You have open an account with a bank its been a week now they want you to close your account because they found a problem with Chex Systems what can you do?

Answer 1

Some banks have online applications that will approve immediately. Then the bank will wait until the signature card is sent in to actually look at the Chexsystems report. At that point, they will send back the initial deposit and close the account.

Then there are other banks that do "sweeps" on accounts. This is where a bank, generally the loss prevention department will do a random check on accounts with chexsystems. If they find that the customer has a chexsystems record, they then will determine that they person may be a risk and they will freeze account, and later close it.

For these reasons I always suggest that if you have been reported to chexsystems that you try to find a bank that does not use ChexSystems if at all if possible. Now an exception to this rule is if a bank opens an account and is aware of the chexsystems report. Most times you will be fine with these circumstances. Unfortunately, there have been situations that were reported to me where for example a manager of a branch decides to open an account and over ride the chexsystems report for the customer. Then later the loss prevention department determines that the manager was not correct to open it and once loss prevention decides it is a potential risk, they will freeze the account and then close it.

These situations can create a very bad situation for some customers especially is they have all of their money in this one account when it is frozen and closed. If a bank does decide to freeze an account, they will not allow a customer access to their money for a period of time that is normally 30 days or more. I can not begin to tell you the Horror stories that I have heard over the years when this happens. Because of this, I suggest that you always have a back up account if you are going to bank with a bank that uses chexsystems.