topic Bank Account Denial Question in Personal Finance

Bank Account Denial Question

Total80sKid — Thu, 18 Mar 2021 23:05:43 GMT

Hello all!

I am currently in the process of trying to straighten out a credit mess I got myself into back in 2018.

Early last year I had tried opening a checking account with Wells Fargo online and was denied.

I then tried Bank of America, where I was approved.

I know I can order a Chexsystems report, but to my knowledge, I shouldn't be in their system.

Does anyone know why they might have turned me down? I did default on a secured credit card with Wells Fargo back in 2009. Could that be why?

If I am in Chexsystems and was denied by Wells Fargo because of that, wouldn't Bank of America have denied me as well?

Just curious.

Re: Bank Account Denial Question

Mr_Mojo_Risin — Thu, 18 Mar 2021 20:13:45 GMT

The defaulted card is most likely the reason for denial with Wells Fargo.

Most of these banks keep internal records for many, many years.

Re: Bank Account Denial Question

blindambition — Thu, 18 Mar 2021 20:17:51 GMT

It's always good to check your Chex profile and scores. Lenders have different criteria and UW.

Were you opening multiple bank, or CU accounts? That can flag as well. A way to see who may be SUB chasing.

Re: Bank Account Denial Question

Mr_Mojo_Risin — Thu, 18 Mar 2021 20:27:27 GMT

@blindambition wrote:
It's always good to check your Chex profile and scores. Lenders have different criteria and UW.
Were you opening multiple bank, or CU accounts? That can flag as well. A way to see who may be SUB chasing.

Very good point.

The other day I was thinking I hadn't seen any posts from you recently, nice to see you back!

Hope all is well

Re: Bank Account Denial Question

M_Smart007 — Thu, 18 Mar 2021 20:31:22 GMT

@Mr_Mojo_Risin wrote:
@blindambition wrote:
It's always good to check your Chex profile and scores. Lenders have different criteria and UW.
Were you opening multiple bank, or CU accounts? That can flag as well. A way to see who may be SUB chasing.
Very good point.
The other day I was thinking I hadn't seen any posts from you recently, nice to see you back!
Hope all is well

+ Million

Re: Bank Account Denial Question

Total80sKid — Thu, 18 Mar 2021 20:34:14 GMT

Thank you guys!

No, I hadn't opened any new accounts at the time and only had Chase (opened in 2010) and PenFed (opened in 2017).

I had defaulted on my Chase and PenFed credit cards and had direct deposit with Chase and was worried they would take funds out for the credit card I owed money on, so wanted a new bank to do basic Checking with.

I also got checks with BOFA and use them fairly regularly. Wouldn't Chexsystems prevent this as well?

Im only curious about this because I am on the verge of opening an account with Navy Federal and the denial from Wells Fargo is giving me pause.

Re: Bank Account Denial Question

blindambition — Thu, 18 Mar 2021 20:35:51 GMT

@Mr_Mojo_Risin wrote:
@blindambition wrote:
It's always good to check your Chex profile and scores. Lenders have different criteria and UW.
Were you opening multiple bank, or CU accounts? That can flag as well. A way to see who may be SUB chasing.
Very good point.
The other day I was thinking I hadn't seen any posts from you recently, nice to see you back!
Hope all is well

Thanks, good to see you as well. Doing ok, hope the same for you.

Re: Bank Account Denial Question

blindambition — Thu, 18 Mar 2021 20:40:20 GMT

@Total80sKid wrote:
Thank you guys!

No, I hadn't opened any new accounts at the time and only had Chase (opened in 2010) and PenFed (opened in 2017).

I had defaulted on my Chase and PenFed credit cards and had direct deposit with Chase and was worried they would take funds out for the credit card I owed money on, so wanted a new bank to do basic Checking with.

I also got checks with BOFA and use them fairly regularly. Wouldn't Chexsystems prevent this as well?

Im only curious about this because I am on the verge of opening an account with Navy Federal and the denial from Wells Fargo is giving me pause.

Navy uses EWS, Early Warning Systems. You can check Chex online. It may be the previous bad relationship. Putting you on blacklist.

Re: Bank Account Denial Question

Total80sKid — Thu, 18 Mar 2021 21:07:14 GMT

@blindambition wrote:
@Total80sKid wrote:
Thank you guys!

No, I hadn't opened any new accounts at the time and only had Chase (opened in 2010) and PenFed (opened in 2017).

I had defaulted on my Chase and PenFed credit cards and had direct deposit with Chase and was worried they would take funds out for the credit card I owed money on, so wanted a new bank to do basic Checking with.

I also got checks with BOFA and use them fairly regularly. Wouldn't Chexsystems prevent this as well?

Im only curious about this because I am on the verge of opening an account with Navy Federal and the denial from Wells Fargo is giving me pause.
Navy uses EWS, Early Warning Systems. You can check Chex online. It may be the previous bad relationship. Putting you on blacklist.

Thank you for the info! Much appreciated!

Re: Bank Account Denial Question

FinStar — Fri, 19 Mar 2021 03:25:00 GMT

@Total80sKid wrote:
Hello all!

I am currently in the process of trying to straighten out a credit mess I got myself into back in 2018.

Early last year I had tried opening a checking account with Wells Fargo online and was denied.

I then tried Bank of America, where I was approved.

I know I can order a Chexsystems report, but to my knowledge, I shouldn't be in their system.

Does anyone know why they might have turned me down? I did default on a secured credit card with Wells Fargo back in 2009. Could that be why?

If I am in Chexsystems and was denied by Wells Fargo because of that, wouldn't Bank of America have denied me as well?

Just curious.

You may need to check EWS which WF is part of. Also, it's possible that if you defaulted on any WF product, you may be blacklisted internally.

Re: Bank Account Denial Question

Total80sKid — Fri, 19 Mar 2021 08:14:44 GMT

Does anyone know who PenFed reports to when an account owes $$?

I just remembered that my Regular Share (checking?) account is -$5.00 and has been since I defaulted in 2018.

I have tried countless times to pay that $5, but the app won't allow me to add an external account to pay it off and I have called more than once and they won't take a payment over the phone. Nearest branch is over 6hrs away.

The account is showing still open through the app.

Re: Bank Account Denial Question

coldfusion — Fri, 19 Mar 2021 11:09:24 GMT

@Total80sKid wrote:
Does anyone know who PenFed reports to when an account owes $$?

I just remembered that my Regular Share (checking?) account is -$5.00 and has been since I defaulted in 2018.

I have tried countless times to pay that $5, but the app won't allow me to add an external account to pay it off and I have called more than once and they won't take a payment over the phone. Nearest branch is over 6hrs away.

The account is showing still open through the app.

Have you tried mailing them a $5 check?

Re: Bank Account Denial Question

Total80sKid — Fri, 19 Mar 2021 17:23:27 GMT

@coldfusion wrote:
@Total80sKid wrote:
Does anyone know who PenFed reports to when an account owes $$?

I just remembered that my Regular Share (checking?) account is -$5.00 and has been since I defaulted in 2018.

I have tried countless times to pay that $5, but the app won't allow me to add an external account to pay it off and I have called more than once and they won't take a payment over the phone. Nearest branch is over 6hrs away.

The account is showing still open through the app.
Have you tried mailing them a $5 check?

No, not yet.

I had a very close relative pass away just over 3 years ago and that's when I just let everything go and didn't care about much.

Fortunatly I'm starting to snap out of that funk and starting to be an adult again.

Im just so used to instantly being able to take care of a bill, that snail mail always pushed paying that $5 to the back of my mind, but will be sending the $5 in the next day or two.