The catch about opening checking and savings accounts is that you have to be careful of Chexsystems. I don't understand all the ins and outs of it, but it is to checking and savings accounts what Equifax/Experian/TransUnion are to credit cards.
When you apply for a checking account and/or savings account, some banks and credit unions check your Chexsystems report. I've read that, generally speaking, 3 or more Chexsystems inquiries within a 90 day period is considered a red flag; plus, Chexsystems itself flags your file as "suspicious" if there are more than x-number of inquiries are on your file during a certain span of time
Furthermore, I *think* that sometimes banks and credit unions periodically check Chexsystems and may take adverse action against your preexisting checking/savings account for anything that looks like a red flag in your Chexsystems file.
While negative information stays on your Chexsystems report for either five or six years, I don't know how long non-negative information stays on. And I'm not sure right now how long Chexsystems inquiries (from applying for checking/savings .. and sometimes even CDs) stay on your Chexsystems report.
Message Edited by MojaveMoon on 03-10-2009 06:33 AM
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