Chexsytems check every time a I open a CD?

[kremonis]

I applied for a bank sub and was denied. Checked Chexsystems report pulled and I was stunned.

A different financial institution ran a chexsystems report on me every time I bought a CD from them. Right know, I am 5/5 months with this place alone. Other banks and credit unions I have bought CDs from, do not run a chexsytems report for CD purchases. They also run chexsystem report the day after the CD was bought but those were "soft pulls"

I would not care about the chexsytem pulls if it were not for the dire consequences, like being denied account openings because of too many inquires.

How should I proceed from here? I want them to stop the "hard" chexsytem inquires and do soft ones when I open a CD. Also I want to remove the excessive chexsytem inquires.

[Pway]

Financial institutions can deny you based on Chex systems inquiries.  I have had it done to me.  I was also apart of a financial institution that each time I applied for a new checking or savings they ran a new Chex report.  As far as the inquiries they are not going to remove them.  The financial institution is not going to change their rules and regulations that are in place. 

[SouthJamaica]

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@kremonis wrote:

I applied for a bank sub and was denied. Checked Chexsystems report pulled and I was stunned.

A different financial institution ran a chexsystems report on me every time I bought a CD from them. Right know, I am 5/5 months with this place alone. Other banks and credit unions I have bought CDs from, do not run a chexsytems report for CD purchases. They also run chexsystem report the day after the CD was bought but those were "soft pulls"

I would not care about the chexsytem pulls if it were not for the dire consequences, like being denied account openings because of too many inquires.

How should I proceed from here? I want them to stop the "hard" chexsytem inquires and do soft ones when I open a CD. Also I want to remove the excessive chexsytem inquires.

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1. I don't think you'll be able to remove the inquiries but you might as well give it a shot.

2. IMHO you should stop getting CD's from that institution.

[mortimerwereback]

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@kremonis wrote:

I applied for a bank sub and was denied. Checked Chexsystems report pulled and I was stunned.

A different financial institution ran a chexsystems report on me every time I bought a CD from them. Right know, I am 5/5 months with this place alone. Other banks and credit unions I have bought CDs from, do not run a chexsytems report for CD purchases. They also run chexsystem report the day after the CD was bought but those were "soft pulls"

I would not care about the chexsytem pulls if it were not for the dire consequences, like being denied account openings because of too many inquires.

How should I proceed from here? I want them to stop the "hard" chexsytem inquires and do soft ones when I open a CD. Also I want to remove the excessive chexsytem inquires.

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I don't know if this will help, but you can freeze your Chexsystems report so that this kind of stuff doesn't get past you without your knowledge.

https://www.chexsystems.com/security-freeze/place-freeze 

[Anonymous]

@kremonis

Do understand!

Found a major bank was pulling my ChexSystem report every time I bought a CD. Was stunned! 

No ... there was no removal on the hard inquiry due to it was a valid business reason 

So much for buying their CDs (good rates I might add). 

[kremonis]

Over the course of about two weeks ,last fall, I made 6 Chexsystems disputes base on the contents of this post: Chexsystems check every time a I open a CD? A total of 3 separate letters were written with 2 disputes on each letter, disputing 4 Chexsystems

 hard inquiries with financial institution A and 2 with financial institution B.

The 2 disputes with financial institution B were successful and both hard inquiries were removed. Two Disputes with financial institution A were reaffirmed by Chexsystems.

The remaining 2 Chexsystems disputes for financial institution A has not been answered and its has been about  almost 3 months since I mailed the Chexsystems disputes. The guides I have fallowed say that Chexsystems was supposed to respond in 30 days to any disputes.

What do I do now?

[Anonymous]

@kremonis

Question ... you included more than one item on some of your communications?!

Possibly you need to submit each dispute on its own. Yes, I know that may seem a stretch but ... ?

Ps Do understand your frustrations! 

[FinStar]

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@kremonis wrote:

Over the course of about two weeks ,last fall, I made 6 Chexsystems disputes base on the contents of this post: Chexsystems check every time a I open a CD? A total of 3 separate letters were written with 2 disputes on each letter, disputing 4 Chexsystems

 hard inquiries with financial institution A and 2 with financial institution B.

The 2 disputes with financial institution B were successful and both hard inquiries were removed. Two Disputes with financial institution A were reaffirmed by Chexsystems.

The remaining 2 Chexsystems disputes for financial institution A has not been answered and its has been about  almost 3 months since I mailed the Chexsystems disputes. The guides I have fallowed say that Chexsystems was supposed to respond in 30 days to any disputes.

What do I do now?

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If the 2 initial disputes for financial institution A were reaffirmed and remain, to me it would appear that the additional 2 disputes may be considered frivolous given that the first 2 were not removed.

I'm assuming all of these disputes were submitted online and individually like the ones for financial institution B and not via snail mail, correct?

Also, a variety of financial institutions can and may access ChexSystems for specific products such as every time you open a CD (even if multiple CDs are opened by the same institution regardless of tenure) if that's their internal policy.

[kremonis]

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@FinStar wrote:

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@kremonis wrote:

Over the course of about two weeks ,last fall, I made 6 Chexsystems disputes base on the contents of this post: Chexsystems check every time a I open a CD? A total of 3 separate letters were written with 2 disputes on each letter, disputing 4 Chexsystems

 hard inquiries with financial institution A and 2 with financial institution B.

The 2 disputes with financial institution B were successful and both hard inquiries were removed. Two Disputes with financial institution A were reaffirmed by Chexsystems.

The remaining 2 Chexsystems disputes for financial institution A has not been answered and its has been about  almost 3 months since I mailed the Chexsystems disputes. The guides I have fallowed say that Chexsystems was supposed to respond in 30 days to any disputes.

What do I do now?

---

If the 2 initial disputes for financial institution A were reaffirmed and remain, to me it would appear that the additional 2 disputes may be considered frivolous given that the first 2 were not removed.

I'm assuming all of these disputes were submitted online and individually like the ones for financial institution B and not via snail mail, correct?

Also, a variety of financial institutions can and may access ChexSystems for specific products such as every time you open a CD (even if multiple CDs are opened by the same institution regardless of tenure) if that's their internal policy.

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All disputes were sent registered mail with the green return slips at the USPS. I wanted to create a paper trail that was verifiable. Just to be clear these were 6 different disputes of 6 separate Chexsystems hard inquiries.

I don't understand your comment about the disputes being frivolous. Either I  have the right to dispute them or I don't. How is exercising my rights frivolous?

[FinStar]

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@kremonis wrote:

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@FinStar wrote:

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@kremonis wrote:

Over the course of about two weeks ,last fall, I made 6 Chexsystems disputes base on the contents of this post: Chexsystems check every time a I open a CD? A total of 3 separate letters were written with 2 disputes on each letter, disputing 4 Chexsystems

 hard inquiries with financial institution A and 2 with financial institution B.

The 2 disputes with financial institution B were successful and both hard inquiries were removed. Two Disputes with financial institution A were reaffirmed by Chexsystems.

The remaining 2 Chexsystems disputes for financial institution A has not been answered and its has been about  almost 3 months since I mailed the Chexsystems disputes. The guides I have fallowed say that Chexsystems was supposed to respond in 30 days to any disputes.

What do I do now?

---

If the 2 initial disputes for financial institution A were reaffirmed and remain, to me it would appear that the additional 2 disputes may be considered frivolous given that the first 2 were not removed.

I'm assuming all of these disputes were submitted online and individually like the ones for financial institution B and not via snail mail, correct?

Also, a variety of financial institutions can and may access ChexSystems for specific products such as every time you open a CD (even if multiple CDs are opened by the same institution regardless of tenure) if that's their internal policy.

---

All disputes were sent registered mail with the green return slips at the USPS. I wanted to create a paper trail that was verifiable. Just to be clear these were 6 different disputes of 6 separate Chexsystems hard inquiries.

I don't understand your comment about the disputes being frivolous. Either I  have the right to dispute them or I don't. How is exercising my rights frivolous?

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You can exercise whatever methods you wish as far as the dispute process goes, but any reporting entity can deny such a request if they already have an established precedent from any previously disputed items and the party that has verified such alleged disputes confirms them as valid.

Did you research or consult with "financial institution A" prior to opening said CD instruments would constitute a ChexSystem inquiry for each of them?

Your best course of action could be the CFPB if you haven't received a response for the remaining disputes.