Comments For: 3.01% Reward Checking Account at Addison Avenue FCU - Easy Membership
Banking Guy - #2, Saturday, July 12, 2008 - 4:14 PM CT
I've heard some banks and credit unions which have denied applications due to too many ChexSystem inquiries. In my opinion, this is an abuse of ChexSystem. Please let us know if you can confirm this.
Anonymous - #3, Sunday, July 13, 2008 - 7:57 PM CT
Exact same thing happened to me at another credit union. I was denied a new account due to too many inquiries with Chex.
DaveHanson - #4, Monday, July 14, 2008 - 11:41 AM CT
Ken, this is actually very common behavior. AAFCU, a very popular and reputable CU among rewards checking devotees, routinely does this, as do many other CUs who use Andera to open accounts.
Note that sometimes you can have them override the rejection manually if you can show that there are no derogatories in your record.
tuphat - #5, Monday, July 14, 2008 - 3:33 PM CT
Update to my previous post: Called Addison today, spoke w/ CSR who confirmed I was rejected for "too many inquiries." He said inquiries drop off after 90 day, suggested I re-apply then. I explained that I open quite a few bank accounts, and asked him to escalate. Put me on hold, then said he talked to several supervisors, none of whom would override the reject. Sounds like a credit union with a very short-sighted and/or unsophisticated policy.
Anonymous - #6, Saturday, July 19, 2008 - 9:01 PM CT
That is a way of reducing the number of people who cause an institution to go to the expense of opening an account only to hop to another institution. Financial institutions call them "interest shoppers."
Anonymous - #7, Thursday, January 1, 2009 - 7:02 PM CT
Effective 1/1/09 the top rate is 4.04%. Other rates the same. (Note: the 'rate results' page needs some SERIOUS rework!)
Anonymous - #8, Thursday, April 30, 2009 - 4:37 PM CT
The rate is now 3.51%:
http://dividendrewardschecking.com/
Anonymous - #9, Thursday, January 7, 2010 - 5:15 PM CT
The rate is now 3.01%:
http://dividendrewardschecking.com/
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tuphat - #1, Saturday, July 12, 2008 - 10:18 AM CT
I successfully completed the online application/funding process, only to get a letter in the mail today denying my application. The letter said I was rejected on the basis of a Chex Systems inquiry. I have >$1m on deposit w/ various financial institutions, and a clean NSF record. I have ordered a copy of my Chex report to confirm. The only "basis" they'd have for rejecting me would be too many inquiries, which is a really stupid reason.