Denied for a bank account? No $50 bonus from E*trade for me.
Ok, so I have been opening up alot of accounts in the last couple of months to get bonuses and try some online banks out. I recently applied for an E*trade money market account for a $50 bonus. It appears the deal is still ongoing until 05/31/06. Shockingly, I was denied for the account. I didn’t even know banks would reject you for a bank account. From the wording it sounded like they were saying it was denied by ChexSystems. I guess there is a limit to the number of accounts you can open in a certain time period. ChexSystems appears to be similar to a credit agency, only for banks. Like the credit agencies, they will send you a free copy of your ChexSystems report if you denied an account due to information on the report. I figured I would request my free copy if for no other reason to see what was on it.
Well, about a week later I received it. It was pretty bland, no where as interesting as a credit report. In fact, it really only listed the bank accounts I’ve opened in the last few years with the dates opened. I’m not sure if it was the number of accounts that I had opened recently or if it was due to the fact that I had opened a Netbank and GMAC account earlier that day.