How Bank of America Uses ChexSystems
There’s a great article over at the Consumerist blog that reveals how Bank of America uses ChexSystems. The article follows the story of a young person who has had problems opening an account at Bank of America.
Here’s the story. A young guy named Jesse tried to open a checking account with Bank of America. The Bank turned him down, and effectively said he could never have an account with them. But they gave no reason.
(those of us who deal with ChexSystems problems all the time aren’t too shocked by this — we know that Bank of America uses ChexSystems)
The Consumerist then spoke with an anonymous VP at Bank of America. Here’s what the Bank of America VP told them:
We have had to close out accounts in the past due to a negative report from ChexSystems which shows that the customer had a charged off account with money owed. To keep using ChexSystems we have to not open accounts that have money owed to other banks. That is usually the only way [for those banks] to collect.
Of course, BoA could have explained everything a lot better. Just because someone has a negative ChexSystems report, it doesn’t mean they are blackballed forever. It’s kind of like bankruptcy, as you come off their records after 7 years.
So far, Jesse has not been able to identify exactly why Bank of America denied his account. He claims he has never bounced a check in the past, and does not believe he owes any prior bank any money.
Here’s our advice to Jesse — Go to the ChexSystems website. Order your ChexSystems report. Send it to us, and we’ll review it for you and will help you figure out what the problem is. Remember — 80-90% of all ChexSystems reports have some error in them. Your account denial may be the result of an error in the ChexSystems report. You need to order your report to figure out what the issue is.
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Hello I was wondering if you could give me advice. I was put on chexsystems by Bank of America and i dont get why. I had just opened an account with them and in three days they sent me to chex. I had just recieved my ckecks and card.I called to find out what was goig on and they told me my account was closed because I made a stop payment and because it was a new account . ok i still dont get that but why did they send me to chex????In my head it was a better idea then to have it go in with no funds so that was all that was said they evevn hung up on me and I called to try to get the name of the girl who I spoke to but ofcourse they cant . But she treated as if I was a horrible person she treated me like shit. I dont deserve that. Im a single mom with three boys I go to school and work I haev been at the same place for 6 years. I may not be good with my finances but im no fraud. I had a wescom credit union accountand they closed me once BOA sent the report to chex. They are the ones that told me they said suspected fraud on the report. I was in shock I went to the branch in San dimas and tehy ofcourse told me i was screwd literally. adn that I will never ever be able to open an account with them I said that was fine but they are ruining my life I am currently finishing school for law enforcemnt I am on a witing list for 2 departmnets and If they see thius on my record I will never get a job and my schooling would have been just a waste of time I have dedicated my life to this and my children . If you could give me advice I need HELP!!!!!!!!!!!!!!!! I was thinking of getting a lawyer because this is my life and future they are messing with.