Consumer Blog
Your banking track record - and credit report
We have blogged extensively about how to check your free credit report three times a year. The credit report we usually talk about tracks your history of paying bills, loan payments, etc.
But there is another kind of report on you that you have a right to access for free - this one tracks any negative banking history, such as bounced checks, unpaid fees, etc. This report is kept in a national database, and banks check it before agreeing to open an account for you.
One big difference between this report and the traditional credit bureau report: all of us have files with the credit bureaus. But with this banking database, only consumers with negative history will have a file. So if you're told there is no record for you, that's good.
There are two companies that keep these negative history files, Telecheck and ChexSystems. ChexSystems will let you submit your request online, by mail or by phone, while TeleCheck requires you do it by phone. Both will mail your report to you.
Technorati Tags: banking database, finance, shopping and spending, credit report, moagoconsumer, consumer protection
Posted by on July 1, 2008 8:02 am :: Comments (4) :: Permalink
4 Responses to "Your banking track record - and credit report"
says:
September 18, 2008 3:49 pm
Is there a limit to how much money in overdraft/negative amount fees that a bank can charge. I made a $300.00 mistake in my checkbood, and the bank is charging me around $1200.00 in fees. Doesn't that fall under excessive fines?
says:
September 18, 2008 4:37 pm
To Megan:
There are no laws in Missouri I know of that limit these fees. You could check with the Missouri Division of Finance, which regulates banks.
says:
October 22, 2008 11:55 am
I had a shortage of 9.00 in my checking account and deposited 15.00 to cover it. The deposit went throught the following business day due to deposit time and caused and overdraft for 1 day of 5.00. My bank charged me 38.00 and 2 days later 27.00 overdraft fee and then 7.00 next day then 14.00 next day then 21.00 next day and then 7.00 then 21.00 and now 7.00 since. I was in hospital and not aware of building negative balance. I called and someone was to call me within 24 to 48 hours, did not happen. I called them back and was told that there was no record of my call and someone would call within 24-48 hours, they did and told me that I would have to pay over draft and someone would call back from the regional office in 24 hours. They did but stated that they would remove only 100.00 of the overdraft which at that time was 168.00. I thought that the charges should have been removed from the first call I made and they refused to listen stating that I would have to make a deposit before any other actions would be taken. Well needless to say I have a choice pay my bills, buy groceries and gas to get to work, but medicine or pay excessive over draft fee. I live in Alabama and the bank is Compass Bank. MY fees are up to 207.00 and climbing at he rate of 7.00 daily. Is this allowed?
says:
October 23, 2008 10:48 am
To Carmen:
I know of no law that restricts the amount of fees a bank can charge. Still, you can file a complaint with our office, and we may be able to negotiate those fees down for you.
