Chex Systems Question

[InOZmK]

Good day all!

I've never really dealt too much with Chex Systems, but I have a question.  First off, I tried to reach the bank (M&T) to see if they would settle, but they state that since the account is not with a collection agency, that they would not be able to settle.

I tried to open an account with DCU, but of course, this Chex Systems negative is screwing with me.  After my denial letter, I ordered a copy of my Chex Systems report.  It shows that the account was reported 2/2010.  Am I correct to assume that in 2/2015, this account will fall off?  I am in Delaware if that helps to answer anything.

I am not sure if I should just wait it out, or start sending dispute letters to Chex Systems in the hopes that this might speed up the process.

I was this close to just settling on the account, or asking to have fees waived to make a payment and get rid of this thing, but if I am in fact, really that close for it dropping off, why bother.  I have another checking account, actually several, with BofA, so my only desire is to join a FCU.

What should I do at this point?  Any suggestions will be welcome.  I appreciate your advice in advance.

[fishbjc]

It's doubtful that the banks will remove the information from Chex even if you pay the balance.   My bank refused to delete, but did issue me a letter stating the payoff.  It was for a $30 water bill (all that for $30) on a previously closed account.  I provided that to my new bank and no problem opening account.

[InOZmK]

DCU mentioned to me that if I had shown proof of payment, that they would open an account for me.  The problem is, I know a lot of the balance owed is due to the crazy overdraft fees that accrued on the account.  I agree, I was irresponsible with the account, as with all of my other accounts (once I lost substantial income due to the mortgage crisis), but have since built up a pretty good resume of credit.

If they were willing to work with me on waiving some fees to bring the amount owed down, I'd pay them, but at this point, if it's due to fall off in 2/2015, then I see no point.  The question is, am I deducing correctly that it would drop off at that point.

[InOZmK]

Bumping to see if I can get a fresh set of eyes for a solution.  I don't know much about how ChexSystems reports, so I need help.  Please advise.

[Anonymous]

i was in a similar situation with Wells Fargo. I went into my local branch over 2 years after the account went to Chex and talked to an account manager. They waived almost all the fees and gave me a letter stating paid in full. they even offered to open another account. I was shocked. One thing I have learned on my rebuilding journey is you won't get anything if you don't ask. If you don't want to go in person send a GW style letter asking that the fees be waived for payment. Banks are in it to make money, they would rather have something than nothing. Good luck!!!

[InOZmK]

Pistol, good idea.  I might have to go the route of the GW letter.  I just don't get it, I called them and they wouldn't budge on a settlement, even though it appears that the account will drop off in a matter of months.  Again, not sure if that's true or not, but from everything I can gather, 5 years is when that account will drop off.  So, back to that same conundrum.  Do I pay if it'll be removed, or just let it go, and wait it out another half year?

[baller4life]

Yep 5 yrs is correct. Personally, I wouldn't touch it. Especially since they are unwilling to work with you on fees. But,that's just me.

[MortgageMinded]

Been there done that.   If the bank is willing to open an account once the debt is paid, that is a great deal to get into a credit union.   I had the same issue a couple years ago, went to Bank of America and opened a savings account online (not in person), a week later, once I deposited money in the savings account, I was able to get a checking account without an issue by applying for one online using my credentials I used to setup my savings.  I was grateful to get one and haven't looked back.   Otherwise, negative info stays on for 5 years, no way around it.  

Good luck...

[InOZmK]

Nice.  Thank you for the information.  That's the information i was looking for, as far as confirmation of the removal of the negative info.  Thanks again for the info MortgageMinded, and Baller4Life.

I know I'm pushing it, but do I even try to send a dispute to ChexSystems, or just wait it out.  I know it's only 5 months out, so I guess I could wait.  Do I need to do anything in February, or just apply again sometime in March?

[baller4life]

Just wait it out. Should automatically fall off by end of Feb