Total # of Bank Accounts (How many?): CLOSING and OPENING accounts

[hapajenn1]

I do not think a thread about this topic was created yet so here it is..
How many total bank accounts that are opened (and kept opened) by a single person raises a red flag for the CHEXSYSTEMS? I know some people have 10+ bank accounts, is that considered too many? What is the threshold # that is Ok?

Also lets say you one of the current accounts has been used with PayPal and not re-usable because your PayPal account got limited/closed. Then would closing them accounts with your bank and reopening them say a month later give you fresh new account number to use with a fresh PayPal account, or would the bank simply re-opened the ones already closed?
Thanks.

[rsot]

I will give you a self experience but outside chexsystem...Canada - I have as many as 30 open - I just keep them spaced out - whats important is not too many at one bank and also developing STRONG relations with each bank.

[hapajenn1]

Originally Posted by rsot

whats important is not too many at one bank and also developing STRONG relations with each bank.

strong relations, what do you mean? Are you referring to utilizing the checking and savings for different TYPES of transactions , or are you referring to keeping your account at the bank for many years and paying dues on time, etc.?

[rsot]

Use checking and savings options - keep some busy at the bank - maybe investing - paying fees sure - not going negative....many different options

[Roscoe]

Originally Posted by hapajenn1

I do not think a thread about this topic was created yet so here it is..
How many total bank accounts that are opened (and kept opened) by a single person raises a red flag for the CHEXSYSTEMS?

I know some people have 10+ bank accounts, is that considered too many?

What is the threshold # that is Ok?

Also lets say you one of the current accounts has been used with PayPal and not re-usable because your PayPal account got limited/closed. Then would closing them accounts with your bank and reopening them say a month later give you fresh new account number to use with a fresh PayPal account, or would the bank simply re-opened the ones already closed?
Thanks.

Ten? I have a lot more than that. You need to open accounts at different banks. I use many different accounts at these banks, checking, savings, debit type cards, etc...

[Sandy D]

You have something confused.

Cheqsystems is for those who had their bank accounts closed and a list of people who owe the banks money.

It is not them you need to worry about.

Bank 1 Open an account

Bank 2 Open an account

Bank 3 Open an account

2 and 3 can and will see that you just opened new accounts and may ask you why.

Dont know what the system is called by any bank super has access to this info.

DO NOT open many in a short time period.

[Packattack12]

I have about 20 bank accounts with 7 banks. I do the typical checking and ~2 savings accounts at each one. I have found Credit Unions are definitely more lenient and don't care about mismatching names as much. They also give me WAY higher credit limits on my credit cards then a typical nation wide bank does. There are tons of threads on credit unions here. Just do a quick search if you are interested.

[Packattack12]

Here's the link to the federal CU's. I just opened one at Justice Federal CU. I did have to donate $25 to the Sheriff's association though. And it took about a week for them to finalize the accounts (because I don't have one local here), but it is worth it.

[Mr2005]

Originally Posted by Sandy D

You have something confused.

Cheqsystems is for those who had their bank accounts closed and a list of people who owe the banks money.

It is not them you need to worry about.

Bank 1 Open an account

Bank 2 Open an account

Bank 3 Open an account

2 and 3 can and will see that you just opened new accounts and may ask you why.

Dont know what the system is called by any bank super has access to this info.

DO NOT open many in a short time period.

Sandy is right,


Chexsystems reports recent activity (inquiries) from other banks. It doesn't tell the bank if you opened, 1, 10 or zero accounts. If the bankers sees inquiries from other banks, be prepared to answer why. you could always say you Are shopping banks/ rates.

Banks also report fraud to chexsystems and that's really what they are looking for.

[Sandy D]

Originally Posted by Packattack12

Here's the link to the federal CU's. I just opened one at Justice Federal CU. I did have to donate $25 to the Sheriff's association though. And it took about a week for them to finalize the accounts (because I don't have one local here), but it is worth it.

I use several CU. Like them very well.

Always willing to work with you on anything once you are established.

And most dont fee you to death either like banks etc.

[aking]

The most I've had open at once was about 8-10 at one bank. I have had no problems with closing an account if the associated paypal gets limited. I just open a new account with the balance from a current account and close the one associated with the limited paypal.

No issues to date.

[jeffweico]

aking, the thread was from 2013...

[rsot]

Originally Posted by jeffweico

aking, the thread was from 2013...

Funny morning quote nice one Jeff

[masimo]

You don't have to close your bank account, tell them your account has been compromise and you want a new set of account numbers.