I’m sorry. I (unknowingly) lied to you. Exactly one week ago today I told you that I opened a PerkStreet account. I didn’t know it then, but I guess that wasn’t true. I just found that out yesterday. Here’s what happened:
I was on the road for a couple of days. When I got back and checked the mail there was a letter from PerkStreet. I was psyched. I assumed it was my debit card, so I opened it (at 1:00 a.m.). I didn’t open any other mail. It wasn’t my card. It was a letter saying, in part, “[u]nfortunately at this time we are unable to open an account due to an unsatisfactory report from ChexSystems, a consumer reporting agency.”
WHAT?!?!?!? Why hadn’t I heard of ChexSystems and what are they telling people about me?!?!
I called PerkStreet customer service and the woman said they could not give me more details. She gave me the phone number for ChexSystems, so I called. Of course, they weren’t open, but their automated system directed me to their website (http://www.consumerdebit.com/). So there I went. First thing I did was check their FAQs. According to that page:
Chex Systems, Inc. provides account verification services to its financial institution members to aid them in identifying account applicants who may have a history of account mishandling (for example, people whose accounts were overdrawn and then closed by them or their bank).
Let me make a few things clear:
- I have no idea what “account mishandling” is but I’m pretty darn sure I do not have a “history” of it. I do my primary banking through one bank and have had accounts with them for somewhere between fifteen and twenty years. Every time I want to open a new account with them (I have at least five) they’re happy to do so;
- I’ve never signed a check that has bounced;
- I pay all my bills on time or early (for example I rarely wait for my credit card bills to arrive. I usually log in right after the charge hits my account and pay it off in full.);
- I just opened six accounts with Ally bank (two savings and four CDs) and they had no problem with me;
- I just closed two accounts with EmigrantDirect.com (nothing personal, Ally was just a better fit for me) and they were very sorry to see me go; and
- Although it may not be relevant to this (I still do not know the difference between a “credit bureau” and a “consumer-reporting agency,” which is what ChexSystems calls itself), I have a credit score that ranges between 790 and 805 with not one late payment reported on it.
So why wouldn’t PerkStreet want my business?!?!?! I wasn’t asking them to marry me, just to let me take them out for dinner and see if we were a good fit? This feels like high school all over again. I’m confused. I’m annoyed. I feel unwanted. And I’m motivated to get to the bottom of this.
Here’s the game plan:
- Request a copy of my of my report. Done. I can’t wait to see what that has to say;
- Memorize the federal Fair Credit Reporting Act (FCRA) so I can make sure that if some financial institution and ChexSystems are sending out negative information on me they have their houses in order. This will be done very soon. Expect a few posts on this as I find interesting information there; and
- Get to the bottom of this.
That’s the update for now. I can’t wait to see my “report” and learn about the FCRA. I just don’t get what could be on the report. Hmmm….
Anyhow, no PerkStreet account for me (yet?). Too bad. I was really excited about the account. I’m not very excited about it anymore. I was more excited about the $100 donation to the Financial Literacy Foundation. So, once I get to the bottom of this, if I still want to bank with PerkStreet and they don’t want my business, I’ll donate the $100 myself. You know what? Even if I end up opening an account and they donate the $100, I’ll donate another $100 myself. So it’s either $100 or $200 from SAFTM.
Has anyone else dealt with an issue like this before? What’s your story? What did you do to fix it? I can’t wait to get to the bottom of this.
Until next time, put your credit card down and slowly step away from the mall!
Image: Naypong / FreeDigitalPhotos.net
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