Woodforest and Chexsystems

To mu knowledge, Woodforest don't use Chexsystems. They post your cash transactions so that they are immediately available. They are not too strict.

yeah i know they don't use it to open accounts. What I'm concerned with is them reporting a bad check. anyone have any idea?

WoodForest Bank verifies and reports to both chexsystems and telecheck. If you fixed the account right away and the account is still open, I doubt that they would have reported you. There are some banks that report every single NSF that a person gets but I don't believe that WoodForest is one of them. If you want to be sure, you can order a FREE annual copy of your report at www.chexhelp.com

Thanks MCA ...

on that note, let's say they do report me...what sort of impact does one NSF have on a chexsystems report? seeing that i'm close to 4 years from any negative, does this completely restart the clock?

On another note...if Woodforest does report me for that, would they close the account??

Hello, just wondering if anyone has any answers for my question above...

Be patient, I am sure that MCA will reply when she is available. :)

If woodforest reports you then yes my guess is that they would close the account. I really don't believe that they report unless they close the account. To my knowledge, they are not one of the banks that report every single NSF.

If they do close your account and report you, they will report you to chexsystems and telecheck both. Then report would be on chexsystems for 5 yrs, the report to telecheck would be reported for 7 yrs unless the debt to the reporting bank was paid, and in that case, telecheck would remove it. Chexsystems however will not remove regardless if the debt is paid or not.

If you are already reported to chexsystems by another bank previously from 4 yrs ago, no, this does not restart the clock on this report and after the 5th year the report will still be removed.

Thanks MCA .... two questions

1) How long does it take Woodforest to report you to Chexsystems? Would they notify you before closing your account or explain the situation? What if you have a negative balance?

2) As far as other banks, how many negs cause you to be refused by chexsystems. Would one bank report be enough to blacklist you?

Most banks that use chexsystems will NOT open an account for you even if you only have one report. There are some banks and credit unions that will open accounts for those reported to chexsystems and others that do not use chexsystems at all. Options for non-chexsystems banks really depend on where you live

If WoodForest reports you, they will report you upon closure of the account. They will report you to both chexsystems and telecheck which will make it more difficult for you to find an account in the future since you will be reported to both.

They may notify you before they report you but many banks do not. They simply close the account, report you and then turn the account over to collections if there is a balance owed.

What are EWS and teletrack? do all banks use these as well? this system is seemingly unfair...it's a constant struggle to just open an account

There have been many posts asking what the difference is between Teletrack and Telecheck - I thought it might be helpful to have this information as a sticky to clear up any confusion.

Teletrack:
This nationwide database is used solely by payday lenders, some rent-to-own retail stores, and a few other high-risk lenders. If your payday lender uses this database, and you default on their loan (or in some cases, just tick them off by paying late), they will report their experience with you to Teletrac, which will make it difficult to obtain another payday loan.

EWS,Telecheck or Chexsystems:
These nationwide databases are used by banks to report their experience with their customers. Having your name on this database will make it difficult to obtain a checking account in the future.