What's Up With MBOI

happyharold4 | Apr 12, 2023 | 388 posts since 2022

Just filled out the online application and was denied. Must be the same old problem with ChexSystems. Like many on here, I am very high Fico and no debt and flawless credit bureau reports.

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Answers

GH1 | Apr 12, 2023 | 1,053 posts since 2017

How many accounts have you opened in the last 3 months. Open 2 and this is third denied. Moved to a new address denied. It’s nonsense your depositing not asking for credit

JeffinEasternFL | Apr 12, 2023 | 744 posts since 2020

For example, I have an 800+ credit score, no derogatory info/steady address and my Chex was mid 600s. This year alone I opened 4 new Jumbo CDs at various FI's, though "none" last year; (Savebetter/Sallie Mae Bank, Quorum FCU, University FCU and All In CU) and was denied one (Credit Human CU even with three attempts to open it).

CuriousDave | Apr 13, 2023 | 233 posts since 2018

Their concern may not be creditworthiness. Opening too many accounts within a short period may suggest, for instance, that they are being created to skirt reporting or anti-money laundering rules by keeping dollar deposits below certain threshold limits.

anonlol | Apr 13, 2023 | 178 posts since 2016

That is why a few have and many more will fall like a house of cards paying you zero for years while they take 5 or 10 year treasuries trying to bank the difference if they are afraid to open accounts they should not be in banking.

Kaight | Apr 13, 2023 | 1,192 posts since 2011

Nobody here is in my league or even close . . . . I'm betting:

My ChexSystems score is 585. If you honestly can post a lower score than that, I'll tip my cap to you. But I'm certain nobody has a lower score than me . . . . provided you are honest. Incidentally my low ChexSystems score is attributable solely to account openings. I have no negatives related to bounced checks, financial institution cheating, and the like. None of that whatsoever.

As for MBOI, if they even got the faintest whiff of my 585 I would be cast aside in a femtosecond. Yet I have a good credit score and would be a valuable customer. This is their stupidity and their loss.

ChexSystems sucks!!

JeffinEasternFL | Apr 13, 2023 | 744 posts since 2020

I was 680~ ish CHEX (around 820 Vantage) and Credit Human turned me down w/o derogatory info, yet I opened 4 Jumvo CDs w/ Savebetter, Quorum, University FCU and All IN CU, all the last 3 months - go figure!

anonlol | Apr 13, 2023 | 178 posts since 2016

no mbol sucks dumber than dumb

Rickny | Apr 13, 2023 | 1,296 posts since 2017

The bank has many bad reviews on depositaccounts.com. 30 reviews 2.5 stars.

Rickny | Apr 13, 2023 | 1,296 posts since 2017

Pick a savings account that pays more than 5%. Primis, UFB and NewTek bank are 3 that come to mind.

JeffinEasternFL | Apr 13, 2023 | 744 posts since 2020

Pick one great liquid account that is gonna stay "near the top" in high and low yields w/ rates, gives you FREE wires in AND out, unlimited ACH, free checks, answers the phone locally, secure messages in hours and doesn't put a "hold" on your cash, that's ALL important when moving money in/out/about. I've been through over a dozen FI's this century looking for ALL that; today's highest rate will NOT be the one tomorrow and for long times afterward, I found that out myself at least a half dozen times this century alone! I settled on one REAL GOOD One, MBoI. I'd pursue if I was you!

ocsteve | Apr 13, 2023 | 96 posts since 2010

JeffinEasternFL-

Who is FI MBol? Thanks.

JeffinEasternFL | Apr 13, 2023 | 744 posts since 2020

Merchants Bank of Indiana (their money market checking account is very popular)

anonlol | Apr 13, 2023 | 178 posts since 2016

That is why a few have and many more will fall like a house of cards paying you zero for years while they take 5 or 10 year treasurys trying to bank the difference if they are afraid to open accounts they should not be in banking.

JeffinEasternFL | Apr 12, 2023 | 744 posts since 2020

But how's your Chex report/score? I had not heard of denials with MBoI. I would call during biz hours tomorrow to the main branch and "yak" with the person(s) who are responsible. At least in my case MBoI always answers the phone, locally and fast!

Rickny | Apr 13, 2023 | 1,296 posts since 2017

I've opened several accounts and have had only 2 institutions give me a problem and both lately (Langley and another CU). Opened account with UFB and Hyperion no problems right after applying to these 2.

I'm not wasting my time chasing a bank to put my money in. Pick an account paying over 5%.

Rickny | Apr 13, 2023 | 1,296 posts since 2017

Happy Remember.. It's not Checksytems that's turning you down, it's the bank. You have good credit and no debt. You would be a good customer. Move on from a bank that does not appreciative of your business.

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