PNC Checking Acct Denied due to Early Warning Services

[Anonymous]

I went into a PNC branch to set up a checking account and was denied due to Early Warning Systems report. As soon as I get the report I can get more info but I don't have any derogs on any other CRAs so I'm guessing it flagged me for recently opening a Charles Schwab acct, and within the last few months getting a Amex BB card, and accounts with Penfed and Navy Fed.

This is annoying because I was going to get the $300 bonus from PNC but I can always try again once it's cleared up. What I wanted to share with you guys is the fact that Early Warning Systems LLC won't let you freeze your report with them. 'Said the CFPB grants them that privilege as a "specialty reporting agency" or something like that. That's a federal entity though, the STATE laws that govern freezes in Missouri where I live, as well as Arizona where the company is based out of, require the ability for consumers to freeze their report. So shouldn't those apply?

This is all my opinion of course. I did some research and a lot of big banks came together to form this CRA, and I really dislike the idea that consumers are unable to get a freeze. I have my attorney sending them a letter, and if I'm unable to get a resolution with them I will be making complaints with the BBB and even try with the CFPB, as well as be taking action in court and suing for damages as a result of what appears to be them violating state law.

Let me know what you guys think. Me personally, I think all the big banks coming together to form a reporting agency in which consumers have less control over is a conflict of interest and not very ethical. I'll keep you guys updated on the status of my experience hopefully we can learn a bit more about them.

[RobertEG]

Have you called the CFPB to confirm the existence of the asserted agreement with them?

[Anonymous]

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@RobertEG wrote:

Have you called the CFPB to confirm the existence of the asserted agreement with them?

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I have not, but I certainly will. Thanks for that Robert, good idea.

The supervisor mentioned when she was talking about the CFPB bureau granting an exception since they're a "specialty reporting agency" that they've been in business for 25 years with no problems. But the laws that govern freezes are state laws and Arizona where they are based DOES allow an exception to freezes for "fraud reporting" CRAs, Missouri law does not have a similar exception as far as I can tell. I am sure there are several more states that don't provide this exemption from security freezes. 

My attorney is sending them a letter hopefully somebody higher up gets a hold of me and we can work out a freeze. Also, I sent a complaint to my state Attorney General since they seem to be in violation of Missouri Statute. I'm super against a conglomerate of major banks creating their own CRA and then getting special privileges. Seems like an egregious conflict of interest.

[Anonymous]

I’m not an expert but having multiple checking accounts wouldn’t be a flag for that. Writing bad checks, having a charged off checking account stuff like that is what gets you on their alerts.

[Anonymous]

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@Anonymous wrote:
I’m not an expert but having multiple checking accounts wouldn’t be a flag for that. Writing bad checks, having a charged off checking account stuff like that is what gets you on their alerts.

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I have none of those I'm relatively certain. The only possible way any of that happened was identity theft but everything is super clean on my known credit reports and I monitor them constantly, so even that seems unlikely - although certainly possible. 

I'm leaning towards the several checking accounts thing or some sort of flag I'm not aware of. I'm not engaged in anything that would be suspicious as far as I know either. Recently I did deposit two $20k+ checks into my personal account but those were from very legitimate sources. I also just opened a checking with USAA to start the relationship with them as I got something in the mail saying I was approved as a full member. No denial there and no denials from recent checking accounts with Navy Fed, Penfed, Charles Schwab, or Amex Bluebird. 

Will definitely keep you guys updated. I'm a little annoyed by the fact that they said it can take up to 15 days for them to email me a copy of my Early Warning Services report... If a bank can pull it in 5 seconds to deny me a checking account they should be able to get it to me or let me pull it myself online a lot sooner than 15 days. Alas, patience is a virtue. I just wanna make sure everything is good before I attempt my next mini CC app spree which I was planning in a couple weeks.

[Anonymous]

Well at least you are getting the report so you will know for certain. On a side note USAA is the absolute best. I use them for every single product except checking ( wife wants what the wife wants) Car insurance the best.

[Anonymous]

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@Anonymous wrote:
Well at least you are getting the report so you will know for certain. On a side note USAA is the absolute best. I use them for every single product except checking ( wife wants what the wife wants) Car insurance the best.

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This is off topic but thank you! I didn't think of that. If I can save money on my car insurance AND strengthen my relationship with USAA at the same time which will be awesome. I'm including their low-interest APR card in the next app spree for sure.

[joltdude]

Not sure if this is true of banks using EWS vs ChexSystems.. But some banks get skittish if youve opened multiple checking accounts in a short period of time.. which is still one thing that does appear on either specialty report....regardless of score.... Also as you suggested it could be ID Fraud

[sueblue34]

I know that PNC offers a second chance account which you can only get by applying in person and completing a financial class they offer but that’s only if you are in Chex.
EWS is the new head honcho and bank will flat out deny you for any negatives with them.

[Anonymous]

EWS is purely a risk control data collector for banks however

they're decent at removing incorrect information, and report is FREE.