Credit Union caught in a possible lie about Chexsystems?

[kremonis]

About two months shy of a year ago I wrote a post here about A CU that ran a hard Chexsystems report every time I opened a CD. As I direct result of that experience, I went through the process of freezing my Chexsystems report access, and only thaw it when needed.

I opened an account at another credit union in spring of this year. This CU ran a hard Chexsystems report, as expected, after I temporarily thawed my Chexsystems report. All was good and I begin building a CD ladder, buying short term CDs for two months straight. The CDs were bought while my Chexsystems report was frozen with no issue.

I attempted to buy more CDs this month, but they never appeared in my account. I get a phone from a manager at this CU that they cannot open the CDs until I unfreeze my Chexsystems.

First I questioned why they were able to open the CDs the two previous months while my Chexsystems was frozen? They proceed to tell me a bogus sounding story that a they were allowing a "intern" to approve accounts. This intern was not following company procedure and approving CDs without a Chexsystems pull, according to this CU manager.

Next, I asked if this would be a hard or soft Chexsystems pull. The CU manager puts me on hold to verify the the answer to this question. I was told that it would be "soft Chexsystems  pull". While it would be a pain in the a$$ to thaw my Chexsystems every time I wanted to open a CD at this CU I would be willing to do so IF I BElIEVED THE CU MANGER!

Blaming it on the "intern" comes across like a child saying the dog ate my homework. I know for a fact the a financial institution, that you are currently a customer of, can run  a "soft" Chexsystems pull even if your Chexsystems is frozen. I know this because "A CU that ran a hard Chexsystems report every time I opened a CD" does this to me they dont ask for my permission first.

I will email them to verify if this is going to a soft Chexsystems pull.

[duriinas2]

ou have legitimate concerns about inconsistencies and explanations provided by the credit union regarding ChexSystems reports. Their explanation about an intern's actions and the type of ChexSystems pull could be questionable. It's crucial to seek accurate information, possibly escalate the matter, and consider exploring alternative options if needed.

[sznthescore]

Running chexsystems for each and every CD opened seems extreme imo. If they're soft pulls that's one thing, but a hard pull is a bit much as it effect's potential outcomes opening demand accounts elsewhere. 

[kremonis]

I finally got around to messaging the FI about their Chexsystems policy for opening CDs. The given answer has only lead to more confusion.  They wrote that they don't run Chexsystems when opening a CDs and this was verified with their compliance department.

This answer conflicts with information I was told when someone called me from this same FI said verbally said they needed to run a Chexsystems report when opening a CD.

[MichaelMyer]

Which credit union is it? 

[IamWesty12]

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@kremonis wrote:

I finally got around to messaging the FI about their Chexsystems policy for opening CDs. The given answer has only lead to more confusion.  They wrote that they don't run Chexsystems when opening a CDs and this was verified with their compliance department.

This answer conflicts with information I was told when someone called me from this same FI said verbally said they needed to run a Chexsystems report when opening a CD.

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@kremonis any chance that the supervisor who threw the intern under the bus is the interns boss?  Sounds like this person has no idea what he is saying and more importantly supplying to their customers.   Not a place I would feel having my money in was secure.  JMHO though.  Best wishes!

[kremonis]

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@kremonis wrote:

About two months shy of a year ago I wrote a post here about A CU that ran a hard Chexsystems report every time I opened a CD. As I direct result of that experience, I went through the process of freezing my Chexsystems report access, and only thaw it when needed.

I opened an account at another credit union in spring of this year. This CU ran a hard Chexsystems report, as expected, after I temporarily thawed my Chexsystems report. All was good and I begin building a CD ladder, buying short term CDs for two months straight. The CDs were bought while my Chexsystems report was frozen with no issue.

I attempted to buy more CDs this month, but they never appeared in my account. I get a phone from a manager at this CU that they cannot open the CDs until I unfreeze my Chexsystems.

First I questioned why they were able to open the CDs the two previous months while my Chexsystems was frozen? They proceed to tell me a bogus sounding story that a they were allowing a "intern" to approve accounts. This intern was not following company procedure and approving CDs without a Chexsystems pull, according to this CU manager.

Next, I asked if this would be a hard or soft Chexsystems pull. The CU manager puts me on hold to verify the the answer to this question. I was told that it would be "soft Chexsystems  pull". While it would be a pain in the a$$ to thaw my Chexsystems every time I wanted to open a CD at this CU I would be willing to do so IF I BElIEVED THE CU MANGER!

Blaming it on the "intern" comes across like a child saying the dog ate my homework. I know for a fact the a financial institution, that you are currently a customer of, can run  a "soft" Chexsystems pull even if your Chexsystems is frozen. I know this because "A CU that ran a hard Chexsystems report every time I opened a CD" does this to me they dont ask for my permission first.

I will email them to verify if this is going to a soft Chexsystems pull.

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I just pulled my Chexsystems report since about 7 months. Now I know that this financial instution flat out lied to me about pulling my Chexsystems report. They made a soft pull AKA "Inquiries Viewed Only By You" for every CD I opened or attempted to open.