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How long does a consumer have to lift a freeze on ChexSystems before the bank declines?

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baseball01
Member

How long does a consumer have to lift a freeze on ChexSystems before the bank declines?

No, I am not looking to open any new accounts nor I want too. I just would like too know how long a consumer has?

So, if a consumer applies for an account online and the bank only pulls ChexSystems and the consumer applied while the freeze is in place and now the banks cannot make a decision unless the freeze is lifted. How long does a consumer have to lift the freeze before the banks decline the application?
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Anonymous
Not applicable

Re: How long does a consumer have to lift a freeze on ChexSystems before the bank declines?

The best practice is to call the bank or check with Doctor of Credit data base if the specific bank pulls Chex and unfreeze before applying, Some banks will also require you to unfreeze your credit bureaus (for SP or HP) so they can generate security questions in order to verified your identity. Always find out what the bank requires in advance, that goes for CC or deposit account applications.

 

Now to answer your specific hypothetical question, every bank is different but you can always reapply after unfreezing if they decline your first app due to frozen Chex.

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DaveInAZ
Senior Contributor

Re: How long does a consumer have to lift a freeze on ChexSystems before the bank declines?


@baseball01 wrote:
No, I am not looking to open any new accounts nor I want too. I just would like too know how long a consumer has?

So, if a consumer applies for an account online and the bank only pulls ChexSystems and the consumer applied while the freeze is in place and now the banks cannot make a decision unless the freeze is lifted. How long does a consumer have to lift the freeze before the banks decline the application?

Last fall DCU gave me at least a week, maybe it was 10 days. I had just frozen Chex for the first time and was waiting for the PIN via snail mail when I app'd for a car loan refi. They HP'd my credit report and I was pre-approved for the car loan and they were just waiting on Chex to approved my membership, so they may have been more patient then usual.

 

I've given up on freezing Chex, everytime you unfreeze and then re-freeze you have to wait for a new PIN by mail, I open banking accounts too regularly for that, and fraudulently opening a banking in someone else's name isn't very common, it's credit cards they want.

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