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Wells fargo opportunity checking package - has both advantages

Submitted by on Sat, 07/18/2009 - 19:46
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What does everyone believe will happen in this situation:

When I was younger I did some dumb things and have been trying to re-establish myself in both checking and credit.

My current Chex system is:

1 account closed June 2005 for NSF - local bank
1 account closed Nov 2005 for NSF - local bank
1 account closed Jan 2006 "account abuse" - BofA

3 checks from Nov 2005
amounts: 29.58, 24.13, & 22.67 on account closed Nov 2005..have tried over the years to pay these to wal-mart for face value but they insisted on tacking on "collection fees" in addition to their NSF fee of $30 on each of them... SOL for them to send to AG or sue me has passed, and I only have 16 months left of them on my record

CH-13 BK 2005 which entailed the 2 local banks. But not any of the returned checks when the accounts were closed... all were paid except those 3. BofA I tried to keep and was subsequently closed by BofA after my BK was discharged

Since then I used tricentury bank's paycard from Mar 2006-Feb 2009 ( closed in good standing no NSF's ) and was able to open a regular checking account through Peoples Bank in Feb 2009 ( so far so good )

Right now I am trying to rebuild my credit and obviously with a Chex record I cant open a secured credit card account with the major banks that will unsecure it later due to being required to open a secured savings account with them...

With Wells Fargo and their opportunity checking in theory opens a back door approach to getting their secured card as one has to either have an open checking/savings account with them or be able to open a secured savings account to set up the card.

Whats the opinion on this one? Yea or Nay?


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

Mary Adkins Matthews

( Posts: 755 | Credits: )