| | |
10-21-2015
| Executive [VIP] | | Join Date: Aug 2013
Posts: 951
Thanks: 194
Thanked 180 Times in 127 Posts
Activity: 0% Longevity: 62% | | Banks and chexsystems
Hello all I have opened up many banks within the past few months and this has caused too many inquiries on my chexsystems report. For those who don't know, an inquiry is simply a report that is made to chexsystems every time you go to open a bank account, giving bank name, date, type of account, etc. I have nothing negative on my chexsystems report, but too many inquiries cause red flags and banks stop opening accounts for you.
There is nothing else reported wrong on my chexsystems. I don't owe money to any banks or anything like that. Just too many inquiries.
Does anyone know how long until these inquiries drop from your chexsystems report? I read that it depends on the bank - some banks drop them after 3 months and some banks can take a year. Just want to know if anyone has any other info.
Also, should I close the banks I currently have open? Or would that hurt me more?? Should I close them slowly over the next few months? I don't want to raise any more flags by closing all these banks at once.
|
The complete step-by-step guide to get back to selling today!
| |
10-21-2015
| | Executive [VIP] | | Join Date: Mar 2014
Posts: 504
Thanks: 55
Thanked 141 Times in 92 Posts
Activity: 20% Longevity: 58% | | Re: Banks and chexsystems
I've been curious about this myself lately, so I ended up doing research. 80% of American banks use ChexSystems, while the other 20% use other means. Each ChexSystems entry is deleted after 5yrs.
__________________ What good is it for a man to gain the whole world, yet forfeit his soul? |
10-21-2015
| | Executive [VIP] | | Join Date: Mar 2010
Posts: 7,217
Thanks: 895
Thanked 4,069 Times in 2,169 Posts
Activity: 0% Longevity: 81% | | Re: Banks and chexsystems
Don't close the accounts! The best thing to do is to open one account at one bank. Then, open some more at the same bank. Most banks only use ChexSystems when your first account is opened. It costs them money to pull a report, so they usually only run it when they have to. It is not unusual for a person to have 1 checking, 1 savings, 1 business account, 1 Christmas account, 1 building account, etc.
It is true, if you open too many accounts at too many banks too quickly, then they think you might be committing fraud. It is not normal for one person to open tons of accounts in a short period of time.
You can find the banks that do not use ChexSystems, or try some "second chance" banks. Or, try getting a couple more accounts with your current banks. One time, I had 4 accounts opened at one bank. 3 of the 4 were attached to burned accounts. So, I went into the bank and told them I had either lost my wallet or it was stolen, it was just missing and I was not sure if I dropped it somewhere or if someone pickpocketed me. They immediately closed all 4 accounts and opened 4 new ones for me.
EDITED TO ADD: You can also enlist the aid of your spouse, or a family member. They can open accounts for you. While it is best to not mix up your business dealings with anybody else, it CAN work out as long as you are honest with them about what you are doing and they are comfortable with it. Don't push if they don't want to do it. Not everyone likes the idea of stealth, and you don't want a nervous person constantly worrying about the accounts. Also, you should agree that if anything happens, you will make up any losses, so they will not be adversely affected. It is the right thing to do.
Last edited by jeffweico; 10-21-2015 at 05:42 PM.
| The Following 2 Users Say Thank You to jeffweico For This Useful Post: | |
10-21-2015
| Executive [VIP]
Threadstarter  
| | Join Date: Aug 2013
Posts: 951
Thanks: 194
Thanked 180 Times in 127 Posts
Activity: 0% Longevity: 62% | | Re: Banks and chexsystems Quote:
Originally Posted by jeffweico Don't close the accounts! The best thing to do is to open one account at one bank. Then, open some more at the same bank. Most banks only use ChexSystems when your first account is opened. It costs them money to pull a report, so they usually only run it when they have to. It is not unusual for a person to have 1 checking, 1 savings, 1 business account, 1 Christmas account, 1 building account, etc.
It is true, if you open too many accounts at too many banks too quickly, then they think you might be committing fraud. It is not normal for one person to open tons of accounts in a short period of time.
You can find the banks that do not use ChexSystems, or try some "second chance" banks. Or, try getting a couple more accounts with your current banks. One time, I had 4 accounts opened at one bank. 3 of the 4 were attached to burned accounts. So, I went into the bank and told them I had either lost my wallet or it was stolen, it was just missing and I was not sure if I dropped it somewhere or if someone pickpocketed me. They immediately closed all 4 accounts and opened 4 new ones for me. | Unfortunately even if you have bank accounts already opened at a bank, many banks will still run a chexsystems on you if you go to open a new account with them. My chexsystems report showed inquiries for every account I opened over the past few months, even if it was with the same bank.
Yes there are a several banks out there that don't use chexsystems. However there are only so many accounts I can keep opening at the same banks before those disappear as well. These banks that don't use chexsystems will hold me over a little longer, but soon I will not be able to open any more accounts at these banks either. Even if I get creative with excuses to use as to why I need all new account numbers, I will eventually run out. So I am just looking ahead as to when I can start opening accounts again.
The 5 year timeline is for more serious marks on your chexsystems account for things like being reported for owing a bank money. But simple inquiries disappear sooner than that as long as nothing else pops up on your chexsystems - another reason why I just want to cool off all together. I was just curious if anyone has experience waiting for inquiries to drop off their report.
|
10-21-2015
| | Senior Member | | Join Date: Mar 2010
Posts: 392
Thanks: 77
Thanked 53 Times in 38 Posts
Activity: 0% Longevity: 81% | | Re: Banks and chexsystems
You shouldn't be that worried about the Chex system the reason I say this because the Chex system is designed to see if you owe a bank money and decide not to pay. I would open up a business checking at this point if your worried about too many inquiries. Banks tend to bother less about business bank accounts because most likely your going to be paying 10-15$ fee a month.
Credit reports and your FICO is something I would worry about. If you ever need funding to start a business.
As long as you do not owe money on a bank account usually opening many bank accounts are a normal thing. Just don't run into the negative with a bank account and decide not to pay. Then I would say that would greatly affect your Chex system report.
| The Following User Says Thank You to littleredengine07 For This Useful Post: | |
10-21-2015
| | Senior Member | | Join Date: Mar 2010
Posts: 392
Thanks: 77
Thanked 53 Times in 38 Posts
Activity: 0% Longevity: 81% | | Re: Banks and chexsystems
You also have to look at a banks point of view too are you making them money or losing them money. I always go the route of opening business bank account because then your paying them those fees. It's a small price to pay in terms of doing business
|
10-21-2015
| Executive [VIP]
Threadstarter  
| | Join Date: Aug 2013
Posts: 951
Thanks: 194
Thanked 180 Times in 127 Posts
Activity: 0% Longevity: 62% | | Re: Banks and chexsystems Quote:
Originally Posted by littleredengine07 You shouldn't be that worried about the Chex system the reason I say this because the Chex system is designed to see if you owe a bank money and decide not to pay. I would open up a business checking at this point if your worried about too many inquiries. Banks tend to bother less about business bank accounts because most likely your going to be paying 10-15$ fee a month.
Credit reports and your FICO is something I would worry about. If you ever need funding to start a business.
As long as you do not owe money on a bank account usually opening many bank accounts are a normal thing. Just don't run into the negative with a bank account and decide not to pay. Then I would say that would greatly affect your Chex system report. | That actually leads me to another question. If I open a corporation and apply for business checking accounts for that corporation, and the bank goes to pull a report from chexsystems, is this report going to show all previous inquiries under my personal name, or since I am applying with a corporation will it be a fresh new report free of any inquiries I made under my personal name???
|
10-21-2015
| | Senior Member | | Join Date: Jul 2013
Posts: 760
Thanks: 106
Thanked 154 Times in 114 Posts
Activity: 0% Longevity: 62% | | Re: Banks and chexsystems
The big banks also use their own chex systems it's called early warning services. They keep their own tabs on you in addition to chex systems so watch out and check that report as well.
__________________
Everyone got a plan until they get punched in the face.
|
10-21-2015
| Executive [VIP]
Threadstarter  
| | Join Date: Aug 2013
Posts: 951
Thanks: 194
Thanked 180 Times in 127 Posts
Activity: 0% Longevity: 62% | | Re: Banks and chexsystems Quote:
Originally Posted by miketyson The big banks also use their own chex systems it's called early warning services. They keep their own tabs on you in addition to chex systems so watch out and check that report as well. | any idea if they differ at all in terms of how they report different activities to banks?
|
10-22-2015
| | Senior Member | | Join Date: Jul 2013
Posts: 760
Thanks: 106
Thanked 154 Times in 114 Posts
Activity: 0% Longevity: 62% | | Re: Banks and chexsystems
Yes. That's exactly what it is. It's owned by the 4 or 5 big banks. Google it.
__________________
Everyone got a plan until they get punched in the face.
| The Following User Says Thank You to miketyson For This Useful Post: | |
10-22-2015
| Senior Member | | Join Date: Nov 2013
Posts: 382
Thanks: 9
Thanked 76 Times in 55 Posts
Activity: 0% Longevity: 60% | | Re: Banks and chexsystems Quote:
Originally Posted by jeffweico Don't close the accounts! The best thing to do is to open one account at one bank. Then, open some more at the same bank. Most banks only use ChexSystems when your first account is opened. It costs them money to pull a report, so they usually only run it when they have to. It is not unusual for a person to have 1 checking, 1 savings, 1 business account, 1 Christmas account, 1 building account, etc.
It is true, if you open too many accounts at too many banks too quickly, then they think you might be committing fraud. It is not normal for one person to open tons of accounts in a short period of time.
You can find the banks that do not use ChexSystems, or try some "second chance" banks. Or, try getting a couple more accounts with your current banks. One time, I had 4 accounts opened at one bank. 3 of the 4 were attached to burned accounts. So, I went into the bank and told them I had either lost my wallet or it was stolen, it was just missing and I was not sure if I dropped it somewhere or if someone pickpocketed me. They immediately closed all 4 accounts and opened 4 new ones for me.
EDITED TO ADD: You can also enlist the aid of your spouse, or a family member. They can open accounts for you. While it is best to not mix up your business dealings with anybody else, it CAN work out as long as you are honest with them about what you are doing and they are comfortable with it. Don't push if they don't want to do it. Not everyone likes the idea of stealth, and you don't want a nervous person constantly worrying about the accounts. Also, you should agree that if anything happens, you will make up any losses, so they will not be adversely affected. It is the right thing to do. |
This does not sound like you, you are giving people an opening to the dangers of banking when it is not as hard as you imply.
Open a bank, Credit unions are great
make multiple accounts with that account slowly( once every few months)
open another account at a different bank for future use.
Not hard, most credit unions will allow 10-20 accounts with the same account. No need for business/ or any of that BS. Checking and savings will do. Mostly checking
PNC wallet is also a great option
| The Following User Says Thank You to xxrange For This Useful Post: | |
10-22-2015
| Executive [VIP]
Threadstarter  
| | Join Date: Aug 2013
Posts: 951
Thanks: 194
Thanked 180 Times in 127 Posts
Activity: 0% Longevity: 62% | | Re: Banks and chexsystems Quote:
Originally Posted by xxrange This does not sound like you, you are giving people an opening to the dangers of banking when it is not as hard as you imply.
Open a bank, Credit unions are great
make multiple accounts with that account slowly( once every few months)
open another account at a different bank for future use.
Not hard, most credit unions will allow 10-20 accounts with the same account. No need for business/ or any of that BS. Checking and savings will do. Mostly checking
PNC wallet is also a great option | PNC is not a great option when you have too many inquiries on your chexsystems report :(
Neither are most banks..
Credit unions are good to hold me over a little longer, but if I'm looking to keep on going long term I will need these inquiries to drop from my chexsystems.
|
10-22-2015
| | Junior Member | | Join Date: Jul 2011
Posts: 361
Thanks: 148
Thanked 35 Times in 30 Posts
Activity: 0% Longevity: 74% | | Re: Banks and chexsystems
Here is a list of Banks that don't use ChexSystems ChexSystems Bites! - List of Good Banks |
10-23-2015
| Executive [VIP]
Threadstarter  
| | Join Date: Aug 2013
Posts: 951
Thanks: 194
Thanked 180 Times in 127 Posts
Activity: 0% Longevity: 62% | | Re: Banks and chexsystems
Thanks. I have seen that list. Many of those banks will not reliably accept deposits in mismatched names, and half of them say they don't use chexsystems but they do indeed use it, or some other form of verification like Early Warning Services as previously mentioned on this thread. Quote:
Originally Posted by secret storm | |
10-23-2015
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,109 Times in 2,282 Posts
Activity: 0% Longevity: 60% | | Re: Banks and chexsystems
How many accounts have you opened?
More than 7000 banks in the USA right now. Hard to imagine running out of banks/prepaids, etc..
|
10-23-2015
| Banned | | Join Date: Feb 2013
Posts: 1,811
Thanks: 2,511
Thanked 285 Times in 235 Posts
Activity: 0% Longevity: 65% | | Re: Banks and chexsystems
nodeal what da hell are you exactly asking for man? seems like your making life more difficult than it needs to be |
10-23-2015
| | Executive [VIP] | | Join Date: Mar 2011
Posts: 4,307
Thanks: 2,202
Thanked 1,342 Times in 961 Posts
Activity: 9% Longevity: 76% | | Re: Banks and chexsystems Quote:
Originally Posted by yankee How many accounts have you opened?
More than 7000 banks in the USA right now. Hard to imagine running out of banks/prepaids, etc.. | i'm gonna need you to type them out for me please
| The Following User Says Thank You to unkown5454 For This Useful Post: | |
10-23-2015
| Executive [VIP]
Threadstarter  
| | Join Date: Aug 2013
Posts: 951
Thanks: 194
Thanked 180 Times in 127 Posts
Activity: 0% Longevity: 62% | | Re: Banks and chexsystems
Yes but when you are being flagged in chexsystems, I am finding my options very limited.
Prepaids are an option I'm still exploring. A lot of trial and error involved.
And to answer your question I have opened approximately 30-35 banks in the past 3 and a half months Quote:
Originally Posted by yankee How many accounts have you opened?
More than 7000 banks in the USA right now. Hard to imagine running out of banks/prepaids, etc.. |
Last edited by nodeal; 10-23-2015 at 09:11 PM.
|
10-23-2015
| Executive [VIP]
Threadstarter  
| | Join Date: Aug 2013
Posts: 951
Thanks: 194
Thanked 180 Times in 127 Posts
Activity: 0% Longevity: 62% | | Re: Banks and chexsystems Quote:
Originally Posted by dealagreeproceed nodeal what da hell are you exactly asking for man? seems like your making life more difficult than it needs to be | What I am asking - from my first post - and bolded for emphasis: Does anyone know how long until these inquiries drop from your chexsystems report? I read that it depends on the bank - some banks drop them after 3 months and some banks can take a year. Just want to know if anyone has any other info. Also, should I close the banks I currently have open? Or would that hurt me more?? Should I close them slowly over the next few months? I don't want to raise any more flags by closing all these banks at once.
|
10-24-2015
| Executive [VIP] | | Join Date: Dec 2010
Posts: 3,503
Thanks: 254
Thanked 815 Times in 600 Posts
Activity: 0% Longevity: 77% | | Re: Banks and chexsystems
If you qualify, join Navy Federal credit union, they dont look at chexsystems.
And business accounts work so much better. Well worth the cost and hassle to start a LLC or Inc.
|
10-24-2015
| | Executive [VIP] | | Join Date: Mar 2011
Posts: 4,307
Thanks: 2,202
Thanked 1,342 Times in 961 Posts
Activity: 9% Longevity: 76% | | Re: Banks and chexsystems Quote:
Originally Posted by nodeal Yes but when you are being flagged in chexsystems, I am finding my options very limited.
Prepaids are an option I'm still exploring. A lot of trial and error involved.
And to answer your question I have opened approximately 30-35 banks in the past 3 and a half months | opening a bank account every 3-4 days? jesus christ wtf are you doing
|
10-24-2015
| Executive [VIP] | | Join Date: Dec 2010
Posts: 3,503
Thanks: 254
Thanked 815 Times in 600 Posts
Activity: 0% Longevity: 77% | | Re: Banks and chexsystems
How many 30-35 accounts at different banks was opened.
|
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off | | | |