Chexsystem velocity - is this a thing?

[mrpuffrabbit]

I recently opened a membership with Affinity but I am also itching to join Liberty (formally Evansville), but I'm worried that doing so so quickly might be an indicator for fraud. Should I wait a month to be safe? Or is this too cautious?

It's widely known that certain banks and CUs will pull a Chexsystems report.

According to DOC's page:

Almost every time you open a new banking account, your information will be run through ChexSystems. Other banks can see these inquiries and most of them have an automatic fraud level. If you have over this fraud level of new accounts opened within the time frame (usually twelve months) you’ll be denied for a new account.

Does anyone have any DP that suggests a threshold of some sort (DOC estimates 6-8/12, 6-8 new accounts in 12 months)?

[SouthJamaica]

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@mrpuffrabbit wrote:

I recently opened a membership with Affinity but I am also itching to join Liberty (formally Evansville), but I'm worried that doing so so quickly might be an indicator for fraud. Should I wait a month to be safe? Or is this too cautious?

It's widely known that certain banks and CUs will pull a Chexsystems report.

According to DOC's page:

Almost every time you open a new banking account, your information will be run through ChexSystems. Other banks can see these inquiries and most of them have an automatic fraud level. If you have over this fraud level of new accounts opened within the time frame (usually twelve months) you’ll be denied for a new account.

Does anyone have any DP that suggests a threshold of some sort (DOC estimates 6-8/12, 6-8 new accounts in 12 months)?

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If a credit union is chex-inquiry-sensitive, you should probably wait until at least 3 months have passed, but I don't think ETFCU -- now Liberty -- is a stickler for that stuff.

[ThomasJNewton]

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@mrpuffrabbit wrote:

I recently opened a membership with Affinity but I am also itching to join Liberty (formally Evansville), but I'm worried that doing so so quickly might be an indicator for fraud. Should I wait a month to be safe? Or is this too cautious?

Does anyone have any DP that suggests a threshold of some sort (DOC estimates 6-8/12, 6-8 new accounts in 12 months)?

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Yes. Early in the pandemic, I tried to open two accounts on the same day (two credit unions in Oregon, very close together). I wanted to open business account in order to help a company for whom I was consulting open a business account to be able to apply for a PPP loan. One account was denied because I had a collections account from T-mobile (that seemed to be either a problem on their side or a case of identity theft), that I did not know was there (it appeared between times I checked and disappeared as soon as I disputed it). The other one denied me because I had tried to open two on the same day. Never bothered with either again - the first wanted to do another hard pull to verify the removal of the collections account and I was just annoyed with the other. Found them another bank that worked and never worried about it again.