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  #1  
Old 10-21-2015
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Default 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.
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Old 10-21-2015
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Default 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.
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Old 10-21-2015
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Default 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.
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  #4  
Old 10-21-2015
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Default Re: Banks and chexsystems

Quote:
Originally Posted by jeffweico View Post
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.
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Old 10-21-2015
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Default 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.
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Default 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
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Default Re: Banks and chexsystems

Quote:
Originally Posted by littleredengine07 View Post
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???
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Old 10-21-2015
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Default 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.
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Default Re: Banks and chexsystems

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Originally Posted by miketyson View Post
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?
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Old 10-22-2015
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Default Re: Banks and chexsystems

Yes. That's exactly what it is. It's owned by the 4 or 5 big banks. Google it.
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Default Re: Banks and chexsystems

Quote:
Originally Posted by jeffweico View Post
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
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  #12  
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Default Re: Banks and chexsystems

Quote:
Originally Posted by xxrange View Post
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.
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Old 10-22-2015
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Default Re: Banks and chexsystems

Here is a list of Banks that don't use ChexSystems ChexSystems Bites! - List of Good Banks
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Default 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.

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Here is a list of Banks that don't use ChexSystems ChexSystems Bites! - List of Good Banks
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Old 10-23-2015
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Default 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..
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Default 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
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Old 10-23-2015
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Default Re: Banks and chexsystems

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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
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Default 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 View Post
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.
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Old 10-23-2015
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Default Re: Banks and chexsystems

Quote:
Originally Posted by dealagreeproceed View Post
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.
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Old 10-24-2015
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Default 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.
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Old 10-24-2015
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Default Re: Banks and chexsystems

Quote:
Originally Posted by nodeal View Post
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
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Default Re: Banks and chexsystems

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