New Account /sweeps
Date: Sat, 03/31/2007 - 07:55
How long does it usually take after account closure to wind up in CHEX?
We have another bank account/different bank,9 years old,never any NSF activity,2 savings accounts at same bank,and healthy balances in all 3. What are the chances of this bank running a sweep and finding the NSF activity,when it shows up? Do they only run on new customers,or both new and established?
Nervous Wreck...
Depends on the bank reporting as to how long it would take to sh
Depends on the bank reporting as to how long it would take to show up.By the way,that story they told you about reporting to chex systems being required is bull.
When they open an account,normally they cite Patriot act and either pull credit or chex report. Existing customer has no reason for report other than to hurt you for that nsf.It will remain in there for 5 years unless you can dispute it off. On your existing bank,I would make an appointment with the highest ranking person you can grab and be honest about what happened on account closure at other bank.That way if they did do a sweep,they already show your statement of what happened.
There are a few banks out there that do sweeps of all their acco
There are a few banks out there that do sweeps of all their accounts. I wouldn't recommend telling your bank about the chexsystems report, as they could close your account.
They aren't required to report you, just as Cajun said. But it may be the banks "policy" to report all nsf activity to chexsystems.
It can be as fast as a couple days for the report to show, or as long as a few months. It all depends on the reporting bank.
For the most part, as long as you have had the older accounts open for longer then 90 days, you should be okay, unless it's one that does sweeps on all accounts. If you want to post the name of the bank your older accounts are with I can tell you if they've done major sweeps in the last few years.
Janblale - I got your PM, but had no way to respond. So, I hope
Janblale - I got your PM, but had no way to respond. So, I hope you get this. I haven't heard of WM running a second chexsystems sweep, unless you come in during your first 90 days and open an additional account. Then, they have to run you again. To be safe, don't open a second account with them until after 180 days. Just to be safe. What was the original bank that you had the NSF activity with. Did that bank charge off the account? I haven't heard of any bank that will report you to ChexSystems and still keep your account open. When running chexsystems, I've seen different messages like "account abuse, NSF activity, atm fraud, etc". There are lots of different reasons banks can choose. Sometimes they choose a blanket reason like account abuse. I hope this helps. :wink:
