Wells fargo opportunity checking package - has both advantages
do not trust IMHO
Over the years, Bank of America and many other banks (Wells Fargo, BB&T, Washington Mutual, Wachovia, and Chase) just to name a few have all been known to open checking accounts at times for those reported to chexsystems. Of couse many people are happy to get an account when they have been reported to chexsystems, especially with these bigger banks. Unfortunately the happiness for many does not last. Bank Of America along with these other banks have been known to close accounts without notice due to Chexsystems and now EWS (Early Warning Services) issues.
Of course this can cause a huge problem for many people that have direct deposit, bill pay set up, and all of their money tied up into one account. Whenever you are using a bank that utilizes Chexsystems or EWS, be sure to have a " back up" account and never have all of your money in one place.
For years, Chexsystems seemed like the worse place to deal with but now we have EWS. It seems that being reported to EWS can be much worse than being reported to Chexsystems. Bank of America and other banks that utilize EWS, will not be lenient when it comes to EWS as they have been with Chexsystems in the past. If you are reported to EWS and for some reason you are able to be initially approved by these banks, be certain that once they discover that you are reported to EWS, it will be closed immedicately. If you have not been reported to EWS and have only been reported to Chexsystems, you do have a better chance depending on what is actually reported. Determining factors may include:
1. Is the reporting bank paid or not?
2. How old is the report?
3.Does the report show nsf, account abuse or fraud?
4. Is there more than one bank reporting?
All of these things factors can cause a bank to close an account if it is determined by loss prevention or the security dept. at the bank that you are indeed considered a " potential risk". Unfortunately with the present changing economy and the sudden changes at many large banks that have now merged, more and more accounts that have been opened for a substantial amount of time and remain in good standing are being closed. It seems that banks are now concerned with " risk" more so than ever before.
If you are able to get an account at a bank that uses Chexsystems or EWS, be sure to protect yourself and be aware of the possibilities.
Early Warning Services is a limited liability company owned by Bank of America, BB&T Corporation, JPMorgan Chase, Wachovia, and Wells Fargo.
..I got an email from Kimberly that wanted me to share her personal experience with everyone...
Dear Mary:
I had a boa checking account that was closed on me without any contact from the bank, I found out when I went to a branch's drive through to deposit a check and was told they could only accept cash deposits and I could not have any cash back, then I tried to use it for gas I needed badly and I could not get any at the pump. I went home and called the number an was told by a risk officer that my account was closing due to a chexsystem report from Sovereign Bank that I owed $864, was revoked a debit card, and made fraudulent use of a debit card.
When I called the Sovereign bank they told me I only owed $31.47, and my account was closed there, but they claimed it was not them who made the report about fraudulent use of a debit card or an report at all. Also in a letter I recieved later it stated that if I acted quickly I could be saved from reporting. Have you ever heard of a bank that has lied about the chexsystem before? Furthermore, when I went to a branch to give them the $31.47 exactly, they did not know how to credit it to the account, I waited a long time, the manager got involved, and it ending in me recieving a manual receipt and them stating they will have to look up the procedured and posibly send the payment to the collections department with a money order.
This screwed me up bad because I had payments going thought the Bank of America checking to delinquint credit cards on a new payment plan and sallie mae who I think in up to somthing with my case because they send me numerous letters first payment I was to make that was not due for over a month (I just graduated college in May). Right now I have no way to make payments, and I do not want to trouble my family with worries. Also, I have to wait over 2 weeks for the BOA to send me my money that was in the bank, and also cancel all payments to avoid fees there, making me look realy bad to the bill-givers.
Submitted by Mary Adkins Matthews on Sun, 07/19/2009 - 18:12