Denied For A Bank Account? - ChexSystems Explained
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- Опубликовано: 21 окт 2024
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Thanks for tuning in! Want see how my bank bonus hunting is going? Check this out next - ruclips.net/video/eFykrV7IVFE/видео.html
All this credit card finessing finally caught up with ya lol. So many out there encouraging fake financial relationship building we finally see an example of how this can affect us and to be honest its the reason why so many of these banks are as picky as they are. Great video bro.
Lol, I got about $11,625 from this racket last year. The concerning thing isn't that it happened, it's that nobody knows this is even a thing... granted my use case is small. I think smaller banks are picky and don't like losing marketing budget to folks like me. Bigger banks like Citi don't care. They simply make the requirements work in their favor
@@RJFinancialwhat a awesome goal
Interesting stuff! I didn't really know all of these details behind opening new bank accounts so well-explained RJ!
I had to learn it the hard way myself.... who would have guessed banks would care about this... Thank you sir!
My friend couldn’t open a bank account at 19 anymore because of so many overdrafts at chase ruined his Chex score.
Yep that'll do it. I tend to recommend turning off overdraft so the charge declines over adding the extra fees. Tough lesson to learn the hard way
Good to know that a Chex report does not affect the credit score!
At least I have that going for me lol
Much needed info for anyone involved in this sport!
When you said you tried to open 15 to 20 accounts I knew immediately you were playing with fire. In addition to Chex, there's EWS (Early Warning). Get that report too. It will have inquiries along with a more extensive history of what is going on in your accounts. One really has to be careful about opening a ton of accounts at once. Not only do you risk being denied, accounts you just opened can also be closed if they see you opened a bunch more soon afterward. To be on the safe side, I don't suggest applying for more than two accounts every three months. You might get away with more, but it also could bite you. I was once thrown out of a bank for this very reason, and I wasn't doing anything close to the number you were. You got to be careful.
I haven't slowed down my friend. I've actually started a website and second channel dedicated to the game.
www.profitablecontent.com
Oh my god I didn't even know this existed thank you for telling me this
Very good video man. I didn't know that this was such an issue.
Me either until I started doing all these bonuses. The more you know I guess!
Hi RJ, I understand that banks aren't looking favorably on your numerous inquiries with Chexsystems-over 30, as noted in your spreadsheet. Unfortunately, this is why your application was denied. It might be a good idea to take a break from applying for a while. There will always be bank bonuses available in the future, and stepping back could improve your standing over time. Remember, patience is key!
Hancock Whitney pulled the denied me this morning I'm going into branch next week. Like wtf I thought as long as we don't leave a negative balance we would be good.
Didn't know this was a thing till I partnered with my guy John at Bank Account Bonus Central... Normal people don't open this many accounts... maybe ever. It sucks because the banker still wants to open the account but risk management always wants to get involved...
@@RJFinancial yeah I think now I'm gonna have a threshold and a limit moving forward like at least $200-400 each from a max of two banks per quarter. 🙏 I go into branch next and can talk my way into the account.
Wicked awesome how much information you've put into this for others to benefit bro. Helping others is a great reward. Going great karma comes your way ASAP 👍
Hey, let people know early before they find out the hard way like I did. Glad to be of help and thanks for stopping by!
RJ,
Glad to see this video always love the information you bring to the table. I got denied by monifi to. They didn't even take my deposit they just said no lol. I also had an issue with US bank but that was because they pulled from innovis and sagestream and I had them locked down. So US bank contacted me and I released the two security freezes I had on those two reporting agencies. Well US bank approved me two days later after the freeze was lifted. Didn't know a bank even pulled from those to credit bureaus. Yeah I bet John's Chex system report is over a mile long. Yep I love taking money from banks who have money the legal way. Are you going to do like a 6 month video on the bonuses you have earned and the grand total of those. The little 100 dollar and 50 dollar ones don't seem like much but it all adds up I guess. I am working on the HSBC one now it is 450 bucks for two 5k total a month over two month bonus. I might have to come up with a spread sheet also lol. I try to only do a few at a time because I will forget. I am waiting on the Capone 360 I want to see if it goes up higher..then 150 bucks.
Monifi pissed me off because of how they did it. They kicked another member out who had already sent money there.... that's a headache. Ah man I saw the HSBC... I'm just short of $5k/month in direct deposits... good for you tho my guy!
John and I will likely do a Q2 recap where we rank the bonuses that we went after on his page sometime next month. I could do my own update after that aires for a half way point. I'm at 28ish accounts and on track for $5k at the half way point so on pace but these denials are starting to slow me down a bit.
@@RJFinancial you should go after the business bank accounts. I believe you have a business right? Yeah I make a lot of money working from home lol. I also can split my deposits to like three or four banks a pay period. I also have a side business of taking money from banks lol and I do have a real business I do on the side with IT and Networking type of stuff and have an EIN number and everything. I only have one business credit card though the spark classic from Capone. It's ok and it works for now hopefully I can get better business cards in the future.
@@jeremymoore450 I opened PNC, Huntington, and need to go into a Fish Third branch soon... all biz accounts. I don't discriminate when it comes to taking money lol
you explain things so well!
Glad to be of help, figure only one of us needs to learn the hard way lol
Do a video on Early Warning Systems
Luckily they haven't sent me any love letters... yet. I can put it on the list as I'm sure it's only a matter of time unfortunately
Hi, @RJ Financial thanks for the awesome video.
Do you close the bank account after you get paid the bonus?
If there's no rules then i close after I'm paid and 90 days. Otherwise it's dictated by the terms or fee schedule that lists when you can close without penalty
I've noticed savings accounts with the big banks don't flag as sensitive with Chex. Have you noticed this, I assume there is a separate tolerance for each type of account. I have been able to open savings accounts with banks that denied me for checking months later.
Noticed the bigger banks tend not to care as much on deposit accounts. Haven't seen it too much checking vs savings but there are far less savings offers to look at. I'd believe it, if you're going to scam them it's probably on a checking account. Even though they're basically the same thing
I know this video is a little old but if you don't mind answering, I heard about bank bonuses in the past but it really didn't sound appealing but now I'm considering it but I don't want to alert Chexsytems. How many bank accounts do you think a person could open without triggering checkXSystem? like 1 per month or 8 per year?
Triggering Chex is up to the bank and how they screen customers for risk. We don't know all the banks that pull chex. The question is how many chex hits can you get before banks start to deny you... which we also don't have a clear answer. Some banks are more risk adverse than others.
It will add up over time and you will be denied accounts because of it. I still manage to open 50+ accounts per year and have been doing so for 4 years. Denials don't bother me, others they do.
RJ: "I'm getting as many bank signup bonuses as I can."
Also RJ: "Why would banks be worried about multiple bank accounts opened recently? Seems weird, right?"
Lol I've been thrown out of so many banks last year! Gonna do it again this year, already have 3 accounts opened... anything worth doing is worth overdoing
Learn something every day. Forgot about this. Don't forget, these bonuses are taxable.
Hadn't heard about it myself until I started playing this game aggressively. Got another denial email today actually... credit unions are sensitive lol
@@RJFinancial yes they are because they make money off of fees and interest and other things. They don't have the money like public big banks. Which bank was it RJ?
Yep the bonuses are considered 1099 int.
Thanks so much man! Great info.
Going to a smaller bank for a $250 bonus after at least two DD's totaling $1000. Ppl on DOC say they're Chex Sensitive and the offer is only available in branch. Would be a bummer to get denied there but its worth a shot.
Seem to strike out at credit unions the most. I've been going after business accounts as they don't seem to care. I'll give it a shot for sure. Doesn't cost anything but a few min to try to make a quick $250, thanks!
@@RJFinancial Also wanted to thank you for the bank account bonus tracker template. Keeps things a lot more organized.
How long of break did you take before going back to personal churning?
I never stopped. Just keep applying
So to help you a bit! reason code abbreviations wise: FI = Financial Institution // DDA = Demand Deposit Account so any type of checking or savings account. Which would translate (to me!) as Reason 1GE and 3GB basically are (again to me) saying: You've applied for another account with another FI too recently. The 2nd one is more... puzzling, Not enough account inquiry activity same bank? that's phrased oddly. :/ I don't get that one fully. And no none of this was googled lol I just know some terminology. I've (thankfully) never ran into this but I've never tried to go bank bonus hunting only credit cards thus far. Sorry that happened to you tho. That's still silly to me. There isn't anything actually negative. I hope you meet your goal you've set for yourself, sir. Take care!
I appreciate the assist my friend! It's funny how every single form from a bank is always written in a confusing way, yet the Fed is supposed to be looking out for customers and making things easier to understand... go figure.
@@RJFinancial kind of how government mandated expiration dates so companies formed date codes to be in compliance without having to let consumer be able to read it. 😂 totally with you on that.
How can you open a bank if they have fraud on your account for when someone stole your bank information without my knowledge
I think Chexsystems has a process for removing false information on your report. Kinda like you would for the credit agencies. I would assume the process will be terrible... but that is my best guess as to where to start.
@@RJFinancial I’m going through the process now ! I just want to be able to bank again anywhere else other than the bank I use to have they didn’t handle the situation at all
@@TheNikki624 i’m going through the same issue, any luck ?
@@Shifty7-n3l no luck
I’m going through the same issue with Bank of America they told me I can’t bank with no banks the next 5-7 years. I kept telling them it wasn’t me. So they send me a letter I have to go to the police station so they can write what happen and send to Bank of America. They said if I get proof I should be able to bank with any banks within 30 days. This is ridiculous I learned my lesson not to open popular banks ima bank with a credit union. I just pray they approve this letter because wasn’t me I been banking with cash app right now.😞
Very good video Ryan❤
Recently my chex score hit 551. I swept some of the "no" bank inquiries and it popped up to 687 or whatever is slightly better than 9999. This month it's back down to 574. Just disputed a couple of rejects and closed accounts. From now on I won't apply when it's under 600.
Interesting. I never considered going back to try and clean up the ole report.
What do you mean no bank inquiries? Sis you get rid of the soft inquiries too? Or only the hard inquiries??
Wow 😯 amazing information ℹ️ I really didn’t know any of these stuffs
Me either until I started going hard on these accounts. Who woulda guessed lol
@@RJFinancial have you heard if anyone got denied if they don’t have a current stream of income, meaning is it possible to open another account when their current checking account is in good standing?
Would banks deny?
@@lj4001 For deposit accounts banks don't verify income. As long as you have the minimum opening deposit at the time of account opening your good.
Hi, I came here from your collab with Spencer👋 When you switch your direct deposit, are you using a regular employer payroll or self employment? My concern would be whether my HR department would be comfortable frequently changing where my check goes
I use my employee money. My past employers have used self service systems. I've never been asked about it. I could see an HR person potentially asking as it is weird. Unless they can show you a rule that says you can't or specifically document asking you not to, I don't see the problem.
@@RJFinancial Gotcha, thanks
Lol, I know this a an old video and I know about ChexSystems very well. As long as banks are giving away free money. I'll keep opening accounts. Especially the ones that do not require direct deposit
Hey man, this is why I started a second channel dedicated to bonus hunting. Chex doesn't bother me. It would be nice if it wasn't basically a secret thing until you learn the hard way but still worth it
@@RJFinancial what's the name of the channel?
@@SledgeIncTeam RUclips.com/runonthebank
The banks act like the government but want to say there private but there independent. Whats risky there fleecing everyone
Government uses the banks to control the population and the flow of people’s money. Then pretend to regulate them. It’s sort of collusion
Superb. Thank u!
Question, so I owe 400$ to a bank, Im willing to work with them and pay it in full, If i do that will the bank remove me off chexsystems? or do I need to file a seperate form on chexsystems for that removal?
Is the account still open? If they closed it with a negative balance then I don't think they would. However, if you're working with them and willing to pay in full I say it's worth seeing what they can do. Key part here is to be talking to someone who knows at the bank. Standard rep is likely not going to know all options
Super useful. Thanks.
So let’s say I’m in check system and my credit score 700 can i open a bank account?
Credit score and Chex are two separate things. Some credit unions will pull credit but it's rare. Credit checks are reserved for credit products, Chex is for deposit accounts.
I paid off my balance that I owed for a bank and I am still getting denied signing up for capital one I called check system they said I was good but I tried signing up again at capital three days later and I’m still getting denied what can I do ?
Pick a different bank. Chex provides data to the bank and the bank makes their decision based on that info. Chex may mean you're good as in the balance is being reported to them as paid. However, the event still happened and bank doesn't want to deal with a historically unprofitable customer (no offense). Try Ally, they'r offering $200 for new checking customers www.profitablecontent.com/ally-bank-200-checking-bonus/
Very informative. Thanks for explaining. I was wondering why a bank would deny although there’s nothing negative on Checks except applying for multiple new accounts raises flags.
I've often found that applying in branch helps. I was recently decided at a local bank online and went in to talk to a banker. Didn't have any issues. Granted I play the game harder than most when it comes to bonus hunting lol
I just apply Capital 1 and Alley they denied me for apply Checking Account. You cant denied a person for checking account, what if that person have SS benefit? This is un human! Nobody is perfect and the bank try to choose the best of the best to do business with, well, good luck! This is 2022, most people are struggle financially!!! Ok.. I wish you all maintain a good perfect life.
Try in branch if you can. The real crime is that nobody ever discloses that this check systems is a thing.... I've been doing this game a long time and this is how I found out about it.
My ChexSystems Consumer Score is 0601 as of 03/02/23 so I got you beat by a little 🤣
Hello. I need your help.
I am worried that I might be rejected by my new bank application. Because I was a victim of fraud, I deposited a check and withdrawn the money and give the rest to the person who gave it to me for some reason that he paid me much. Turned out after withdrawing the money the check became insufficient fund and Had my negative balance in my account.
I was not able to contact my bank right away and they closed my bank. But, I already paid the negative balance after they close my bank.
Does it affect my credit score even Though I paid the balance? Can I open a new account from other bank?
Thanks
No effect on credit score as it was a deposit account, which isn't a credit product. It's possible the bank reported it to Chex, not every bank does so hard to know for sure. Request a copy of your Chex report to see what shows up. Also, I'd apply in branch for a bank account. Bankers are often incentivized to open accounts. So if there is an issue they'll often be motivated to get a resolution that ends with an open and funded account.
I’m in the jam rn boss I tried to go in 6 different banks and They said they can’t help me
What'd you do? Something like a fintech bank may work easier. I don't love them for a permanent banking home but you could try Chime or Upgrade
www.profitablecontent.com/upgrade-50-checking-bonus/
www.profitablecontent.com/chime-100-checking-bonus/
@@RJFinancialI’m blacklisted and I have over draft fees from td and my account with OA closed I tried opening a new account last week with 6 different banks and they said they can’t open an account but they’ll send a letter saying why any I’m not sure what I can do to fix it? any thoughts on what i can do to get out the jam? It would really help Citi Bank said they’ll send a letter and they’ll have someone call to confirm information with me in 5 to 10 days and if I can confirm information I can come back but idk if thass true
@@RJFinancialthere was basically a situation where my account was tampered with and someone was in my account using for fraudulent activity was used on my account someone got my information and the next day I tried opening one of my accounts I was blocked out
@@RJFinancial I have chime is there any way I can do second chance banking with other banks ?
I tried opening a DCU savings account thrice after getting denied back to back in 2 days for some reasons ( need to investigate in chexreports)
But Will this repeated attempts affect my history or have any impacts in future 😢
It'll be the same process. Another inquiry on your chex report. If you do it within days then they probably deny based on the previous days inquiry.
@@RJFinancial you mean like since it got rejected the previous day they again reject it as it was denied yesterday
Ok no worries , now my question is am not worried for getting denied but will this have any serious impacts in future as my application got rejected thrice ?
@@Richardrocks007 That would be my guess. You can check your chex report and see. Only thing it does is add another inquiry. It could lead to more denials. I don't let it slow me down, others are more contentious of their score. Kinda up to you.
@@RJFinancial adding it up us an another enquiry in record is fine , unless it’s not marked as any black mark am good
Because shortly in 3 months am looking for a auto loan which must not cause any issues to it
@@RJFinancial guess these enquiries , reports and denials doesn’t affect any credit history/ score when opting for some loan
Can you open another bank account if it was closed due to a Chex Score?
With the same bank who closed it? If it's due to negative marks like writing bad checks then doubtful. If it's due to similar reason I have where I open too many accounts then you can usually go in branch and get it opened that way
So if I have a capital one 360 checking and money market account that I don't use anymore, would it be best if I closed them or left them open? I have had them for over 3 years with only about $5 in each.
Closing it would be fine. This really only becomes an issue when your playing the churning game aggressively
I requested my chexsystem report and it was clean , yet I still get declined at banks and reason being “chexsystem”
How many inquires do you have? I don't have any negative marks but I open/close so many accounts that I still get denied on occasion.
@@RJFinancial when I received the report it showed about maybe 8 ? But recently I found this when I went to open a GTE Bank account. However these were not from bank accounts, and before this one it was years ago when I tried for a bank account opening.
For example I owe chase money can I open up at Bank of America?
Probably. It’ll depend on if chase has reported you to ChexSystems and if BofA uses it to verify risk. You could probably get in with a fin tech bank
@@RJFinancial how long before they report you bro?
@@RJFinancial so I could still open up huh
@@jt6761 potentially yes. Not all banks report or check chex.
@@jt6761 Not sure. You can check your chex report online at ChexSystems.com
I'd guess if they shut you down then they'd have reported it
How do you get the Chex score?
You can get a copy from Chex, link below. I think they have a version you can view online and a mailer as well.
www.chexsystems.com/web/chexsystems/consumerdebit/page/home/!ut/p/z1/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziDRxdHA1Ngg183AP83QwcXX39LIJDfYwM3M30wwkpiAJJ4wCOBkD9URAlMBP8PUKMgCa4-rgbG3kbugeaoCtAs8LAHKYAtyUFuREGmZ6OigAWLRKn/dz/d5/L2dBISEvZ0FBIS9nQSEh/
🔥🔥🔥💎💎💎 tysm 💕
It’s my first time and they are not allowing me
Not allowing you to get your report or open an account?
In your position RJ, how did this make you feel 2 experience this 🤔
I was surprised and then annoyed. Didn't know this was a thing to start. The annoyance comes in with how the bank lets you know. Sometimes they deny upfront, ok fine. Other times they open the account then mysteriously lock you out a day or two later. You get no warning or update. Simply a letter in the mail a week later. I get that's all their required to do is mail out a letter that says nothing but if you've setup a direct deposit and it goes before you're notified then it can be a lengthy process to get it sorted out....
@@RJFinancial So much more 2 learn. Deeper than credit 💯
Chex this video out. Learn from RJ's system.
This one was painful. Nobody every mentions there's a system for bank denials... I've been going in branch more and that gets around it
That's alot Lol 😆😆😆
It hasn't gotten any better lol. In fact I've started a channel dedicated to this if you'd like to play. RUclips.com/runonthebank
Chase denied me 😂
That's interesting, usually the bigger banks don't care. The small guys are the most sensitive in my experience or credit unions... the worst
@@RJFinancial sofi accepted me I did just join sofi a few weeks ago I have Wells Fargo but wanted to get into chase to apply for their credit cards
@@Gospeed777 Chex is separate from a credit report so shouldn't impact your card chances... well I'm not sure if they'll flag you off of SSN and look into it on second thought. Still could be worth a try. Especially personal cards, normally would be fine without having an account with them
@@RJFinancial I'm doing some credit repair RN I sent some letters to the credit bureaus to erase some old info. I just thought it would be easier to get the flex card with having an account with them
@@Gospeed777 You are correct. When you open an account in person especially, the banker is prompted by the system to offer you a card. Doesn't always avoid a credit check but they can help you as most bankers get paid off of opening accounts and that would be two open accounts right there.
Two things
1. I'm not sure if you applied for the account in person. If you didn't, you could still try it and see. Bankers can sometimes have ways to get around certain issues.
2. If you're looking for good cards while doing credit repair then check out US Bank. They have secured versions of the Altitude Go and Cash + cards. Come with all the same multipliers we love on the regular versions.
Sell out
It's not selling out, it's buying in