX BANKING

Discussion in 'Credit Talk' started by Michael, Nov 19, 2000.

  1. Michael

    Michael Guest

    I have just learned that AMEX will pull both a Chex System Report and a Credit Report on you when opening an account w/ membership banking.

    Although they offer an account number within 24hrs. after a chex system search, they will pull a credit report about 10-15 days later and CLOSE ANY ACCOUNT that has NO CREDIT, or bad credit.

    The folks at Amex should have told people this prior to opening accounts and wasteing peoples time, and money attempting to open an account that they would not quallify for!
    THERE IS NO EXCUSE FOR THIS!
     
  2. Momof3

    Momof3 Well-Known Member

    Most banks DO pull from both Chex and credit reports before issuing a bank account. Did they give you the impression that they wouldn't do this??????
     
  3. dave

    dave Well-Known Member

    RE: NOT TRUE FOR ME!

    I currently have an interest checking account with AMEX Membership Banking that's nearly a year old. I had no credit when I applied, and was approved without a problem. ChexSystems report would have been clear because this was my first checking account.

    I noticed that a soft inquiry was placed on Experian when I applied. So generally speaking, yes, AMEX does pull both Chex and a credit report; but in my instance, the credit report was pulled under promotional inquiry, thus no adverse effect on my credit was seen..
     
  4. Michael

    Michael Guest

    RE: NOT TRUE FOR ME!

    Obviously they have changed the criteria for approving new clients!
     
  5. Michael

    Michael Guest

    The Rep. stated that "a check with Chex would be done", no other info was disclosed.

    Also an account # was issued 24hrs. later, only to be closed 12 days later!
     
  6. roni

    roni Well-Known Member

    yes mom apparently they did. Many have complained about the website. well the cobalt card also. When I opened my last bank account on the phone with first union, they guy told me to hold on while they did chex and credit check. He asked my permission. That is just the way it should be done.

    roni
     
  7. Momof3

    Momof3 Well-Known Member

    Well I would be highly upset as well. Since they told you know credit report would be pulled.
     
  8. Eboni

    Eboni Guest

    Who cares- Amex is nothing spe

    Amex does not offer good terms for accounts. They offer the standard brick and mortor accounts with little to no perks. I live in Chicago and I have never seen a Centurian banking branch, so they are basically a internet or remote bank with NO perks.

    Get an account with Netbank, atleast they offer you something.

    I like Amex a lot but their checking and savings account leave a lot to be desired.
     
  9. roni

    roni Well-Known Member

    Eboni?

    Have you received your secured optima yet. You applied for that right. Just curious.

    roni
     
  10. Eboni

    Eboni Guest

    RE: Eboni?

    No I have not. I am a little frustrated. Amex needed to verify my address. They requested I send a bank statement or a utility bill to them. I have already recieved my wlecome letter and my savings account is open.

    I had planned on having the card by now for holiday travel. Now I have to use a nother card. If it were any other bank or any other program I'd say forget it and send my money back. I should hopefully have my card in another week or so.

    They recieved my app on 10/17 and cashed my check on 10/19.

    Still waiting. I sent way too much money. I should have sent the minimum then I wouldn't have cared :)
     
  11. roni

    roni Well-Known Member

    RE: Eboni?

    I have the card. It took a long time for me to receive my card. I know it was at least 3.5 weeks. It sounds like your card should come at any time now. Having to verify address takes time. That is why I have my stuff listed when applying for credit. I of course tried to get new and have my # unlisted when I first moved here to Philly. So I had the same problem as you with citibank verification. I remember when AMEX called my house to verify address for the card in April of 2000. What a hassle. I think you will get it soon and will enjoy your new AMEX for the holidays.

    roni
     
  12. Killer

    Killer Guest

    Micheal,

    I hope this doesn't happen to me! I noticed this morning that my check for the deposit cleared. Since I have been given the account number already, sounds like I'm good to go! I do have several bad spots on my credit so I hope they won't close my account. Now that my check has cleared I'm going to call Centurion and ask if there is a possibility that my account will get closed. I will also asked if they ran a credit report yet. Although I'm sure, I will also ask if they ran checksystems.
     
  13. Killer

    Killer Guest

    Micheal,

    You are absolutely right! I called Centurion and was told upon application checksystems is ran. If the applicant passes then the account is opened. When the applicant funds the account, automatically the welcome kit, ATM card, and checks are then sent. All this occurs before a credit check is done! If AMEX doesn't like the information on the credit check, the account is then closed! The reps said that AMEX just started doing this about 3 months ago! No wonder I was advised to open a Centurion checking account when I missed the secured opitima deadline. They knew if I had a checking account with them, then I would qualify for the secured card! Now I'm worried. My credit is damaged. On the other hand, Dogman has a checking account with a bankruptcy. However, maybe he applied over 3 months ago. Oh well I tried. Hey Dogman what do you think?
     
  14. river

    river Well-Known Member

    Killer, I have been reading the posts after opening an acc't(interest checking) and my credit isn't worth @!#$ ,but I'm not on checksystems list neither. I talk with rep this a.m. and he said that checks and ATM card have been mailed out. I don't believe that I'm in any dager of losing the acc't. I have a hard time accepting that Amex would go to the extreme of mailing checks and ATM card to just have to cancel weeks later. It's possible though!!! I'm just going to chill for now!!!!!You do the same!
     
  15. river

    river Well-Known Member

    I have the optima secure card and my credit is probably more damaged than yours. I have 8 collections, a paid judgement, and two credit card charge-offs. Yours couldn't be any worst. Forgot a dismiss BK that isn't listed as dismissed,so it looks as though it is streight out BK. I think they are loking for stable addy and verified ss# and name as far as the secure card went,but also it asked on app fo checking acc't if you have a credit card acc't with them and I put yes. That could be my saving grace!!??
     
  16. Killer

    Killer Guest

    Thanks River....that's so encouraging! Yes I will just chill! My checks and ATM are on the way too. Thanks again! I'm about ready to name you "Mr. Encourager" or "Ms. Encourager" which ever is applicable.
     
  17. river

    river Well-Known Member

    It's Mister. Just got off phone with rep for Membership Bank and he put me on hold and researched my account and said everything looks good and that there are times when they will close acc't after opening if the persons credit report looks "shady"(his word),but "that was few and between(his words again). By the way,he said that they pull Experian.
    I'm just gonna chill and not get in a teasy over it,UNLESS,it happens!!!!
     
  18. Killer

    Killer Guest

    Cool! I'm chilling with you! I know my credit is "shady". I think we are in!
     
  19. river

    river Well-Known Member

    Kool!!!!!I'll keep you inform should anything change!You do the same.
     
  20. Killer

    Killer Guest

    Ok...I meant I know my credit isn't "shady"...LOL!
     

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