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William B. Esq.
William B. Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 4094
Experience:  I am a civil litigation attorney representing individuals and businesses.
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I tried to open an account with a local bank and got denied

Resolved Question:

I tried to open an account with a local bank and got denied due to the ChexSystems consumer report. I wonder what could be the indications. I always had very good credit score and lately missed a mortgage payment due to travel. I've made up the payment now. As I understand this would only have affected my credit report but not the consumer report. Thanks for you advice.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  William B. Esq. replied 1 year ago.

William B. Esq. :

Thank you for using our service. My name is XXXXX XXXXX I would like to assist you today.

William B. Esq. :

Chex systems is a proprietary formula which provides banks with an indicator for use in determining eligibility for opening an account. As such, I can speculate as to what terms may or may not have played into your denial for an account, but until you receive your report it is only speculation.

William B. Esq. :

The most common basis for denying a customer an account with a bank (by a long shot) is any history of bounced checks or insufficient funds).

Customer:

Thanks. I understand that.

Customer:

So a missed mortgage payment could be the cause?

Customer:

I was trying to understand if there are other banking related issues that could cause the denial.

William B. Esq. :

Following that, issues such as non-payment of mortgages or credit cards may create an issue (not your credit score, but your record with the bank holding your mortgage) - but this is rarely the case.

Customer:

I've checked with my mortgage bank they informed me that the missed payment will only reported to credit orgs... This is really strange.

William B. Esq. :

It is unusual, and given what you have posted, I would be more concerned about potential identity theft issues than the Chex Report itself.

Customer:

I see. I've been away from the country for more than 3 months and just got back. I haven't gone through all my bills yet. I might need to do that to see if other things happened as well.

William B. Esq. :

If you have any NSF charges on your accounts that would be the most likely trigger for a negative Chex Systems rating - the Chex Systems is aimed primarily at protecting banks from overdrafts on consumer accounts (checking and savings).

Customer:

The night before I tried to fill up some gas in Compton CA, on the way back home from the airport and the credit card didn't go through. Yesterday I called and found out that it was because of the usual location that the bank freezed my card... :( but it was reactivated. Not sure if that could be another cause..

Customer:

Sorry what is NSF charge.

William B. Esq. :

You may need to contact all of your financial institutions and get your statements from the past 3 months (if you can't get them online) to see what charges have been made and what your current balances are (both your credit accounts and your bank accounts), it appears there may be some banking activity you will want to review (it is a possibility only, but given the sum total of what you are describing it would be worthwhile).

William B. Esq. :

An NSF charge would be a bounced check or a charge for an overdraft on an ATM purchase or any other overdraft charge. (Insufficient funds).

Customer:

OK thanks for the advice. I will do that while waiting for the report.

Customer:

Regarding the late mortgage payment report to the credit bureaus, is there anything I can do to off set the bad report? I've always had good credit...

William B. Esq. :

You are welcome. I do hope this works out quickly for you. If you do have any problems (improper charges or if it appears to be an issue of identity theft), make sure to quickly report it to your financial institutions, to the Chex Systems (to clear up any issues there), and to the three Credit Reporting Bureaus.

William B. Esq. :

You can talk to the mortgage bank and see if they can take it off (many banks will as a courtesy for a single late payment).

Customer:

OK so it's reversible technically speaking?

William B. Esq. :

Yes. (The creditor has to make the change, but yes).

Customer:

Great thanks let me try that too.

William B. Esq. :

Here is a link to the FDIC re: identity theft (if that appears to be the issue): http://www.fdic.gov/consumers/privacy/criminalscover/call.html

Customer:

Next time when i have followed up questions will I still be able to talk to you or somebody else?

William B. Esq. :

In addition to the Chex Report - you can also pull your own credit using the Free Credit Report for any of the 3 credit reporting systems using the FTC link (once the Feds are up and running again).

William B. Esq. :

You can speak with any of our experts, or you can direct your question to me specifically by starting your question with: "For William B. Esq. Only ..." and a moderator will notify me.

William B. Esq. :

(The credit reporting agencies have their own links for the free credit report, but they will try to sell you on a credit monitoring service - you may purchase it, but you do not have to, they are obligated to provide you with the report for free).

Customer:

yes that's true when our gov re-opens.. thanks for the advice. Bye now. Susan Guo, (if I speak to you next time you might remember).

William B. Esq., Lawyer
Satisfied Customers: 4094
Experience: I am a civil litigation attorney representing individuals and businesses.
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I am a civil litigation attorney representing individuals and businesses.