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chex system closing bank account/opening joint account question


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Hello everyone

I just need a little advice on what to do. My fiancé in the past has had some problems with banks. It is pretty much impossible for him to get an account anywhere because of Chex system. For the last year and a half his paycheck has been deposited into my checking without his name on the account. (I don’t know how this has worked out but it does.) My credit union will not add him even if we switched to a second chance account. Well luckily we found out his credit union through his work will take him back if he pays the balance owed. We are doing that today and he is opening his account back up with direct deposit ect so that he is able to get his tax return direct deposited. The plan is for us to get a joint account together and here is where my questions start. I honestly do not want to have a red flag on chex myself so I want to be careful how I do this.

I currently have my credit union checking and savings which I have had since I was 17. I also have an account with Wells Fargo that basically has .63 in it which was transferred over when Wachovia was bought out by them. My plan is that I would like to close out my Wells Fargo account since it is never used. Then I would like to take my credit union account and change the checking over to their rewards checking that doesn’t charge a monthly fee. I want to keep this credit union to use for my auction buying and selling that I do only. Then I would like to get my name put on my fiancés credit union account as our joint account. Would all this activity show up as a red flag? Should I just leave it all alone and put my name on his account or would they have issue with my having three accounts?

Other back info, I have only ever bounced one check about five years ago and I paid it ASAP. I actually don’t even have checks anymore. I haven’t had an overdraft in my checking account in several months and that was the first in a couple of years. The only banking issue I have is that my credit union has a strict 10 transaction per day limit and I sometimes go over that on paydays when paying bills ect.

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  • 7 months later...

I know this is a bit late (8 months) but I just saw this.

1) It is much better strategy NOT to create a joint account. Not to apply for credit together or sign any documents as Applicant and Co - Applicant.

People do this by default but what happens is if one of you takes a hit the cancer infects both of you.

By not applying for things together and not creating joint accounts you keep your financial lives separate. Thus you have a 2nd credit file and checking account to fall back on if one of you gets sick, hurt or loses your job.

Some folks take this personally and get upset. You know "you don't love me / trust me". Very dumb way to approach it.

It's not personal. It's good business and by protecting them you show you love them more. Things happen in life. A little redundancy can go a long way.

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