Chex System Inc/Will another Bank close an account in good standing.?

Question

My husband and I have had a joint account at BOA for almost 18 years.Due to my stupid money mistakes.BOA is closing the account. There are no outstanding charges and an available balance of 1,100.00. I deposited 2 credit line checks that I did not have an available"cash advance" line.In other words I had the credit but not the cash.BOA is keeping the account open for 10 days,so I can assume that they are not viewing this as "fraud." My husband has had a seperate account at another bank for at least 5-6 years.Never overdrawn and he keeps quite a bit of money with them. If BOA reports to CHEX what are the chances of his current bank getting wind of the report and closing his account.We also have another account at WAMU(JOINT) that was just opened a couple of weeks ago.What are the chances of these accounts being closed? Keep in mind,there is no money owed to BOA. Should I close the account myself before they have a chance to do so? Sorry so long,but Ineed good advice on this one.

Answer 1

Hi!
The chex system record will not affect the other account at all..it will be fine. The only thing a chex system record does is prevent you from opening a new account.

I'm speaking from experience..I was lucky enough to already have a netbank account when things went horribly out of control with my other two accounts elsewhere.

I was able to keep the Netbank account while waiting for the five year clock to run..and it did. I don't think I'll ever enjoy writing checks again, though.

>>I should have shared my setup at Netbank, which is the most elaborate to prevent problems:

account 1>no paper checks-checkcard only
account 2>paper checks-no checkcard
account 3>no chcecks..no checkcard

All deposits are made to account #3. The money is then moved to 1 and 2 as needed..from any computer or phone.

Each account is completely separate..no connections.
Therefore..if there is a problem with one..it will not affect the others at all.

Answer 2

If you do not owe them money, close the account now. They cannot report this to Chex Sytems if you do not owe them.

This will not affect your other accounts that you have now, even if it is reported. You won't be able to open new ones.