Latest Financial NewsStay tuned for the financial news from all over the World!

p /p pPeople are denied the ability every day to open a checking or savings account because of an entry in the Chexsystems database. Why? If you have an entry in Chexsystems, fairly or otherwise, it’s due to bounced checks. For more info. here is creditinfocenter’s page on Chexsystems./p pNow there’s a new database which banks are using to screen new checking applicants, Early Warning Systems (EWS). Early Warning Systems (previously Primary Payment Systems), along with other participating organizations, share information with financial institution who subscribe to it about potential customers which may be a risk. /p pIf you have an entry in EWS, most banks will turn down your application to open a checking or savings account with them. Again, the most likely reason for your inclusion in the database is excessive overdrafts or bounced checks. /p pThink you’re being given a new “life” as far as being able to open a checking account with banks that don’t use Chexsystems, but use EWS instead? Nope. Almost everyone reported to Chexsystems is also reported to EWS. /p pSo who is EWS? Early Warning Services is a limited liability company owned by Bank of America, BBT Corporation, JPMorgan Chase, Wachovia, and Wells Fargo. From their website describing services to financial institutions: /p blockquotepstrongAccount Opening and Funding/strong/p pNew account fraud cost the financial services industry $14.7 billion in 2007, and cost victims $1,066 per case, according to the 2008 Identity Fraud Survey Report by Javelin Strategy Research. To prevent such monumental losses and protect their customers, financial institutions need to be able to screen new demand deposit accounts (DDA) applicants for a emstrongprior history of fraud and/or account abuse/strong/em (emphasis mine), as well as perform identity verification and compliance list screening. In addition, verifying a funding account at another institution reduces the fraud risks associated with new accounts./p pEarly Warning Solutions deliver superior analytics and advanced capabilities, including identity verification, account history and account owner authentication, to help organizations stop fraud at the door./p/blockquote pLike Chexsystems, EWS is a credit reporting agency, and because of this, you are entitled to see a copy of your report and it is your right to dispute. Those wishing to obtain consumer report information should contact EWS’s Consumer Call Center at 800-325-7775./p pEarly Warning Services 8777 E. Harford Drive Suit 110 Scottsdale, AZ 85255 800-325-7775 http://www.earlywarning.com/index.asp/p pHave you been denied the ability to open a savings or checking account because of an entry in EWS? Tell us by leaving a comment!/p p/p

Similar Posts:

• The Benefits of Freezing Your Credit
• Large identity theft ring busted in New York
• High Interest Rate Checking – Myth or Reality?
• Free Checking Accounts May Become Endangered Species
• Getting a Credit Card With Bad Credit in a Tight Market