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Thread: Checking account

  1. #1
    God/dess LuckiCharm's Avatar
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    Default Checking account

    How good does your credit have to be to open a new checking account?

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    Default Re: Checking account

    You don't have to have good credit to open a checking account.

    If your name is in Chex systems because you have poor standing or debt with another bank, then you'll have a problem.

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    Default Re: Checking account

    ^^ Yeup
    I had a roommate who's credit was so fucked up because his dad pretended to be him and gave him a bunch of bad credit. He couldn't get a checking account because he was in that system.

    I opened a checking account when I was 16...didnt need credit at all.
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    God/dess FrustratedBunny's Avatar
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    Default Re: Checking account

    I've filed Chapter 7 and I don't have a problem opening a checking or savings account.

  5. #5
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    Default Re: Checking account

    I didn't even know you need credit to open a checking account...

  6. #6
    God/dess LuckiCharm's Avatar
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    Default Re: Checking account

    Well the reason I ask is because I owe money to a bank, but it hasn't been long enough to go on my credit yet. I'll have it paid off before it goes on my credit.

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    God/dess LuckiCharm's Avatar
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    Default Re: Checking account

    Ok I just got back from Washington Mutual and guess what....I AM in Chexsystems. But, they hold a seminar/class thing, and if I take the class, they'll let me open an account. Yay! Hell, maybe I need to take the class. I'm terrible at money management.

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    Default Re: Checking account

    Take the class! Do whatever you have to do. I don't think any adult should be without a checking account.

    Good luck!

  9. #9
    God/dess LuckiCharm's Avatar
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    Default Re: Checking account

    Quote Originally Posted by DylanAngel View Post
    Take the class! Do whatever you have to do. I don't think any adult should be without a checking account.

    Good luck!
    Exactly. Well, the class is only a day I think. So I should have my account open by next Monday. Then I gotta pay off all these damn credit cards.

  10. #10
    Featured Member scorpio's Avatar
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    Default Re: Checking account

    most of the big banks automatically pull credit along with chexsystems. take the class and tell us what it was like.

  11. #11
    PhillyDancer1982
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    Default Re: Checking account

    Quote Originally Posted by DylanAngel View Post
    You don't have to have good credit to open a checking account.

    If your name is in Chex systems because you have poor standing or debt with another bank, then you'll have a problem.
    Chexsystems is like the credit report for checking/savings accounts. If you overdrew your account either by a large amount or too many times, then they will cancel your account and send a bad note about you to Chexsystems. It used to be that the "bad mark" stayed on your Chexsystems report for 5 years, but now I'm hearing rumors that they changed it to 7(not sure though).

    If you ARE in Chexsystems for an overdrawn account that was never paid back to the bank, the best way to deal with it is to pay the full amount owed TO THE BANK. I helped out a friend who was in Chexsystems before, and what I was told(by Citizens Bank) is that paying a "settled amount"(less than full amount) or paying to the collections agency will NOT satisfy the account. The only way to satisfy it is to pay it in full to the original lender(aka bank). This will only change the Chexsystems bad mark to a "paid as agreed" status, but having a "paid as agreed" status will allow you to get an account with a local credit union or some banks(such as Third Federal or Citizens).

    I believe that some banks DO pull your credit, but that is to determine how much money you are limited to withdrawing from the ATM per business day. If you have bad credit, then you will be more limited with withdrawing your funds.

    If you are worried that you will get turned down, I'd recommend a credit union over a bank. Also, if you are worried about hard inquiries showing up for applying for a bank account, then AVOID CITIZENS BANK LIKE THE PLAGUE. They pull credit for the smallest things, and they totally screwed me with inquiries last summer.

    I gave more info than needed, just wanted to be thorough. Good luck!

  12. #12
    PhillyDancer1982
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    Default Re: Checking account

    Quote Originally Posted by LuckiCharm View Post
    Ok I just got back from Washington Mutual and guess what....I AM in Chexsystems. But, they hold a seminar/class thing, and if I take the class, they'll let me open an account. Yay! Hell, maybe I need to take the class. I'm terrible at money management.
    Wow I was not aware that they had a class like that. Yes I agree that it is good to attend the class. Not only will you be able to open an account, but you might learn some invaluable info that the average consumer doesn't know(but should)!

    They should make these kinds of classes mandatory for high school students, since a lot of students go out into the real world without much knowledge about the good/bad ways to budget or establish credit.

  13. #13
    Kaylinn
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    Default Re: Checking account

    Money management for high school?
    Actually teaching kids how to survive in the real world? Ha...That'll never happen.
    wishful thinking.

  14. #14
    Featured Member Vamp's Avatar
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    Default Re: Checking account

    Quote Originally Posted by PhillyDancer1982 View Post
    Chexsystems is like the credit report for checking/savings accounts. If you overdrew your account either by a large amount or too many times, then they will cancel your account and send a bad note about you to Chexsystems. It used to be that the "bad mark" stayed on your Chexsystems report for 5 years, but now I'm hearing rumors that they changed it to 7(not sure though).

    If you ARE in Chexsystems for an overdrawn account that was never paid back to the bank, the best way to deal with it is to pay the full amount owed TO THE BANK. I helped out a friend who was in Chexsystems before, and what I was told(by Citizens Bank) is that paying a "settled amount"(less than full amount) or paying to the collections agency will NOT satisfy the account. The only way to satisfy it is to pay it in full to the original lender(aka bank). This will only change the Chexsystems bad mark to a "paid as agreed" status, but having a "paid as agreed" status will allow you to get an account with a local credit union or some banks(such as Third Federal or Citizens).

    I believe that some banks DO pull your credit, but that is to determine how much money you are limited to withdrawing from the ATM per business day. If you have bad credit, then you will be more limited with withdrawing your funds.

    If you are worried that you will get turned down, I'd recommend a credit union over a bank. Also, if you are worried about hard inquiries showing up for applying for a bank account, then AVOID CITIZENS BANK LIKE THE PLAGUE. They pull credit for the smallest things, and they totally screwed me with inquiries last summer.

    I gave more info than needed, just wanted to be thorough. Good luck!

    ChexSystems is a check verification service and consumer credit reporting agency like Experian, Equifax and TransUnion. While most credit reporting agencies broker data about how a consumer handles credit relationships, ChexSystems provides data related to how a consumer has handled deposit accounts at banking institutions. "ChexSystems" is a registered service mark of eFunds Corporation headquartered in Delaware[1] and was previously registered to "Chex Systems, Inc"[2].

    http://en.wikipedia.org/wiki/ChexSystems
    Banks use Chexsystems to make sure there isn't outstanding bad accounts or outstanding bad checks in your name.

    Any time you open an account of any kind your credit report is pulled. Any time your credit report is pulled at your request it is considered a hard hit.

    Each financial institution has differant policies on who they will open an account for. Financial institutions can turn you down for any account based on your credit. ATM daily limits are set by a variety of factors but the most important is the age of the account.
    Nature knows no indecencies; man invents them. ~ Mark Twain


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    Default Re: Checking account

    Money management for high school?
    Actually teaching kids how to survive in the real world? Ha...That'll never happen.
    wishful thinking.
    I hear you completely ! But the reason for this is fairly obvious ... financially 'literate' voters would be very dangerous for most politicians !

  16. #16
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    Default Re: Checking account

    Quote Originally Posted by Kaylinn View Post
    Money management for high school?
    Actually teaching kids how to survive in the real world? Ha...That'll never happen.
    wishful thinking.
    Well I think it's hard to teach money management unless you have it and are paying bills etc.

  17. #17
    Kaylinn
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    Default Re: Checking account

    Sorry for the threadjacking...

    Most high school kids do have money and bills. If they aren't working an after school job, then they are getting an allowance or something. Most kids have some cash at their disposal.

    And bills. Most highschoolers have Cell phones, a car, car insurance.....
    But their parents pay all that while the kids blow their allowance on clothes or junk.

    All kids should take a class in school explaining credit, debt, and budgeting.

    But then again..they should also take a class explaiing STDs and pregnancy and hwo to protect themselves. But instead, they get a generic class skimming over the details with a lecture at the end saying - sex is bad. don't do it.

    I could go on. They shoudl give a class explainng why drugs are bad. What harm the cause to the body. But instead, all they get is drugs are bad - don't use them.
    They think if they educate on sex and drugs, then kids will want to do it. But it's the opposite. The unknown is cool and mysterous.

    Instead, in high school, we learned how to diagram a sentance. Now where did that come into play in the real world? How has that helped me survive life??

    Again.....sorry for the complete off topic thread jack. Won't do it again.

  18. #18
    PhillyDancer1982
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    Default Re: Checking account

    Quote Originally Posted by Kaylinn View Post
    Sorry for the threadjacking...

    Most high school kids do have money and bills. If they aren't working an after school job, then they are getting an allowance or something. Most kids have some cash at their disposal.

    And bills. Most highschoolers have Cell phones, a car, car insurance.....
    But their parents pay all that while the kids blow their allowance on clothes or junk.

    All kids should take a class in school explaining credit, debt, and budgeting.

    But then again..they should also take a class explaiing STDs and pregnancy and hwo to protect themselves. But instead, they get a generic class skimming over the details with a lecture at the end saying - sex is bad. don't do it.

    I could go on. They shoudl give a class explainng why drugs are bad. What harm the cause to the body. But instead, all they get is drugs are bad - don't use them.
    They think if they educate on sex and drugs, then kids will want to do it. But it's the opposite. The unknown is cool and mysterous.

    Instead, in high school, we learned how to diagram a sentance. Now where did that come into play in the real world? How has that helped me survive life??

    Again.....sorry for the complete off topic thread jack. Won't do it again.
    I guess I was very lucky...because my 9th grade's health class covered things like STDs and contraception. Then again, my high school has always rated high on those statewide school district rating systems they have(but my high school was still far from perfect, nonetheless).

    Also -- it is true that most high school kids do not have bills(at least bills that their parents don't pay for them) until after high school. However, my 9th grade health class educated us about sex, and 9th grade was before me or most of my classmates started having sex. Yet I still retained that information for when I experienced the "practical" side of sex education a few years later LOL. So following that logic, what does it matter if it is a few years before they start having bills of their own?

  19. #19
    Veteran Member jannisary's Avatar
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    Default Re: Checking account

    Maybe my high school was way behind the times, or perhaps ahead of them, because the "consumer education" class was required to graduate. Checking accounts, banks, budgets, loans, and lots of other stuff that bored me back then but quickly became needed information.

  20. #20
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    Default Re: Checking account

    Quote Originally Posted by jannisary View Post
    Maybe my high school was way behind the times, or perhaps ahead of them, because the "consumer education" class was required to graduate. Checking accounts, banks, budgets, loans, and lots of other stuff that bored me back then but quickly became needed information.
    I graduated HS in early 90's and there was nothing. Yeah, kids REALLY need a required course in money management. Their parents obviously can't teach them, looking @ the debt situation for most adults. The world has changed to one of "credit now" and gratification...NOW!" Educational sytem must adapt!

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  21. #21
    Kaylinn
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    Default Re: Checking account

    ^^ Yep. I knew nothing, moved out when I turned 18, had no credit, good creidt, and ruined it all the same year. 9 year later, I know a ton more, but to bad you cant go back in time and fix yoru mistakes. Took a few months to ruin my credit, 9 years later, IM still suffering from it.

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