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New Chexsystem Inquiry For Each CD Open Even For Existing Member

EdwardD
  |     |   77 posts since 2023

I was told over the phone today by the All In CU rep that each time you open a new CD, there will be a new ChexSystem inquiry even if you are an existing member. Can anyone confirm that?

I sometime open CD with financial institution (FI) I already have business relationship with as opposed to applying to a new FI even though the rate is a little lower for the same term and EWP because I thought that will avoid another Chex pull.

When there is an add-on CD with good rate and small opening deposit, people may have tendency to open a new CD every now and then so that we can extend the maturity date.

It will be nice to have a list of financial institutions that will or will not perform a new ChexSystem inquiry each time you open a CD even for existing customers/members.

Anyone wants to share what they already know?

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4


Answers
GH1
  |     |   1,053 posts since 2017
https://www.doctorofcredit.com/banks-credit-unions-dodont-pull-chexsystems/
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EdwardD
  |     |   77 posts since 2023
I thought that DoC list pertains to Chex pull when applying to the financial institution as first time new customer.

My question pertains to Chex pull when opening new CD as existing customer.
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Kaight
  |     |   1,192 posts since 2011
It's reasonable for you to make that distinction. But it's likely, I think, that if a financial institution does not run ChexSystems on a new customer right off the street, whom they do not know at all, then it's rather doubtful they will subject an existing customer or member, already accepted into their system successfully, to such scrutiny.
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1
EdwardD
  |     |   77 posts since 2023
I understand what you said. However, I can confirm that All In CU does pull Chex when you join. According to rep, they will do another Chex pull every time you open a new CD after you join. When I called asking rep to open CD over the phone, they won't open for me but instead emailed me a link to click to open CD. I was told clicking that link to open will pull Chex inquiry as well. I did not proceed.

I am asking here to see if someone can confirm.
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1
GH1
  |     |   1,053 posts since 2017
you should call the institution then
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1
Robb
  |     |   322 posts since 2018
Edward I asked that question to a rep and after checking with a supervisor stated no there is not a pull for each CD opened only when you join. The rep stated in her years she had never gotten that question before. Of course, based on your experience YMMV.
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1
CDmanFL
  |     |   286 posts since 2019
They pulled Chex on me each time I opened a CD and I have a bunch of them. I know this because my ID protection plan sent me a warning each time that a new Certificate was opened.
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Robb
  |     |   322 posts since 2018
Thanks CDmanFL for the feedback…good to know that.
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planxy
  |     |   140 posts since 2013
Connexus did a while ago.
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CDmanFL
  |     |   286 posts since 2019
I can confirm this is true based on my personal experience. And it is terrible.
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me1004
  |     |   1,379 posts since 2010
A key to this concern is whether they are doing a hard pull or soft pull. A soft pull does not ding your credit rating, but a hard pull does.

Still, I have been saying that this whole bit of making credit pulls needs to be seriously regulated. They cannot be allowed to be making hard credit pulls when there is no justifiable reason. I understand that it is used for confirm your ID, they ask the questions from the credit report to confirm who you are. But a hard pull is not needed for that. And a CD is when you are giving them money, it is not like a checking account where you might abuse it and bounce a lot of checks and then disappear..
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GH1
  |     |   1,053 posts since 2017
There is a list posted on that. Chexsystem is a pain
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Kaight
  |     |   1,192 posts since 2011
Merely a pain? You are indeed a kind, generous, and gentle soul.

ChexSystems is a pox.
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5
FawnDoberman
  |     |   15 posts since 2010
CHARTWAY Credit Union performs a new ChexSystem inquiry every time that you open a NEW account, even if you are a long established Member.
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1
happyharold4
  |     |   388 posts since 2022
Synchrony bank did the same with me and I have closed most of my accounts there---The CS should only be for applications to borrow $ not a hit against you for trying to give your $ to an FI so they can invest it and profit from it. I have never been turned down before even huge loans---And yet I was denied opening a savings because of CS's input.
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