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Denied Chase Checking Account

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Super Contributor

Re: Denied Chase Checking Account


@Socialdis wrote:

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.


I am NOT being unkind, but I think that I highlighted your difficulty above.

 

Each time you overdraft the account, it reports to Chexsystems, EWS, etc...as a ding...even if you pay it back in full with interest.

 

Too many dings will cause the next bank to not want to open a checking account for you.

 

 



09/01/19 Fico 8: EX 721, EQ 723, TU 745.

Last inquiry 03 September 19

Zero percent financing is where the devil lives...
Message 11 of 20
Highlighted
Super Contributor

Re: Denied Chase Checking Account

A person who's previous bank accounts have involved frequent large cash deposits (with no standard payroll deposits) could easily trigger algorithms that run in a bank's background to detect money laundering or other kinds of criminal use.  Drug dealers don't get paychecks deposits in their account -- they have patterns of large cash deposits.

 

Chase is known to be exceptionally worried about this kind of stuff.  If anyone is curious to read more about it, there's an interesting post here in the forum from last month by one of our moderators:

 

https://ficoforums.myfico.com/t5/Credit-in-the-News/Banks-are-keeping-closer-tabs-on-your-reputation...

 

I have no opinion about whether this applies to the specific case of our OP... just suggesting that indeed what he initially describes (no standard payroll deposits, large and frequent cash deposits) can indeed be something that banks look at.

Message 12 of 20
Regular Contributor

Re: Denied Chase Checking Account

Not sure if you tried to open an account online but I also got denied online, so I went to the nearest branch and was approved for a checking account.







Message 13 of 20
Frequent Contributor

Re: Denied Chase Checking Account

About 8 years ago I opened my first checking account with HSBC. I received a check & tried to deposit the check. I had no clue it was a fake check. Although I did not touch the money, HSBC closed my bank account & I got put into the Chex1 system. At that point I tried to apply for a Chase checkings and was denied. They stated I was in the Chex system and it wouldnt come off my report for 7 years... 5 years after that it came off and I applied last year for a chase account. I was finally approved smh

I would ask for more information and hopefully you can try to reapply in a couple of months.
Sept 18: EQ: 578 TU: 583 EX: 576
March 19’: EQ: 615 TU: 642 EX: 637

June: EQ8: 637 ^26 TU8: 645 ^7 EX8: 642 ^0

Goal by Sept 20’ EQ: 700 TU: 700 EX:700

AA: 7YRS AAOA: 2YR 3MONTHS
Inquiries in 12 months: EQ: 4 TU: 1 EX: 2
New Accounts in the last 8 months: 0


CLOSED: Self Lender 12Month CD: June 20th 19’





Main Short Term Goal: Auto Lease 2020 Jeep MOAB with 700 scores across the board.
Message 14 of 20
Valued Contributor

Re: Denied Chase Checking Account

OVERDRAFTING you accounts does not get reported to chexsystems
ESPECIALLY if you have an overdraft LOC or linked credit card (as you can assume OP does as he said he pays interest)

It MAY get reported to EWS but shouldn't be reported negative.






Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000. Waiting on them to all report over the next month... Only Kohls is reporting so far... WITH AGE. They use AZEO method.

Member of:
Andrews FCU (Share), PENFED CU (Checking/Share), SDFCU (Share), Alliant CU (Checking/Share), NASA FCU (Share), NWFCU (Checking/Share), Ally Bank (Checking/Savings), BofA (Checking/Share), Navigant CU (Share), Greenwood CU (Share), Elements Financial CU (Share), Ocean State CU (Share), SDFCU (Share), Wells Fargo (Checking), RI Credit Union (Share), CashApp, PayPal Premier (for free direct deposit access with cash card), Paypal Business - Grandfathered 1.5% Cash Back on Biz Debit), Apple Pay Cash, and Venmo.

I WANT to join: Hanscom FCU (For the 2 day early direct deposit).


Burned:
DCU, NFCU, Comenity, Synchrony, Barclays, Discover, Amex, Webbank (Avant), Santander, Citi (Shell), DSNB (Macys), TDRCS (Target+Nordstrom), Capital One (Personal & Business, Kohls, and GM), CreditFirst(Firestone)
Message 15 of 20
Valued Contributor

Re: Denied Chase Checking Account

Chexsystems will report bounced checks... and accounts closed due to negative balance






Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000. Waiting on them to all report over the next month... Only Kohls is reporting so far... WITH AGE. They use AZEO method.

Member of:
Andrews FCU (Share), PENFED CU (Checking/Share), SDFCU (Share), Alliant CU (Checking/Share), NASA FCU (Share), NWFCU (Checking/Share), Ally Bank (Checking/Savings), BofA (Checking/Share), Navigant CU (Share), Greenwood CU (Share), Elements Financial CU (Share), Ocean State CU (Share), SDFCU (Share), Wells Fargo (Checking), RI Credit Union (Share), CashApp, PayPal Premier (for free direct deposit access with cash card), Paypal Business - Grandfathered 1.5% Cash Back on Biz Debit), Apple Pay Cash, and Venmo.

I WANT to join: Hanscom FCU (For the 2 day early direct deposit).


Burned:
DCU, NFCU, Comenity, Synchrony, Barclays, Discover, Amex, Webbank (Avant), Santander, Citi (Shell), DSNB (Macys), TDRCS (Target+Nordstrom), Capital One (Personal & Business, Kohls, and GM), CreditFirst(Firestone)
Message 16 of 20
Frequent Contributor

Re: Denied Chase Checking Account

You mentioned 5 recently opened cards/accounts. I don't know about their bank accounts, however they (Chase) are known to decline credit card approvals (regardless of your score) if you have opened 5 or more accounts in recent history. 

 

Because you said you applied for the overdraft protection as well (which is basically another line of credit), this may be the reason for the denial.

 

 


You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing!
Message 17 of 20
New Member

Re: Denied Chase Checking Account

I wasn’t sure if checking accounts did apply in Chase’s 5/24 Rule or not.

 

I did receive my ChexSystem report  and besides my name, address and birthdate, everything else said no information found.

 

Well at least I didn’t need the account. I just thought it odd to give me so much in credit but that they wouldn’t give a simple checking account.

Message 18 of 20
Senior 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.


Do you by any chance have your credit reports frozen? (I was just denied for an account; I have my reports frozen and EX showed no INQ.)

Cards: ample. Income: adequate. Credit: abundant.
INQs: excessive. Last INQ: recent.
Oldest account: adult. Youngest account:
Infant.
AAoA: closer to optimal than horrible.
All scores above 820

On the wagon.


Message 19 of 20
New Member

Re: Denied Chase Checking Account

At the time I didn’t have reports frozen.

I froze them only a couple weeks ago. I believe I will have to unfreeze in a few days for Myfico to pull my monthly credit report.

I just think more than likely Chase just hasn’t changed despite paying a fine to the government for not adequately giving info on why people were rejected.
Message 20 of 20
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