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Bank of America closed account and opening new accounts

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My Bank Of America checking account was closed due to overdrawn fees for the past 3 months. The day after they closed the account, I went to Chase to open a new checking account and I was able to open a new account without getting denied. BOA reported to a third party institute stating the closed account, most likely Chexsystem or Early Warning System, but hasn't hit the data base. It would take at least 2 weeks to a month to be flagged. I have already made arrangements to pay off the remaining debt. 

My first question is: Can Chase close my newly opened account if lets say, these third party institutes flags me or if Chase does random screenings? 
My second question: I also have a Wells Fargo account under my name, but I have no issues with them. I have been with Wells Fargo for over 7 years. Can that account be closed due to my mishap with Bank Of America? 

Your answers will be of great help. Much appreciated. 

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Can they?  Yes.
Will they?  Most likely, if your account is in good standing, they aren't going to close it.  You were wise to get an alternate account opened before the derogatory information caught up with you.

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Thanks for the reply. I'm more worried about my account with Wells Fargo since it is in good standing for years. I have called BOA and once the account is closed its reported to Chex System. They may do random sweeps here and there to check. I am not sure if I should call Wells Fargo and inform them or cross my fingers that I don't get flagged.

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dcwilbur said:   Can they?  Yes.
Will they?  Most likely, if your account is in good standing, they aren't going to close it.  You were wise to get an alternate account opened before the derogatory information caught up with you.

  +1.
WF is much less likely to close your account because of this (given your longer history). Chase, being a new account, is more vulnerable. There was a recent thread of Chase closing a newly opened account; quite likely something in the account activity (no negative chex system issue in that thread though) created a security alert which caused the closure.

That said, banks can close your account for any and no reason.

ETA: Dont call WF. It could do more damage than good. Moreover, if WF decides to close the account, there is very little you can do by talking to them./

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Thanks I feel a little relived after knowing that Wells Fargo is less likely to close my account. 
I ordered my ChexSystems Report. I'm not sure if anything will show since my account with BOA got closed less than 24 hours ago. 

 

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Also, how long before I am cleared to use my Chase account if they don't decide to close it?

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gkang79 said:   Thanks for the reply. I'm more worried about my account with Wells Fargo since it is in good standing for years. I have called BOA and once the account is closed its reported to Chex System. They may do random sweeps here and there to check. I am not sure if I should call Wells Fargo and inform them or cross my fingers that I don't get flagged.
 

  What's going to happen is going to happen.  Calling gains you nothing. 

If anything, open another local account or two, in case your preferred accounts do get closed because of this.  You may end up with 5 active accounts, but the hope is you should end up with at least one.

And whatever you do, dont get another account reported for the same thing.  Once raises questions, twice makes it a habitual problem.

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gkang79 said:   Also, how long before I am cleared to use my Chase account if they don't decide to close it?
  You can use it now. If they decide to close, so be it.
That said, try not to do anything that could raise red flags. There is no set reason that folks outside of Chase know whay something gets flagged; but here are some things to avoid.
e.g., large cash deposit, large ACH transfer, transactions that are inconsistent with questions you answered in the application.

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WF has an "opportunity checking" account.  The worst WF would do is just convert your existing account to that product rather than just outright close it.  Chase on the other hand can leave you in a lurch when it might be very inconvenient.

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Chyvan said:   WF has an "opportunity checking" account.  The worst WF would do is just convert your existing account to that product rather than just outright close it.  Chase on the other hand can leave you in a lurch when it might be very inconvenient.
That is great insight thanks. I would have to hope for the best. BOA said there were incidents where people called in to complain how their other accounts were closed due to BOA's ChexSystem reports.   

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Wells Fargo will always be willing to open multiple accounts for you, whether you ask for them or not.

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DTASFAB said:   Wells Fargo will always be willing to open multiple accounts for you, whether you ask for them or not.
  Fair enough. I will hope for the best. 

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You may want to look into doing something like a pay for delete that people try to do with debt on credit reports. Maybe creditboards would have information on that.

I'm not sure it's possible with chex, but it's at least worth looking into.

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If you want to make sure you will have options, you could also visit a couple of local credit unions. Someone over there may be willing to talk to you about how serious the negative item on your report is and if they will let you open and keep a checking account despite it. Otherwise, just sit tight. Don't call Chase or Wells Fargo.

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Given your long history at Wells Fargo, I would think that as long as you are a good scout, that account should not be closed nor changed in checking account terms. Odds are in your favor.
Banks using Early Warning report monthly.

Reference articles: What Banks & Credit Unions Do/Don’t Pull ChexSystems?

Early Warning Report requuest form.

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Did you pay the overdraft or do you still have an outstanding balance with BoA? Unpaid overdrafts are significantly more damaging than paid ones when accounts are reviewed.

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gkang79 said:   
DTASFAB said:   Wells Fargo will always be willing to open multiple accounts for you, whether you ask for them or not.
  Funny enough. I will hope for the best. 

 FTFY. You missed the joke 😂

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