Looking to open a new bank account and came across Wells Fargo. They seem like a big bank with a lot of branches, but I’ve had some past issues with check bouncing. I heard some banks use ChexSystems to screen applicants, and that might make it tough for me. So, does Wells Fargo use ChexSystems to check banking history?
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hallo fans Wells Fargo does not use ChexSystems for checking accounts. They use Experian reports instead when evaluating applicants.
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Wells Fargo uses Experian reports even though it doesn’t use ChexSystems for its checking accounts. In addition to providing banking services, Wells Fargo is a leading provider of financial goods, including loans, credit cards, and investment services.
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Yes, Wells Fargo screens potential new account applicants using ChexSystems. A consumer reporting company called ChexSystems keeps tabs on your financial history, including past bank account problems, overdrafts, and unpaid penalties. It can be more difficult for you to create a new account with Wells Fargo or other banks that use ChexSystems if you have a bad report with them.
Howdy folks,listen Instead, Wells Fargo makes use of a database called EarlyWarning, which was built by a consortium of major institutions. It’s comparable to ChexSystems, but run by the banks themselves.