I’ve been denied checking accounts at a credit union and two major banks. Why is this happening?
I have two accounts in good standing, one with Chime and another with a credit union. We recently moved and closed our joint account at a small town bank, which was also in good standing.
About five years ago, I had overdraft issues with another credit union, mostly because of daily fees. I paid everything off and closed that account since they weren’t great to deal with.
The rejection letter from Bank of America mentioned this:
‘Your deposit account score is a number that reflects information from your deposit account history in your consumer report. An external reporting agency, Early Warning Services, LLC, created your score of 709 on January 27, 2025, and we used this score in taking the above action.’
I’ve been denied checking accounts at a credit union and two major banks. Why?
Did you try to open all three on the same day?
Banks track how often people open new accounts, kind of like how credit card applications work, but usually with less strict rules.
For Bank of America, it looks like the first issue might be your past relationship with them. If you had any issues with an old account or credit product, they might not have forgiven it yet. It’s possible you’re on their internal blacklist.
Which other banks denied you, and what reasons did they give?
Here’s my guess:
Chime isn’t a bank, and your credit union may not report to Early Warning Services (EWS), so it looks like you have no solid banking history.
Did you move a large sum of money recently? How long ago did this happen?
We just moved and closed our joint account with a small town bank, which was also in good standing.
A 709 EWS score should be fine. The issue is probably something in your history, not the score itself.