topic Re: Can a bank find out the value of my savings accounts in other banks without my permission? in Personal Finance

Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 20:17:32 GMT

background - defaulted on a checking over draft at a bank X ( about $2.1k), and I wanted to know if I opened up another bank account at another bank Y whether the bank X can find out that a) I am opening up another account and b) can the find out the value of the savigns / checking acct at the other bank Y - sort of like a credit report reports the value of the credit, the balance and amount owed. I know banks have something called telecheck (if this is the name) which I read is like a credit reporting agency but for banks, and I wondered if this telecheck agency give asset amts or even whether I have other accounts at other banks.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 20:27:20 GMT

Banks share defaults and fraudulent actions in Chex Systems -- you can request your annual report from them for free.

5 of the big banks also made a newer company called Early Warning Systems for fraudulent customers.

If you're already in Chex Systems as a red flag, other banks and CUs may refuse to open an account for you. If you apply for accounts and are approved or denied, inquiries will be reported to Chex Systems and too many inquiries can cause you to get denied from other new banks (to prevent sign up bonus churning).

No, one bank won't know your balance with another bank, but if they sue you and win a judgment, you may be forced to disclose assets depending on the judge, court, etc.

More here on forcing disclosure of assets or using third party investigators to find your assets: http://www.fullertonlaw.com/enforcement-of-judgment

If you think Chex Systems is bad, a judgment and asset attachment by a bank is far far worse.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 21:16:06 GMT

thanks. so to recap: the Checks system will record and report : inquiries and applications for new bank accts, and whether the acct was accepted or rejected. So any bank using this system would know whether a person had checking and-or savings accts at other banks. (Sounds similar to the insurance MIB}. But, unlike the credit reporting system the Checks system will not report the value of the account.

Understood that a lawsuit and judgement wd have to be won first for a bank (or a 3rd party?) to see the value(s) of the acct(s).

How would I get and see my CHECKS report that you say each person is entitled to once a year?

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 21:19:46 GMT

Any consumer credit reporting agency is required by federal law to provide you one report for free each year, or a new report if you are denied anything based on the contents of that report.

Chex Systems: https://www.chexsystems.com/web/chexsystems/consumerdebit/otherpage/FACTAFreeReport/
Early Warning System: https://www.earlywarning.com/consumer-info/your-consumer-report.html

Get your reports, write it down on your 2019 calendar and get them again next year. If a bank or lender ever declines an application, limit increase or other adverse action and references any report, you can request a NEW report using that denial. I usually get all my reports in paper format mailed to me versus digital copies because I like costing these companies more money, lol.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 21:23:19 GMT

wrote:
Any consumer credit reporting agency is required by federal law to provide you one report for free each year, or a new report if you are denied anything based on the contents of that report.

Chex Systems: https://www.chexsystems.com/web/chexsystems/consumerdebit/otherpage/FACTAFreeReport/
Early Warning System: https://www.earlywarning.com/consumer-info/your-consumer-report.html
Get your reports, write it down on your 2019 calendar and get them again next year. If a bank or lender ever declines an application, limit increase or other adverse action and references any report, you can request a NEW report using that denial. I usually get all my reports in paper format mailed to me versus digital copies because I like costing these companies more money, lol.

Hmm ... you are a "rascal" ...

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 21:27:04 GMT

wrote:
Hmm ... you are a "rascal" ...

Yeah I am.

Those Discover denials quoting TU are the best. So so so many free TU paper reports! Those things are heavy, too. Going to build a life sized 787 papier mache plane with the shreddings someday.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Shadowfactor — Fri, 26 Jan 2018 21:46:59 GMT

Back in 2009 I owed 5/3 $213 . It was on my Chex systems report. Amount and all.
So unless that’s changed. Every bank that uses chexsystems will know how much you owe.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 22:17:23 GMT

good info - thanks. When you say how much I owe, I assume you mean how much I am in default. That is interesting to me , too. But I am was asking if CHECKS can tell how much $ are in other acct(s) as positive balances - assets.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 22:21:08 GMT

wrote:
good info - thanks. When you say how much I owe, I assume you mean how much I am in default. That is interesting to me , too. But I am was asking if CHECKS can tell how much $ are in other acct(s) as positive balances - assets.

No, Chex does not report your current balances. Just the amounts you owe other banks.

This assumes that the bank you're opening an account with isn't already owned by the bank you owe, and that the new bank won't be acquired by the old bank!

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 22:33:23 GMT

bank x or y owning x or y. hmmm very interesting . if this were the case , in the case I am talking about here, would bank Y be able to take the amount owed to bank x? But the first question would be -- how does one determine if the two banks in question are owned by one another somehow?

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 22:31:28 GMT

thanks for those links. and if hypothetically one of the two people in the jt cking was recently discharged w/ a c7 , then how long does chex take to reflect this discharge, I wonder? w/ credit reporting, I believe it is 30-60 days after discharge .

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 23:25:44 GMT

Read your original bank agreement to see if funds can be appropriated for debts. Different jurisdictions have different laws about it.

You're spending a lot of time being worried instead of investing time in properly rebuilding. Not sure anyone can answer your questions to the degree you would be satisfied.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Fri, 26 Jan 2018 23:32:01 GMT

every q and a from this forum has made me a little bit more informed on this subject. thanks to all. I am applying the first rule of War from that ancient chinese guy, 'Know your enemy'.. In this context certianly, the banks are my enemy.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Wed, 31 Jan 2018 13:12:11 GMT

+1 ABCD2199

I can verify what is being said here. I worked for a bank that used Chex Systemsa few years ago and I can tell you that we don't see the current balance on consumer accounts at other banks. Chex Systems operates like a debt collection agency in that they have every and all information about money you OWE. But keep in mind, managers from competing banks do communicate with each other to get "help" on personal accounts. I'm not sure people are aware of that.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Wed, 31 Jan 2018 17:24:02 GMT

wrote:
+1 ABCD2199
I can verify what is being said here. I worked for a bank that used Chex Systemsa few years ago and I can tell you that we don't see the current balance on consumer accounts at other banks. Chex Systems operates like a debt collection agency in that they have every and all information about money you OWE. But keep in mind, managers from competing banks do communicate with each other to get "help" on personal accounts. I'm not sure people are aware of that.

I can verify that, Banking world is small, everyone works in different banks know someone works in other banks, and most of the time information are being exchanged. I want to say about 95+% of the banks use chex system, there are a few that doesn't, i.e Citizens Bank is on of them. (however whenever you open an checking account with Citizens Bank they do a Hard inquiry with Equifax)

One thing I'm not sure about Chex System is how long does the record is retained on the system. Because I've seen records stayed on Chex System on customer that was over 10 years ago. But banks only report to chexsystem when your account is charged off as a loss

With that being said, most banks have threshold as far as how much debt is owed showing on Chex System. i.e if the total amount you owed amongst all banks are less than $500.00 most banks will still let you open an account, might be an account that has monthly maintenance fees. Less than $1000.00 certain manager can override the denial decision. Usually they won't do anything if it's over $1000.00 in chexsystem.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Wed, 31 Jan 2018 17:42:07 GMT

'Usually they won't do anything if it's over $1000.00 in chexsystem.'

- do you mean that mgrs will not do any thing like overiding the denial if the debt is > $1,000?

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Wed, 31 Jan 2018 17:43:38 GMT

'managers from competing banks do communicate with each other to get "help" on personal accounts. '

-- wouldnt this technically be against the law? are nt laws that say that this info cannot be shared?

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Wed, 31 Jan 2018 19:13:13 GMT

wrote:
'Usually they won't do anything if it's over $1000.00 in chexsystem.'

- do you mean that mgrs will not do any thing like overiding the denial if the debt is > $1,000?

Yes, usually if the debt is over $1000.00, they won't budge at all, But they still want your business, therefore alot of times they will tell you if you can pay down the balance to certain amount, they can help you. However, even if you pay some or all of the balance, Chexsystem record only updates monthly. So it won't show up right away.

Re: Can a bank find out the value of my savings accounts in other banks without my permission?

Anonymous — Wed, 31 Jan 2018 19:17:44 GMT

wrote:
'managers from competing banks do communicate with each other to get "help" on personal accounts. '
-- wouldnt this technically be against the law? are nt laws that say that this info cannot be shared?

So yes to certain extend, certain department within the banks are allowed to share account information when neccessary. i.e BSA/AML/FIU, if you receive or send funds in or out of your account that's way out of range of your normal banking activity, Banks will look into where those funds come from, and they don't just look at the last bank where the funds are from, they will follow the money until they find the source or hit a dead end. If they deemed those transactions are very suspicious. Generally the bank will choose to end your banking relationship with them.