Why can’t i open a chase bank account? The above is one of the most frequently asked questions on the internet today. It is heartbreaking to know that you can’t open an account with Chase Bank online and it calls for answers. Are you one of those who want to know the reasons why they are unable to open a Chase Bank account? Then read this very inciting piece of article to the end as it explains 6 the causes and solutions to that problem.
Chase Bank is one of the largest and most popular banks in the United States with thousands of locations in different parts of the country. With Chase financial transactions are made easy as you can do most of them in the comfort of your home as online transactions are allowed. All you need to do to open an account with them online by visiting their website and you are ready to use it.
Recently, however, many people have laid complaints such as “Why they couldn’t open a Chase Bank account?” This calls for attention hence this article. So without further ado, let us proceed to the details.
Why Can’t I Open A Chase Bank Account?
Now that you have seen the steps and requirements involved in opening a Chase Bank account, I know you are eager to know the reasons why you are unable to open one. Let us see some of the reasons as we move on in this section
Inability To Verify Your Identity
“Why can’t I open a Chase Bank account?” The first reason could be that the bank was unable to verify your identity. It could be that the information you provided was not enough and the bank might need additional information to get you verified. In this case, your application will be put on hold and you will get an email on the next action to take.
Your Credit Score Or History Does Not Meet Chase Requirements
Another reason why you can’t open a Chase bank account is a bad credit score or history. Every bank has a credit score requirement to open an account with them. So if your Credit Score is bad, Chase would deny you an account opening. A bad credit score is usually between 300 to 629.
Outstanding Debts
Chase will also deny you an account opening if you have an outstanding debt. That is, if you are owing one or more creditors in any way, your debts are considered outstanding until they are paid hence they could deny you an account opening.
Frequent Or Unpaid Overdraft
If your credit report shows that you frequently get overdrafts and worse off, do not pay them in due time, it could lead to a bad credit score. And in the long run, this could be the reason why you can’t open a Chase Bank account.
You Are On Chexsystems
Also, you could be denied an Account opening by Chase Bank because you are on Chexsystem. Chexsystem is a screening company that provides consumer reports on how people manage their Checking and Savings accounts.
The report contains all irregularities with your accounts in at least the last 5 years. It includes account closures, overdrafts, negative balances, fraudulent activities, etc. So whenever you apply to open a new account, the bank checks your data with Chexsystem and if it is negative, you will be denied an account.
Suspected Fraud
Another reason why you can not open a Chase bank account is because you have a record of fraud or suspected theft. In other words, if you have been suspected of fraud or theft that is associated with savings or Checking bank accounts, Chase will not let you open an account with them.
Sometimes, it could even be that your name has been prohibited by the Office of Foreign Asset Control (OFAC). And when this is done, Chase and other banks will not allow you to open an account.
I Can’t Open A Chase Bank Account, What Should I Do?
If you are in this position right now and have seen some of the possible reasons why you can’t open a Chase bank account, here are some of the steps that you should take.
Visit The Nearest Chase Bank
The first action to take of course is to find the location of Chase Bank nearest to you. Walt up to the customer care representative to inquire about the specific reasons why you were denied an account. This is to propel you toward the right line of action to take. With the knowledge of the specific problem, you can now go ahead with other solutions.
Provide An Identity Proof
Sometimes, you can’t open a Chase account because your identity was unverified or mistaken. You may not be the person that has been prohibited by OFAC. However, the bank will not allow you to open an account until you can prove that you are not the prohibited person. So, go ahead and provide several identity documents including your SSN to show that it is a mistaken identity.
Review Your Checking Account Report
When you contact the bank, if you are told that the problem is with your credit score or history, do not hesitate to find out and ask for an Adverse Action Notice. This notice contains the name of the reporting agency that gave your report to the bank. This stop is backed up by the Fair Credit Reporting Act (FCRA).
On getting the report, review it carefully. And where there is an error, file a dispute but if there is none, devise a way to settle the issue that led to the denial. Continue reading to see more on this.
Settle All Outstanding Debts
If after looking through the report as explained above, you find out that an outstanding debt is the reason for the denial, go ahead and pay it off. With this, your report will be updated and you can open a Chase bank account. After clearing your report, if the bank refuses to comply, you can report it to Chexsystem.
Shop Around For Another Bank?
If you have tried all avenues and you can not open a Chase Bank account, then maybe it is time to try another bank. Each bank has different requirements and you might be lucky to get a bank that will accept your history the way it is.
Note: it is not advised to make too many inquiries as that is another red flag that could deny you an account.
Go For Other Account Options.
This action is necessary if you are unable to open a checking account with Chase Bank. you can opt for lower-risk accounts such as a Prepaid Checking account, Well Fargo’s Clear Access Banking Account, etc.
Related: Chase Debit Card Designs
FAQs
Can A Non-US Citizen Open A Chase Bank Account?
Yes, even if you are not a citizen of the US, you can open an account with Chase Bank. however, you will be required to provide additional documents like a government-issued photo id.
Can I Open A Chase Bank Account Completely Online?
Yes, you can open a Checking account with Chase online so long as you are up to 18 years and above. All you have to do is visit the official Chase Bank website and fill out an application form where you will be required to provide information about yourself.
Summary
So far we have provided 6 reasons why you can’t open a Chase Bank account and how to fix them. I am confident that using all of the solutions given in this article, the question “Why can’t I open a Chase Bank account” will be a thing of the past.