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Debt Consolidation Forums Banking and Chexsystems forums

Fidelity is not a non-chex option any longer

Recently I had several people tell me that they opened the MySmart Cash Account at Fidelity and it was closed shortly after. Apparently they are now using a company called MSI I contacted MSI and they said they use : checksystems, Lexis -Nexis and telecheck to evaluate accounts opened by Fidelty. If there are negatives, they 'suggest' to Fidelty to take appropiate action(s).

This is an option that has helped so many for a long time but is now being removed from my Chex-friendly list. I am hoping that it does not cause any problems for those that have already opened accounts .. we are watching the situation closely and I will report any news that I find




thanks mca for the update

Sub: #1 posted on Sun, 01/09/2011 - 21:46

bakerjon bakerjon

(Posts: 1086 | Credits: )

Unfortunately .... they have started to close accounts for people that have accounts that are in good standing. Some were as old as 2 yrs old

Sub: #2 posted on Sun, 01/09/2011 - 21:58

Mary Adkins Matthews Mary Adkins Matthews
Moderators Cum Industry Expert
(Posts: 755 | Credits: )

I have had an account with Fidelity for almost a year. If they find my chex systems record (2 years old) what eventually happens if they decide to close the account?

Sub: #3 posted on Wed, 03/23/2011 - 09:08

Unregistered


TSP from what I can tell they have slowed down or stopped closing accounts but yes they were closing accounts for a while that were in good standing and some were as old as 2 yrs old. There was no notice either.

my response I forgot to sign in
mca

Sub: #4 posted on Wed, 03/23/2011 - 11:09

Unregistered


I was wondering if there is any new news on this. I have had a fidelity account for a year now.
Thanks

Sub: #5 posted on Tue, 06/07/2011 - 13:54

Unregistered


Yes actually I can tell you that it seems so far Fidelity has now stopped closing accounts. Accounts that are still opened seem to be fine as long as they remain in good standing. They are however still denying those that apply for new accounts if they are reported to chexsystems

Sub: #6 posted on Tue, 06/07/2011 - 14:30

Mary Adkins Matthews Mary Adkins Matthews
Moderators Cum Industry Expert
(Posts: 755 | Credits: )

I opened a account with them just to test the waters. I don't know how they are closing accounts when they didn't even ask for my d.l. number. What I think is happening is at one point they were letting any one open a My smart cash only account. And not the brokerage part. And I think that screwed people up. If you open "both" you should be fine. Iv had my account for months no issues. I also have been reading that many accounts are not closing only a select few. So if you are abusing your account or going negative or such then Im thinking they are closing your account for that reason. I don't know for sure but this is my reasoning on the matter:confused:. Also if you have dp that helps your chances to. If you are scared of this I would just go with ETRADE BROKERAGE account. Iv had them for over a year and it's great. I do little trading and do my banking all in the same account. No issues. They don't check chex's. Good luck :D

Sub: #7 posted on Sat, 07/28/2012 - 16:06

Unregistered



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