topic Re: Wells Fargo & EWS/ Chex in Personal Finance

Wells Fargo & EWS/ Chex

sueblue34 — Tue, 03 Apr 2018 23:44:11 GMT

I read on here that Wells Fargo is one of the big banks that use Chex/EWS.

I have a baddie scheduled to fall off Oct this year so I’ve been inquiring about getting another checking account ( I currently bank with a credit union).
While chatting with a rep, I was informed WF no longer uses Chex system or Early Warning. I’m a little skeptical on how true this is so I’m just wondering if anyone has heard about this?

Re: Wells Fargo & EWS/ Chex

Anonymous — Wed, 04 Apr 2018 02:12:33 GMT

My comments in blue below.

@sueblue34wrote:
I read on here that Wells Fargo is one of the big banks that use Chex/EWS.

I have a baddie scheduled to fall off Oct this year

Do you mean a baddie on TU, EQ, or EX? A baddie on ChexSystems? A baddie on EWS? Have you pulled all five of those reports to see exactly what is on them? The reports are all free. The sort of derog that would appear on TU, EQ, or EX is very different from the sort of derog that would appear on CS or EWS. What exactly is the baddie you are thinking of?

so I’ve been inquiring about getting another checking account ( I currently bank with a credit union).

While chatting with a rep, I was informed WF no longer uses Chex system or Early Warning. I’m a little skeptical on how true this is so I’m just wondering if anyone has heard about this?

Reps can often be mistaken about their institution's relationship with a credit bureau. What may be a bit more likely is that Wells Fargo is offering a specific kind of account targeted at customers who need a "second chance." Here is an article that is very recent and which covers a large number of these kind of second-chance offerings. You'll see that WF and a product called "opportunity checking" are mentioned:

https://aaacreditguide.com/no-chexsystems-and-second-chance-banks/

Here is WF's page for that product:

https://www.wellsfargo.com/checking/opportunity/

Re: Wells Fargo & EWS/ Chex

sueblue34 — Wed, 04 Apr 2018 02:17:10 GMT

My baddies is in Chex and early Warning. I know they offer the second chance account but I’m debating if I would have a better chance in Oct when I falls off.

The account is showing as paid.

Re: Wells Fargo & EWS/ Chex

Creditfan1234 — Wed, 04 Apr 2018 03:17:13 GMT

Wells Fargo definitely uses EWS as they are a part owner of that program/system. I would say try it, they might come back and say they can only give you an opportunity account. At that point you can either take it or leave it. No harm done!

@sueblue34wrote:
My baddies is in Chex and early Warning. I know they offer the second chance account but I’m debating if I would have a better chance in Oct when I falls off.

The account is showing as paid.

Re: Wells Fargo & EWS/ Chex

HiiiPoWeR — Wed, 04 Apr 2018 07:07:51 GMT

@sueblue34wrote:
I read on here that Wells Fargo is one of the big banks that use Chex/EWS.

I have a baddie scheduled to fall off Oct this year so I’ve been inquiring about getting another checking account ( I currently bank with a credit union).
While chatting with a rep, I was informed WF no longer uses Chex system or Early Warning. I’m a little skeptical on how true this is so I’m just wondering if anyone has heard about this?

If you're offered an opportunity checking account from Wells Fargo, decline the offer. the restrictions on that account are insane. $300 daily transaction limit.

I suggest staying far away from WF... Even if they approve you for a regular checking account.

Re: Wells Fargo & EWS/ Chex

sueblue34 — Wed, 04 Apr 2018 13:45:51 GMT

I know they are in a lot of trouble. I was thinking to keep my current credit union account as my primary, open the Wells Fargo and just have something going in until the probationary period is over.

My current bank is based out of Cali and I can only use a shared locations which charges a fee.

I’d really like a local back but where I live the big banks are on every corner

Re: Wells Fargo & EWS/ Chex

DaveInAZ — Wed, 04 Apr 2018 16:32:07 GMT

@sueblue34wrote:
I know they are in a lot of trouble. I was thinking to keep my current credit union account as my primary, open the Wells Fargo and just have something going in until the probationary period is over.

My current bank is based out of Cali and I can only use a shared locations which charges a fee.

I’d really like a local back but where I live the big banks are on every corner

Really? I use a local credit union's shared branch regularly for transactions on my accounts at another credit union and have never been charged a fee. Maybe it's that 1 CU you're using that charges a fee. Use this locator to see if there's another shared branch convenient for you that doesn't charge a fee:

https://co-opcreditunions.org/locator/?ref=co-opsharedbranch.org&sc=1

And FYI I banked with Wells Fargo in the past and agree with others: stay away from them, they're so fee happy I'm surprised they don't try to charge an admission fee to go into a branch.

Re: Wells Fargo & EWS/ Chex

sueblue34 — Wed, 04 Apr 2018 20:24:30 GMT

Yes I better just hold off on WF

Re: Wells Fargo & EWS/ Chex

Anonymous — Wed, 04 Apr 2018 21:13:40 GMT

sueblue34 ... with all of Wells Fargo's many happenings, are you really wanting to become a customer? Possibly there are other banks that can serve you without the stigma of Wells Fargo and there happenings.

Re: Wells Fargo & EWS/ Chex

HiiiPoWeR — Thu, 05 Apr 2018 00:11:41 GMT

I banked with Citi Bank for the past 4 years and haven't had one problem. If I slipped up and overdrafted my account, they refund the fee. When I lost my card (a few times), they always overnighted me a new card for FREE.

I was skeptical of doing business with Big Bank and preferred credit unions, but grown to like Citi. Plus they have branches in almost the states that I frequent except for Philadelphia.