Bank of America ChexSystems Review Process

Being denied an account can happen to anyone and is more common than you think. If you have been refused a checking account, it may be due to a credit reporting check completed by your bank, from a consumer reporting agency like ChexSystems. When you make financial mistakes with your account, it could be reported to ChexSystems and remain on there for five years. Having a credit score with ChexSystems can develop a few different ways. Here are just a couple of examples:

  • Writing a check that bounces on your account when cashed or even trying to deposit or cash bad checks
  • Owing overdraft or other fees on a current or past account
  • Conducting transactions on your account that appear suspicious to the bank

While being in ChexSystems can limit your ability to be eligible for any bank account you want to enroll in, there are still checking account options with banks and credit unions who will give you a second chance checking account. One of them is Bank of America, and they complete a more thorough review of your ChexSystems record when you apply for an account, let’s review their process.

Does Bank of America Use ChexSystems?

In a short answer, yes, Bank of America does use ChexSystems. Just like many other banks, Bank of America uses ChexSystems when someone applies for a bank account; they have set rules and guidelines that need to be met to allow the person to bank with them. Their reason stems from the fact that banks are looking to reduce liability and risk by not allowing people with poor banking problems and habits to manage an account of theirs.

Bank of America offers a few different checking accounts; the Advantage SafeBalance account, Advantage Plus account, and Advantage Relationship account. All of these accounts require a ChexSystems credit report check, but your record may be looked at differently as eligibility requirements may be different for each account. For example, the Advantage SafeBalance is considered a second chance account because it helps you stay within your balance to avoid overdrafts, overspending, and doesn’t allow check writing.

With the Bank of America, ChexSystems Policy You May Get a Second Chance

There are many reports from people through online forums who claim that they have been able to enroll in an account with Bank of America even with a ChexSystems record. Bank of America has a different point of view when it comes to reviewing your ChexSystems report. Rather than an automatic denial, if you show up in ChexSystems, they will review your record to determine if there is anything on the report that would make you ineligible. Here are some examples of items on your record that they may not deny you for:

  • Debts owed to banks that are paid in full but still show on your record because they may be there for up to five years
  • There are no real recent items reported to ChexSystems over a year old
  • There are items listed on your report that are not fraud-related

Before applying for a bank account with them, go to the ChexSystems web site and request a copy of your Consumer Disclosure Report. Applying for a disclosure report is free every 12 months. You will want to look at the information listed on your record to review for anything that may be wrong or for any unpaid debt. Incorrect information contained in your report, fraud, and outstanding debts will make your chances of opening an account a lot harder. Once your report is cleaned up, then applying for an account with Bank of America should go a lot smoother.

If Bank of America is on Your Report, You Can Contact the Bank or ChexSystems By Their Phone Number Regarding Bank of America ChexSystems

If your dilemma isn’t due to the fact that you want to apply for an account with Bank of America, but instead that they have reported to ChexSystems some information you don’t believe is accurate, then you may need to contact them. After reviewing your Consumer Disclosure Report to determine that there is inaccurate information listed, you can start by submitting a dispute with ChexSystems on their web site. You can do this online, by mail, or fax but you can also call them at 1 (800) 428-9623 to learn more about what steps you need to take to successfully dispute your claim.

Another option is to contact one of the Bank of America financial institutions directly. Sometimes this can be a faster way to getting answers regarding why they are listed on your record and how to remedy the situation.

How to Approach Bank of America ChexSystems Removal

If you have determined that Bank of America has reported inaccurate information to Chex System and now have started the dispute process, then this is the first step to the removal of bank information from your record. The investigation process can take up to 30 days to complete. During this time, ChexSystem is reviewing your documentation, contacting the bank, and putting together a summary. Again, you can also contact the bank directly to have the information removed from your record.

After 30 days, you should receive an answer to the investigation, either in your favor or not. If the results of the research are not in your favor, there are additional steps you can take. Start by sending certified letters to ChexSystems by assertively asking that they provide you more proof to their reasoning and, if needed, start the process of taking them to small claims court. You will want to take these next steps, especially if you receive a lack of response regarding your claims and disputes.

Look for Other Banking Options

Bank of America is just one of many who are willing to give those of us who have made financial mistakes another chance at being successful at banking. Check with your local banks or credit unions to see if they offer fresh start or second chance checking accounts or even check out some online banks that don’t use ChexSystems or look at your credit history like BBVA or Chime. You can see the full post here.

We know that trying to manage your money and conduct routine financial transactions is a struggle without a bank account. Using pre-paid debit cards to make purchases where cash is not accepted can be expensive, buying money orders to pay your bills is inconvenient, and taking your check out to the grocery to cash is a hassle. Don’t give up thinking you don’t have options, start by cleaning up the ChexSystems record that banks check and start looking for an account that will help you manage your money as you go through life every day! Check out our recent post on banks for bad credit here.