Banks and chexsystems

[nodeal]

Originally Posted by yotano211

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.

I don't qualify for Navy Federal Credit Union

I will go to business accounts when my inquiries drop - it seems worth it to open an LLC for business accounts. But when I go to open a business account, do they still run a chexsystem on my personal name? Or is it a separate report for the LLC only?

How many 30-35 accounts at different banks was opened.

About 12 different banks I successfully opened accounts at.

[nodeal]

Originally Posted by unkown5454

opening a bank account every 3-4 days? jesus christ wtf are you doing

Not just for stealth - ever hear of bank account churning?

[dealagreeproceed]

Originally Posted by nodeal

Not just for stealth - ever hear of bank account churning?

[littleredengine07]

Its different when it comes to Business accounts. They cant really pull your info because you created an separate entity which is your business. AS long as you haven't skipped town with money or funds owed to the bank. They will open the account for you. The Chexsystem is design personal more than business.

I would apply for C corp in Wyoming. With INC file. The cheapest when it comes to incorporating.

Usually with Business accounts they will go by EIN or TIN numbers not your SSN usually. They will ask your SSN because your the responsible party for the account. Although the IRS or any government or business will look at your business as an separate entity.

The Federal Tax ID is basically getting a new lease on life. PP looks at the Federal Tax ID and reports that. Businesses in the USA get more leniency in certain ways. The USA has always been all about business.

Btw this not any legal advice or pertaining to anything legal. Its what I learned throughout my years of opening accounts and closing.

Originally Posted by nodeal

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???

[nodeal]

Thanks, I really appreciate this input. So just to reiterate: my PERSONAL name is raising flags in chexsystems because I have too many accounts that I either opened or tried to open (called inquiries on the chexsystem report). Now if I open a corporation, and go to open a business checking account with this corporation, that bank WILL NOT pull MY PERSONAL chexsystems report, as my corporation is a separate entity, and therefore will not be flagged when going to open the account. Is this correct?

Kudos to you for addressing my questions directly much appreciated!

And just to throw this question out there again because you seem knowledgeable on the subject: Do you know how long it takes for these inquiries to drop from my chexsystems report? I am reading it can take 3 months to a year depending on the bank, just wanted to know if you had any personal experience with this

Originally Posted by littleredengine07

Its different when it comes to Business accounts. They cant really pull your info because you created an separate entity which is your business. AS long as you haven't skipped town with money or funds owed to the bank. They will open the account for you. The Chexsystem is design personal more than business.

I would apply for C corp in Wyoming. With INC file. The cheapest when it comes to incorporating.

Usually with Business accounts they will go by EIN or TIN numbers not your SSN usually. They will ask your SSN because your the responsible party for the account. Although the IRS or any government or business will look at your business as an separate entity.

The Federal Tax ID is basically getting a new lease on life. PP looks at the Federal Tax ID and reports that. Businesses in the USA get more leniency in certain ways. The USA has always been all about business.

Btw this not any legal advice or pertaining to anything legal. Its what I learned throughout my years of opening accounts and closing.

[littleredengine07]

Yes opening too many personals will raise flags. Its never good to open up too many. You want to do a combo of existing accounts by opening up savings accounts. Although you need to start moving to open up business accounts. It easier to open them in certain way because you can be selling a new line of products and seeing the numbers. A business banker would understand that. But customer who opening 20 personal accounts. Its get harder to explain.

Correct. Usually when pulling the chex. All they want to know for business that you havent owed any bank money or skipped town. With a business account your more able to do a lot of things and open up accounts. Make sure you come in strong and know what your talking about. They will ask what type of business is it, what your average deposit and so on. Are you planning to do wire, what your cash deposits looking like. Just don't sound dumb in front of banker it wont help. Just say your looking to start e-commerce site and keep it vague and to the point. Just give enough info that would keep the banker at bay.

It will drop over time. I am not sure how long. Although Your best bet is open up business bank account from now.

[nodeal]

Originally Posted by littleredengine07

Yes opening too many personals will raise flags. Its never good to open up too many. You want to do a combo of existing accounts by opening up savings accounts. Although you need to start moving to open up business accounts. It easier to open them in certain way because you can be selling a new line of products and seeing the numbers. A business banker would understand that. But customer who opening 20 personal accounts. Its get harder to explain.

Correct. Usually when pulling the chex. All they want to know for business that you havent owed any bank money or skipped town. With a business account your more able to do a lot of things and open up accounts. Make sure you come in strong and know what your talking about. They will ask what type of business is it, what your average deposit and so on. Are you planning to do wire, what your cash deposits looking like. Just don't sound dumb in front of banker it wont help. Just say your looking to start e-commerce site and keep it vague and to the point. Just give enough info that would keep the banker at bay.

It will drop over time. I am not sure how long. Although Your best bet is open up business bank account from now.

I will move forward with this advice in mind. Thank you my friend!

[yotano211]

I would be careful about opening a out of state business since you will need a out of state registered agent for that.

Some banks will not accept an out of state registered agent when you apply for a business account, Chase bank is one of them.

[littleredengine07]

Yotano, yes if you plan to use a credit union or local bank that doesn't have banks across the country.

The fact is register agents are cheap. They are not expensive at all. Banks like chase Wells Fargo pnc Citibank, usbank are registered in every single state.

It retarded to go with local bank for stealth.

Please get your information straight yotano. I have used chase and they will open bank account registered in Wyoming. I have open up several with chase. Big banks have uniform federal banking licenses.

If you used chase 10 years ago. They would not. Now rules have changed.

[littleredengine07]

Best bet if you want to be sure is ask business banker. If they say they can't open up account because of state just call HQ. They will straighten the branch out. Branches get authorization from HQ

[xxrange]

Why would it matter which state you open the bank account in the first place.

[unkown5454]

Originally Posted by dealagreeproceed

nodeal is talking about opening and closing bank accounts just to get bonuses/rewards that are offered. For example, if I deposit $15,000 into Chase, they are currently offering a $200 bonus.

But, I highly doubt this is what nodeal is doing. More like, can't pay the bills and needs to keep opening new accounts. Also, perhaps some tomfoolery with ste/alth and fra/udulent selling practices. I just can't take this thread or his/her posts seriously. Churning does not even offer enough profit for the amount of work involved and I believe these cash bonuses/rewards are also taxed.

[yotano211]

Weird, I tried to open a Chase account in NV, when I was living there, with a registered agent, and LLC, from Wyoming. I went to two Chase banks and was told the same thing. They cant accept the out of state agent.
This was about 1.5 years ago.

My info is as straight as my 8 inch manhood when I look at Kate Upton.

But I will take your advice and call each bank's headquarters if I get denied again. Was referring to the bigger banks, not the smaller local banks.

Originally Posted by littleredengine07

Yotano, yes if you plan to use a credit union or local bank that doesn't have banks across the country.

The fact is register agents are cheap. They are not expensive at all. Banks like chase Wells Fargo pnc Citibank, usbank are registered in every single state.

It retarded to go with local bank for stealth.

Please get your information straight yotano. I have used chase and they will open bank account registered in Wyoming. I have open up several with chase. Big banks have uniform federal banking licenses.

If you used chase 10 years ago. They would not. Now rules have changed.

[dealagreeproceed]

honestly I still don't understand what op is really asking. what solution is he/she really seeking here. im lost... why do you need so many bnk accts and why are you closing OR trying to close so many. sounds idiotic...

[BlackLion]

Originally Posted by dealagreeproceed

honestly I still don't understand what op is really asking. what solution is he/she really seeking here. im lost... why do you need so many bnk accts and why are you closing OR trying to close so many. sounds idiotic...

How are you going to handle 50 stealth accounts with 5 bank accounts? I could understand numerous bank accounts if you're running stealth, but closing the accounts immediately is a no no.

[dealagreeproceed]

Originally Posted by BlackLion

How are you going to handle 50 stealth accounts with 5 bank accounts? .

EZ...

[nodeal]

Originally Posted by unkown5454

nodeal is talking about opening and closing bank accounts just to get bonuses/rewards that are offered. For example, if I deposit $15,000 into Chase, they are currently offering a $200 bonus.

But, I highly doubt this is what nodeal is doing. More like, can't pay the bills and needs to keep opening new accounts. Also, perhaps some tomfoolery with ste/alth and fra/udulent selling practices. I just can't take this thread or his/her posts seriously. Churning does not even offer enough profit for the amount of work involved and I believe these cash bonuses/rewards are also taxed.

I churn bank accounts, credit cards, gift cards. It all adds up and helps - money, miles, points at stores. It is not a lot of work and a lot of people do it.

But we aren't here to debate the effectiveness of these things, and making baseless accusations contributes nothing. Please stop.

[nodeal]

Originally Posted by dealagreeproceed

honestly I still don't understand what op is really asking. what solution is he/she really seeking here. im lost... why do you need so many bnk accts and why are you closing OR trying to close so many. sounds idiotic...

dealagreeproceed lol come ON buddy!

When you open a bank account or try to open a bank it shows up as an inquiry on your chexsystem report. If too many inquiries show on your chexystems report, banks that use chexsystems will stop giving you bank accounts. These inquiries drop off after a certain amount of time.

I want to know: IF ANYONE HAS ANY EXPERIENCE WITH THE LENGTH OF TIME IT TAKES FOR THESE INQUIRIES TO DROP OFF FROM YOUR CHEXSYSTEMS REPORT.

That is what I am asking! It is not a solution I am looking for, I don't need a solution. I simply want to know if anyone knows the answer to that question.

And I don't NEED to close these accounts, I simply asked if SHOULD close them. In other words, will closing them (slowly) help or hurt my chexsystems report.

[nodeal]

Originally Posted by yotano211

Weird, I tried to open a Chase account in NV, when I was living there, with a registered agent, and LLC, from Wyoming. I went to two Chase banks and was told the same thing. They cant accept the out of state agent.
This was about 1.5 years ago.

My info is as straight as my 8 inch manhood when I look at Kate Upton.

But I will take your advice and call each bank's headquarters if I get denied again. Was referring to the bigger banks, not the smaller local banks.

Originally Posted by littleredengine07

Yotano, yes if you plan to use a credit union or local bank that doesn't have banks across the country.

The fact is register agents are cheap. They are not expensive at all. Banks like chase Wells Fargo pnc Citibank, usbank are registered in every single state.

It retarded to go with local bank for stealth.

Please get your information straight yotano. I have used chase and they will open bank account registered in Wyoming. I have open up several with chase. Big banks have uniform federal banking licenses.

If you used chase 10 years ago. They would not. Now rules have changed.

I've had some minor issues in the past when trying to open with a bank in branch when my registered address is not nearby. They might look at you a little funny or ask a few extra questions, but as mentioned, at the end of the day the bigger banks will still more than likely open the accounts for you. The smaller community and local banks might give you a problem though.

[littleredengine07]

lol good zinger. You win this time yotano lol (I apologize coming off too strong not questioning your manhood) you to talk to Chase HQ. They are suppose to open an account for you. The branch doesn't know there info. Also there is another factor are the branch mangers of each branch. Majority of them are idiots. Some branches are more liberal than others. Chase you should be allowed to open up Wyoming LLC. The reason why I opened up here in the Northeast with no problem. You need to get on the phone with Chase HQ. As long as you provide Federal Tax ID, Incorporation papers, and your SSN. You shouldn't have problem. The old system "yes" they couldn't register out of state business. Although the policies have changed for Chase. If they have problem. I would call HQ. The fact is they are making 12$-30$ on business account a month. So there is no real loss for them. Its not like they selling tangible goods.

Chase can do it, I believe you need to push hard.

Originally Posted by yotano211

Weird, I tried to open a Chase account in NV, when I was living there, with a registered agent, and LLC, from Wyoming. I went to two Chase banks and was told the same thing. They cant accept the out of state agent.
This was about 1.5 years ago.

My info is as straight as my 8 inch manhood when I look at Kate Upton.

But I will take your advice and call each bank's headquarters if I get denied again. Was referring to the bigger banks, not the smaller local banks.

[littleredengine07]

I think the biggest issue why they ask these question is because KYC/AML. As long as you don't look like your some sketchy or shady character. They will open up the business bank for you. Just keep your conversation to minimal. Banks don't need to know your business.

Banks feel at rest when you do ACH and some banks count PP deposits as direct deposit.

Just acting the part is half the battle. Make sure you know what your talking about. I believe this is biggest issue with people opening banks. They talk to much, end up putting a foot in there mouth. Then when the banker asked questions about the business they have no clue about there business. Just go in there with confidence. Most business owners don't have time to chit chat because they running a business. So a business banker should understand.

Its like anything the more they know about you. The more they can ask you questions and point out your weaknesses.

Also attach savings accounts each bank account. They are free. Wells Fargo tends to be worst out of the big banks. They ask too many questions. Chase and Citibank tend to be very efficient. Bank of America is in the middle. Well Fargo too many questions. If you want to use WF. make sure to be ready to be spammed every time you go in with questions of opening up a personal bank account.

Chase is my favorite out of the big 4.

Originally Posted by nodeal

I've had some minor issues in the past when trying to open with a bank in branch when my registered address is not nearby. They might look at you a little funny or ask a few extra questions, but as mentioned, at the end of the day the bigger banks will still more than likely open the accounts for you. The smaller community and local banks might give you a problem though.

Go with credit unions if you can. Of course, many have their own rules to become a member, but others charge a fee to get in.

Like everyone mentioned, if you are opening that many, it is best to go with the business route.