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Denied Chase Checking Account

New Member

Denied Chase Checking Account

In August 2018 (2 Months ago), I applied for another Chase Credit Card which was approved with a $3600 CL. I already have another Chase Card with a $10,000 CL. I decided that since I had 2 Chase credit cards that I would apply for a bank account. I was sure I would be approved but of course I was rejected. They gave me the line that they used information in my Experian credit report. I wish that they could have been specific about why they rejected me.

 

My Experian credit score was 780 at the time with 1 of the others 2 at 810. It kind of annoyed me that they will give me almost $14000 in credit but they won’t approve a simple bank account. I’ve had a Credit union account for 16 years with no problem. The only possible negative on Experian was getting an Amazon Store Card, Samsung Financing, Exxon Mobil Credit Card and the newChase Card. Either way it had very limited impact on Credit Score.

 

There is one other possibility. I get paid in Cash. I would rather get a check but my boss pays cash because some of the other people who work for him have poor credit and such.  I don’t know if the banking credit reports show whether you make Cash deposits or not. I know Chase does not like Cash deposits.

 

Its not really a big deal as I didn’t need the account, it’s just annoying to not know specifically  why they rejected me.

Message 1 of 13
12 REPLIES
Super Contributor

Re: Denied Chase Checking Account


@Socialdis wrote:

In August 2018 (2 Months ago), I applied for another Chase Credit Card which was approved with a $3600 CL. I already have another Chase Card with a $10,000 CL. I decided that since I had 2 Chase credit cards that I would apply for a bank account. I was sure I would be approved but of course I was rejected. They gave me the line that they used information in my Experian credit report. I wish that they could have been specific about why they rejected me.

 

My Experian credit score was 780 at the time with 1 of the others 2 at 810. It kind of annoyed me that they will give me almost $14000 in credit but they won’t approve a simple bank account. I’ve had a Credit union account for 16 years with no problem. The only possible negative on Experian was getting an Amazon Store Card, Samsung Financing, Exxon Mobil Credit Card and the newChase Card. Either way it had very limited impact on Credit Score.

 

There is one other possibility. I get paid in Cash. I would rather get a check but my boss pays cash because some of the other people who work for him have poor credit and such.  I don’t know if the banking credit reports show whether you make Cash deposits or not. I know Chase does not like Cash deposits.

 

Its not really a big deal as I didn’t need the account, it’s just annoying to not know specifically  why they rejected me.


Really?

 

That's the first I've heard of ANY bank not liking cash deposits.

 

Do you have any negative items on your Chex report?  Bounced checks, overdrafts, too many new checking accounts recently?

 

I'd suspect a problem with actual banking instead of credit...

Zero percent financing is where the devil lives...



Message 2 of 13
Valued Contributor

Re: Denied Chase Checking Account

Did you decline overdraft protection? I'm surprised a checking account would be denied based on Ex instead of EWS.


TU FICO 8: 755 (8/18) — Ex FICO 8: 757 (8/18)
Message 3 of 13
New Member

Re: Denied Chase Checking Account

I did not check my Chex report. I only have a credit union checking account and a Fidelity Checking account. No bounced checks. I used to use my credit union overdraft as all I was charged was the interest. Haven’t used it recently unless I absolutely needed to.

 

I think I did apply for overdraft, which I know I shouldn’t have as I never would have used it if I had to pay a fee to use it.

 

What info is included on the Chex reports? I don’t know why they didn’t tell me it was from on of the Checking reports instead of Experian.

Message 4 of 13
Valued Contributor

Re: Denied Chase Checking Account

Chase is required by law to send you a Notice of Adverse Action by mail explaining how they arrived at their decision, and the source of the information they used.  Did you get a letter from them?  Its doubtful that their decision is based on a credit report since the three major credit bureaus don't typically collect information on your banking history.

 

Chase is one of the original members of the Early Warning Systems (EWS) consortium so you should check your EWS report and also your Chex Systems report.  Those are the reports they usually look at when deciding whether or not to approve a checking account.






Message 5 of 13
Moderator

Re: Denied Chase Checking Account


@tcbofade wrote:

@Socialdis wrote:

In August 2018 (2 Months ago), I applied for another Chase Credit Card which was approved with a $3600 CL. I already have another Chase Card with a $10,000 CL. I decided that since I had 2 Chase credit cards that I would apply for a bank account. I was sure I would be approved but of course I was rejected. They gave me the line that they used information in my Experian credit report. I wish that they could have been specific about why they rejected me.

 

My Experian credit score was 780 at the time with 1 of the others 2 at 810. It kind of annoyed me that they will give me almost $14000 in credit but they won’t approve a simple bank account. I’ve had a Credit union account for 16 years with no problem. The only possible negative on Experian was getting an Amazon Store Card, Samsung Financing, Exxon Mobil Credit Card and the newChase Card. Either way it had very limited impact on Credit Score.

 

There is one other possibility. I get paid in Cash. I would rather get a check but my boss pays cash because some of the other people who work for him have poor credit and such.  I don’t know if the banking credit reports show whether you make Cash deposits or not. I know Chase does not like Cash deposits.

 

Its not really a big deal as I didn’t need the account, it’s just annoying to not know specifically  why they rejected me.


Really?

 

That's the first I've heard of ANY bank not liking cash deposits.

 

Do you have any negative items on your Chex report?  Bounced checks, overdrafts, too many new checking accounts recently?

 

I'd suspect a problem with actual banking instead of credit...

+1

 

Speaking of my hood and the Chase branch here and simply observing the people in line, and seeing how the local community organization that I'm the wayward treasurer of gets paid as well for another datapoint, Chase doesn't have a problem transacting in cash.

 

Market wise, if Chase has a problem with cash, those cash deposits will just walk across the street and get dropped into the BOFA branch.

 

No bank is that foolish, everyone wants more deposits.




        
Message 6 of 13
New Member

Re: Denied Chase Checking Account

I did receive it and it listed Experian as the credit agency.

 

      "Thank you for your interest in opening an account with us. Unfortunately, we have decided not to open an account for you now, based on information contained in your consumer report(s) from the consumer reporting agency(ies) listed below."

 

I just wish they could say the reason I.e. too many bounced checks, too many checking accounts, too many cash deposits, etc.

Message 7 of 13
Valued Contributor

Re: Denied Chase Checking Account

I still think its not based on your Experian credit report but getting your report is simple.  Just go to the Experian website and sign up for a new account; google "Experian dispute" to find the website.

 

BTW, did you change your address recently?






Message 8 of 13
New Member

Re: Denied Chase Checking Account

Have lived in same place over 10 years.
I have requested my Chex report.
How different would Experian report directly from Experian be from what I see as a Myfico subscriber?
I'm thinking most likely it was something in my banking report and not my credit report and Chase being Chase they probably just lied about which report they used to base the decision.
Message 9 of 13
Highlighted
Frequent Contributor

Re: Denied Chase Checking Account


@Revelate wrote:

@tcbofade wrote:

@Socialdis wrote:

In August 2018 (2 Months ago), I applied for another Chase Credit Card which was approved with a $3600 CL. I already have another Chase Card with a $10,000 CL. I decided that since I had 2 Chase credit cards that I would apply for a bank account. I was sure I would be approved but of course I was rejected. They gave me the line that they used information in my Experian credit report. I wish that they could have been specific about why they rejected me.

 

My Experian credit score was 780 at the time with 1 of the others 2 at 810. It kind of annoyed me that they will give me almost $14000 in credit but they won’t approve a simple bank account. I’ve had a Credit union account for 16 years with no problem. The only possible negative on Experian was getting an Amazon Store Card, Samsung Financing, Exxon Mobil Credit Card and the newChase Card. Either way it had very limited impact on Credit Score.

 

There is one other possibility. I get paid in Cash. I would rather get a check but my boss pays cash because some of the other people who work for him have poor credit and such.  I don’t know if the banking credit reports show whether you make Cash deposits or not. I know Chase does not like Cash deposits.

 

Its not really a big deal as I didn’t need the account, it’s just annoying to not know specifically  why they rejected me.


Really?

 

That's the first I've heard of ANY bank not liking cash deposits.

 

Do you have any negative items on your Chex report?  Bounced checks, overdrafts, too many new checking accounts recently?

 

I'd suspect a problem with actual banking instead of credit...

+1

 

Speaking of my hood and the Chase branch here and simply observing the people in line, and seeing how the local community organization that I'm the wayward treasurer of gets paid as well for another datapoint, Chase doesn't have a problem transacting in cash.

 

Market wise, if Chase has a problem with cash, those cash deposits will just walk across the street and get dropped into the BOFA branch.

 

No bank is that foolish, everyone wants more deposits.


Chase will allow the account owner to deposit cash into their account, but does not allow 3rd parties to deposit cash into your account, even if they have the account number.  

 

https://www.huffingtonpost.com/mybanktracker/chase-stops-cash-deposits_b_5568830.html

 

Message 10 of 13