0
Can the Chex System close your existing checking and savings accounts from another institution?
Wiki User
∙ 17y ago
Chex System is only a reporting agency. They do not have the ability to close an account. If an account is closed it is up to the discretion of the financial institution who issued the account to you.
Wiki User
∙ 17y ago
No, the Chex System does not have the authority to close your existing checking and savings accounts from another institution. The Chex System is a consumer reporting agency that collects and reports information on individuals' banking activities, but it does not have the power to make decisions regarding account closures.
Add your answer:
Earn +20 pts
Does Emigrant Direct offer checking accounts?
Emigrant Direct claims to offer a high interest savings account, that they can directly link with your checking account at another bank. They don't personally offer checking accounts themselves.
A share draft account is another name for a checking account in what type of financial institution?
credit union
Will closing your checking and saving accounts to open checking and savings accounts with another bank affect your credit rating?
No credit reports only report debt not assets. Checking and saving account information does not appear on credit reports so will not affect your credit score.
Can the Chex System close your other checking and savings account from another institution?
No, it is a reporting agency and does not have the legal power to make changes of any sort to bank accounts. Banks and other financial instituitions however, use CS to determine the risk factor of clients or potential clients.
What can you do with suntrust banking online?
You can do direct deposits online. You can also pay your bills and close your former accounts with another bank. You can view your accounts such as checking or savings and you can also apply for loans online.
Where can one find more information about Wachovia home loans?
The best place to get more information about Wachovia checking accounts is the official Wachovia website. Another good option when comparing checking accounts is to go to Wells Fargo as they can compare features of checking accounts.
What are the Advantages of Online Checking Accounts?
Banking has evolved over the years. In the past decade, online banking has been a huge selling point when opening up a new bank account. Now, entire accounts are offered online from the beginning. Online checking accounts have several advantages over branch checking accounts. Here is a look at what you can expect with online checking accounts. Companies like ING and Fidelity offer free online checking accounts. To open an account, you do not need a minimum deposit nor do you need to maintain a minimum balance. They will send you a checkbook and an ATM card just like a regular bank would. You can set up your pay to be directly deposited and you have access to their bill paying feature. If you ever need to make a deposit, you can mail it in securely. Basically, you never have to visit a branch at all. That provides some convenience for people. Most regular banks do not offer interest with their free checking accounts. That is not the case with online checking accounts. They offer up to 2% interest, which means you can make money just by having your money sit there. They also don't charge any ATM fees. In fact, Fidelity will refund you another banks surcharge. That is a perk most normal banks do not offer. In addition to the interest and ATM benefits, online checking accounts make transferring money easy. If you have ING or Fidelity, you can easily transfer money between your checking account and other accounts under the same name, including your brokerage account or retirement account. You can also move money between your online checking account and accounts with other banks, including savings accounts. In that regard, online checking accounts are almost like a money management program. You can track your accounts and move money as needed. Online checking accounts aren't perfect. Many people like the personal touch that some banks offer. Some online checking accounts may have local branches you can visit while others don't have that option. Still, all online checking accounts have customer service numbers available 24 hours a day. That should provide some peace of mind. Despite the lack of personal contact with a bank teller, the financial benefits of online checking are very enticing to people. Opening one of these accounts is fast and easy. Your money is safe and insured just as it is in a regular bank as well.
Guide To Virtual Checking Accounts?
Checking accounts are an essential part of life. Many bills require a checking account to process payment. Credit applications often require checking account information as a way of verifying identity and making sure you are financially stable. However, a rising alternative to a traditional checking account is a virtual checking account. There are several advantages and disadvantages to opening a virtual checking account. One advantage is the most virtual checking accounts allow you to accrue interest. For example, online checking accounts through Fidelity and ING give you interest rates akin to those in most traditional savings accounts. In most cases you don't need a minimum opening deposit or a minimum balance. They are free to use as well. Virtual checking accounts provide you with a checkbook and a debit card. You can also pay your bills online. You basically get everything you would with a regular checking account but with the added benefit of interest accrual. In addition to interest, virtual checking accounts eliminate the need to visit a bank. You can transfer money between your online checking account and other bank accounts. You can also easily link to money market accounts and investment accounts. For example, you can transfer money from your ING checking account to an ING investment account in an interest. If you have a check you wish to deposit, you can mail it. Most online checking accounts provide you with information for setting up direct deposit as well. Lastly, a benefit for some might be that many online checking accounts do not use Chexsystems. Even a minor banking error can land you on the Chexsystems list and prevent you from opening a traditional bank account. For many on that list, a virtual checking account is their last resort. While there are many obvious advantages, virtual checking accounts also have a few disadvantages. For one, many people don't want to mail checks in the mail. Understandably, they don't want to risk losing it and often times prefer visiting a regular bank. Another drawback is that not all virtual checking accounts have tie-ins with ATM networks. That means you could wind up paying a fee every time you withdraw money. It is important to be aware of your online bank's ATM policy so that you can make sure you aren't throwing money away on surcharges. Deciding on a virtual checking account is a decision that requires some research. It is important to know what you are getting with the account. Make sure you understand all of the fees and make sure the bank provides FDIC insurance. It might be a good idea to maintain both checking accounts. That way you can enjoy the benefits of virtual checking while still having the option of visiting a bank to deposit a paper check. With money transfer so easy now, this is a good option for everyone.
What can you do if your bank closed and you have an account with them?
Generally if a bank closes, another bank will buy the deposit accounts and take them over. Your checking account would be transferred to the new bank
Where can I find online bank checking accounts that are great for international customers?
It is not clear what transactions you plan to engage in with "international customers." A checking account allows you to use a check to transfer funds from your account to another individual or business. In the US, all checking accounts are used to transact business in US dollars. If you were to deposit another instrument into your account in another currency, it would a) be rejected or b) be processed for a fee. International customers who want to transact business with someone in the US can go through a payer like PayPal, pay in, say, euros and have the funds available to the recipient in US dollars.
What services would one find at Commerce Banking?
Some services that you can receive at Commerce Bank include checking and savings accounts. Another service that you can receive is a credit card account.
Where can one find reliable checking account interest rates?
Credit unions, such as Lockheed Georgia Employee Community credit union, offer high rate checking accounts. These accounts offer high interests rates as long as you follow a few prerequisites, such as using online bill pay and a debit card regularly.
