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ok, so I'm overdrawn because of the pdl's and my bank says they are closing my account and because of the amount it will be reported to check systems (sp?)

can someone please educate me - what does it mean to be reported to this check system?

I already have an account at another bank, so that part I'm not too concerend with.

they said once I pay it, they will update the system,
but what else?

thank you!

Guest · Posted: Wed Nov 07, 2007 12:37 pm Subject:

i also had that sameproblem. thing is that your new bank will find out that you are on chex system, cause they look at the reports, and they will close your account.Yiu can not get an account for 5 years whikle you are on chex system

Posted: Wed Nov 07, 2007 12:45 pm Subject:

Yes, that is true. Some banks will do "sweeps" on new accounts and find your chexsystems report. Normally they will then close your new account.

Chexsystems is a consumer reporting agency, kind of like a credit bureau. The item will stay on your report for 5 years. Once the item is paid, it will show as paid, but will stay on the report.

Posted: Wed Nov 07, 2007 1:36 pm Subject: what is chexsystems?

ChexSystems is.....

a check verification service and consumer credit reporting agency like Experian, Equifax and TransUnion. While most credit reporting agencies broker data about how a consumer handles credit relationships, ChexSystems provides data related to how a consumer has handled deposit accounts at banking institutions. "ChexSystems" is a registered service mark of eFunds Corporation headquartered in Delaware and was previously registered to "Chex Systems, Inc

Once on chexsystems, your name will remain on file for 5 years unless you file a dispute and there is no guarantee to be removed even with dispute. Paying the bank will NOT remove you from chexsystems. Many people believe and are even told it will but it will NOT.

The reporting bank is the ONLY one that can have chexsystems remove you and 9 time out of 10 the banks will NOT.

What do banks consider Fraud

This is yet another vague Chexsystems entry flag. "Fraud" means whatever the reporting bank wants it to at the time.

Here are some recent examples I have seen reported as "fraud" with different banks:

1) Elderly person falls victim to a pigeon drop scheme and deposits a phony money order in her account for $5,000. This individual is 74 and has maintained the account in good standing for over 25 years without a single overdraft. Her account is closed and she is reported to Chex systems for "fraud", causing her monthly Social Security payment to be returned. What was aggravating is that she also had an investment account at the bank with over $11,000 in it.
(Well Fargo)

2) An employment dispute caused the accountholder's employer to issue a stop payment on a payroll check, resulting in over 400 of NSF charges. The account is closed and reported to Chex as fraud. (Compass Bank)

3) Small auto dealer sells a car, depositing a cashier's check for $6500. At the time of the deposit, he asks for $1000 back in cash. The dealer has owned the business for 22 years, and keeps a large average balance in the account. Because the cashier's check was a forgery, he is arrested on the spot, the account is closed and reported to Chex as fraud.
(Chase Bank - formerly Bank One)

If you have been reported to Chex for fraud, but you did not commit an illegal act, then I say make them prove and justify it.

It was later determined that these individuals were victims themselves and no charges were filed. In the case of the stop payment, the individual has hired an attorney. The employer may have violated state law for refusing sales commission payments. All three are still trying to get the fraud entries removed from Chexsystems.

Posted: Wed Nov 07, 2007 3:37 pm Subject:

As far as a new bank closing your account, it really depends on what bank it is. Yes goudah is correct some banks like WAMU, Wells Fargo etc will do sweeps and periodically run checks on customers that are in good standings. But again it really depends on the bank.

Another thing to look out for is when ordering checks..same situation can occour

Did you know that when you order checks from Deluxe or one of their subsidaries, that they send personal information to Chexsystems and to Deluxe's collection agencies? They send your acount number, address, phone number, and more. Do not order checks through Deluxe, Current Checks, Designer Checks, or Checks Unlimited. They also send information to other companies such as Debit Bureau, EFunds, and SCAN.

The Style check company seems okay and it does state that they keep all information confidential. Just always make sure that it isn't owned by Chex. They also keep information on file such as your account number, check numbers etc. Be Careful is all I am saying because there have been people who ordered checks and then chexsystems contacts thier bank realizing they have an account to let them know they are on chexsystems. Some situations where accounts were closed just from ordering checks.

Suggestions: Clarke American, Style Checks

2 others

Thank you for your inquiry. The answer is no, Liberty is not owned by
Deluxe, we are a private employee owned company. If you have any
further
questions please feel free to email again.
Sincerely,
Diane Schlichting
Liberty Customer Service

---------------------------------------------------------------------- ------

Thank you for contacting The Check Gallery. No, we are not affiliated
with Deluxe Corp. If you have any further questions, please feel free
to email me again. Thank you.
Sincerely,
Kira
Customer Contact Representative
_________________

Posted: Thu Nov 08, 2007 7:51 am Subject:

thanks everyone for the info!

my new bank is wacovia, and I'll say they have been great so far....unlike wells f***you Evil or Very Mad

Posted: Thu Nov 08, 2007 11:01 am Subject:

Just be cautious with wachovia as well. Sometimes they will open accounts then close them at a later time if you are reported to chexsystems. generally this is if there is " fraud " indicated on the report or a large amount of money is owed to another bank

ShannonL · Posted: Thu Nov 08, 2007 3:42 pm Subject: MCA question on Wachovia

Posted: Thu Nov 08, 2007 3:54 pm Subject:

Shannon,
yes you would be able to get your fund in the account back if they decided to close it. It sounds as if you will be fine. I know people are really upset when accounts are closed because although they will get the money in the account, most times banks will hold it for a brief time to make sure nothing else is going to come through on the account.

I believe the only thing I have hyeard about Wachovia closing accounts is when " fraud " was indicated

cluelessnomore · Posted: Wed Nov 14, 2007 9:01 am Subject: fraud

I am on chexsystems one time from Bank Of America listed as Account abuse, is this considered fraud?

thanks

Posted: Wed Nov 14, 2007 9:07 am Subject:

cluelessnomore
Good to see you here Smile

...no account abuse is not the same as what they call
" fraud " or generally they will call it ' suspected fraud "

cluelessnomore · Posted: Wed Nov 14, 2007 10:35 am Subject:

Yep, still following what is going on. February will be one year since BOA reported me. Still have Wachovia account open and going well.

Read where you home school. I am a public High School art teacher and think it is great the time and effort you have put into your childrens education! It is now "where" you receive your education but "how" that counts. I teach many students who no one cares about them much less their performance in school! Good luck to your son who is receiving his college degree online.

cluelessnomore · Posted: Wed Nov 14, 2007 10:36 am Subject:

sorry for the typo's in a hurry...............

Posted: Wed Nov 14, 2007 12:40 pm Subject:

cluelessnomore.....actually I home school two of my children still with an online school but my oldest son the one in college, he goes to the University of Dayton ( but he graduated an online high school )

How long have you had the Wachovia account ?

cluelessnomore · Posted: Wed Nov 14, 2007 7:46 pm Subject:

Opps sorry I got confused! I miss my University Days.

I opened the Wachovia account one week before Bank of America reported me, so I have had the account 10 months. Overdrafted a few times. I also have a credit union account that I have had for 18 years.

Keeping my fingers crossed Smile

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close bank acct - report to check systems???

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