Banking/Chex System

For some reason, I cannot now find the recent thread on the possible personal pitfalls of mystery shopping with banking and financial clients.

I recently saw a shop with this language, which I believe is a step in the right direction:

"For this shop,..........The account must be open for X days; after which we will have the account closed for you (or you can choose to keep it open). This does not affect your credit."

I think it's great that the MSC is stepping up to close the account for you if you want it closed, but the additional needed step would be to make sure the client does not enter your data in the Chex System.

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I'm going to assume (which isn't usually a good idea, but....) that the MSC and the client have already worked out the logistics so that this wouldn't be counted as an involuntary closure by the bank.

I learn something new every day, but not everyday!
I've learned to never trust spell-check or my phone's auto-fill feature.

The only reason your account would be entered into Chex Systems is if you overdrew the account and didn't pay the bank back the money.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

@HonnyBrown wrote:

The only reason your account would be entered into Chex Systems is if you overdrew the account and didn't pay the bank back the money.

You can be entered into Chex for other reasons, including the bank closing your account on an involuntary basis "for cause," which is probably most often for writing bad checks. But there are other reasons. It's not just for writing bad checks.

I learn something new every day, but not everyday!
I've learned to never trust spell-check or my phone's auto-fill feature.

I said if the account was overdrawn and you didn't pay the money back. I said nothing about checks. The "for cause" reasons are due to suspected or actual criminal activity. That wouldn't apply to anyone here.

Right?

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

"Obviously the more new deposit account openings you have, the more likely you are to be denied due to too many new accounts" and -
"In general you won’t run into any issues with 6-8 bank inquiries in a year and shouldn’t have any issues until you have 12+ inquiries in a single year. But some banks are more inquiry sensitive than others, just like credit card issuers. " - so it depends if you are an active bank shopper - or not.

see:

[www.doctorofcredit.com]

Edited 2 time(s). Last edit at 07/30/2018 08:03PM by BarefootBliss.

@HonnyBrown wrote:

I said if the account was overdrawn and you didn't pay the money back. I said nothing about checks. The "for cause" reasons are due to suspected or actual criminal activity. That wouldn't apply to anyone here.

Right?

Sorry, Honey. I had assumed (bad idea, I know) you were referring to bad checks, since that's how most people overdraw their accounts. But, yes, there are other ways to overdraw an account. Still, overdrawing an account and not paying it back isn't the only reason people can be in the Chex system. I used to work for a bank, and learned that, much to my surprise.

This article has a list of reasons a person might be in Chex: [wallethub.com]

I learn something new every day, but not everyday!
I've learned to never trust spell-check or my phone's auto-fill feature.

Edited 1 time(s). Last edit at 07/31/2018 01:38PM by BirdyC.

And, no, I doubt anyone here has to worry about that! At least I hope not....

I learn something new every day, but not everyday!
I've learned to never trust spell-check or my phone's auto-fill feature.

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