BoA Checking/Savings Application Went into Review

[Tapdnsr25]

Does anyone know why a checking and savings account application at Bank of America would go into review? I have some ideas as to why it may have, but I still don't know.

I've just opened one of each at PFCU, so perhaps that looked suspicious or something??? 

I also added my fiance to it since he has a BoA account and we thought it would be handy for them to be able to be linked. So perhaps that just complicated things?

I also have 2 other checking accounts--an old one that I've kept since it's linked to my parent's account, and my main one at another local bank. My plan is to close the old account, and use the BoA as our joint account, while using the Penfed account to simply keep a little money in (so I get 2% back on the Power Rewards card). (FTR I had planned to use the PenFed accounts differently, but long story short, I don't think it will work with their system.)

I could see how wanting to have 4 checking accounts could look suspicious perhaps, but I could also see it being common enough, especially with some of them being new because you need to open new ones before you can close old ones.

Is this maybe somewhat common? Should I call in to inquire about it? 

[Anonymalous]

Four accounts isn't that many, especially since two of them are older. Have you bounced any checks, overdrawn any accounts, have any fees outstanding, or anything else like that at any of your other banks? They probably pulled your ChexSystems report, which contains those kind of things. Same applies to your finance, if it's a joint account. Could also be something that's not your fault, like a discrepancy or error of some kind on your reports, since those can trigger fraud alerts. You can pull your ChexSystems report for free 1/year, or if you've been denied an account, and that's where I'd start.

[Tapdnsr25]

I may have when I was younger, but if I did, it's been over 15 years. Unless my ex-husband did that I didn't know about, but that would have been at least 6 years ago. My fiance, on the other hand...he may have been overdrawn here or there, I don't know. But he just opened a business account at BoA, and I'm pretty sure he already had a personal one there as well. 

[FinStar]

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@Anonymalous wrote:

Four accounts isn't that many, especially since two of them are older. Have you bounced any checks, overdrawn any accounts, have any fees outstanding, or anything else like that at any of your other banks? They probably pulled your ChexSystems report, which contains those kind of things. Same applies to your finance, if it's a joint account. Could also be something that's not your fault, like a discrepancy or error of some kind on your reports, since those can trigger fraud alerts. You can pull your ChexSystems report for free 1/year, or if you've been denied an account, and that's where I'd start.

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@Anonymalous - BoA doesn't typically pull ChexSystems. They would've accessed EWS.

OP - it can be any number of things that may require further review on their end. At best, just give things a bit of time to sort themselves out. In the event you haven't heard anything from BoA within a reasonable timeframe, then reach out to them to find out the status of the checking/savings application.

[Anonymalous]

Thanks for the correction, @FinStar.

[CreditAggie]

When I applied for a BofA Savings account last year, it went into review for two weeks. I got an email from a banking representative wanting to make sure it was me who applied. After I verified it, the account opened.

[Tapdnsr25]

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@CreditAggie wrote:

When I applied for a BofA Savings account last year, it went into review for two weeks. I got an email from a banking representative wanting to make sure it was me who applied. After I verified it, the account opened.

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Ah, cool. Thanks for responding!  

[Tapdnsr25]

They were approved. I got an email today about the overdraft protection being set up so I assumed someone was working on the accounts, and a little while later an approval email popped up as well.

I bit the bullet and applied for the Customized Cash Rewards card last night. Instant denial. But I have to wonder if they perhaps needed to verify something with me but once they had my report, it answered their question so they didn't need ME to verify it anymore and so it got pushed through. Might also just be a total coincidence, but I thought it was possibly an interesting thing to share.