I want to start answering more reader questions, it’s something that we used to do a lot of but haven’t done as much of recently. If you have a question that you can find the answer to (and please search on this site and google first) then please ask in the comments below. If the question/answer is quite simple or we’ve already answered it before, we’ll simply reply in the comments. If it’s slightly more complex, or something that lots of people want the answer to then we’ll do a dedicated post answering it.
I also encourage other readers to answer questions they know the answer to, this gives us more time to focus and research the answers that are a bit more challenging. If you have a question that you want to be slightly more discreet about, you can also contact us instead and we’ll answer by e-mail.
So, get asking questions below!
How will closing accounts affect my chex?
I have been denied multiple checking accounts with the reason stating my ID is not ok. I’ve checked all three credit bureaus and EWS and ChexSystems and could not find any issues with my ID. In one case (WellsFargo), they denied checking a/c even though I have a valid savings account and credit card with them. They all say “come to branch”. But I am out of state (for extended time) and cannot go in to branch. I am trying to open accounts in order to not miss these bonuses they are offering.
I have at least 4 major (top 10 bank) accounts and credit cards for long (>10yrs). So there is no issue with ID. It seems (to me) these banks that are claiming ID issue are verifying some data point with some private sources i.e. other than standard credit bureaus, Chex or EWS (I know social media companies do this sort of thing). Obviously this data point is incorrect but I cannot file a dispute or ID theft anywhere since I don’t know what/where it is coming from.
Is it lawful for these banks to be checking what seems to be undisclosed sources? I tried to see if CFPB, etc. can help but there is no such category for these problems. In any case, how to go about fixing this (besides going into branch or giving up on opening new a/cs). Plz advise. Thanks.
Is there a certain amount of checking accounts that you recommend we sign up for and not exceed, per say, a week, or a month, so as to keep our records in good standing and minimize our chances of getting declined by banks when we do sign up with them?
Since DoC suggests that we sign up for no more than 10 accounts per year, what would be an optimal way of spacing them out so as to maximize the frequency of our eligibility for these bonuses? For example, sign up for all 10 accounts within the first couple of months? OR perhaps 2 per month? (And of course, this is taking into account the early closing fees, bonus requirements, etc).
Fairly new to the world of bank bonuses. Any suggestions and/or sharing of your experiences would be much appreciated.
Working on the $900 Chase Checking/Savings Bonus. https://www.doctorofcredit.com/targeted-chase-900-checking-savings-bonus/
2/9 direct deposit $2600 posted to checking
2/13 $300 checking bonus deposited
For the $15,000 in “new money” that needs to be deposited to the savings account, does anyone know if the $2600 direct deposit from 2/9 counts as new money if transferred from the checking to savings account?
For bank account churning, I hear that it’s recommended to leave the account open for 6 months to avoid fees if any. Will leaving my account open for more than a year instead of ex. 6 months help my ChexSystems score?
How do I sign up for the rss feed. Is there a page that gives instructions? I have an iphone.
Using Feedly, I believe I just input ‘doctorofcredit.com’ and it came up to add to my Feedly
Thank you, great instructions.
I was thinking to check my ChexSystem record, and it seems their website had two reports that can be requested every 12 months, consumer disclosure report and consumer score report, which one is the right one to request and look at? Also, is there any way to check ChexSystem score more often than once every 12 months?
How long would you recommend keeping a checking or savings account open after receiving the bonus? Would closing too soon affect ChexSystems or EWS? And how about credit cards, does closing a credit card affect credit score? I accumulated a few accounts and cards and it begins to feel hard to keep track of them, I am thinking to close some but do not want to risk hurting my ChexSystems score and credit score…
can you explain why you should wait until the end of the time period to FUND the actual account? for example citi bonus gives you 20 days to fund it. why would you not want to fund it immediately?
thank you!
My question is about bank bonus promotions, and how to space out when you open them? I am finding it hard to find a better earning rate than what these promotions offer, however after opening four in about a week I am now getting turned down with application for any account saving or checking. I assume it is to many at a time, do you have any tips on how many can be opened and at what time rate? I hate being told no!! Thank you for all your tips.
Brandy Robnett
The only suggestion I can offer is when you see you are getting denied, then you will have to apply to the banks that are not Chex sensitive, otherwise you will be denied.