how does a bank know about accounts in other banks?

[Zigner]

I am facing a legal case from my former colleague, the case is still going on. My question is, once I close my bank accounts, is there any way (such as through my credit check, through a look at my ChexSystems history, etc. which Quincy mentioned) for the creditor to know, in the future, the details of the closed accounts I had with the banks in the past?

The purpose of this forum is not to assist you with fraudulently concealing funds.

 

[dennis77]

I do agree with you.

However, my intention is no way to cheat the future creditor. If creditor asks about closed bank details, of course, I will provide. If the creditor does not ask me these details, there is no need for me to provide these voluntarily. If I don’t provide voluntarily, whether the creditor can know these closed bank accounts on his/her own? This is what I would like to learn from this valuable form.

 

[Zigner]

I do agree with you.

However, my intention is no way to cheat the future creditor. If creditor asks about closed bank details, of course, I will provide. If the creditor does not ask me these details, there is no need for me to provide these voluntarily. If I don’t provide voluntarily, whether the creditor can know these closed bank accounts on his/her own? This is what I would like to learn from this valuable form.

If you are at asked about your closed accounts at an asset hearing, you will have to answer truthfully. Again, we are not here to (possibly) help you defraud a creditor.

 

[adjusterjack]

I am facing a legal case from my former colleague, the case is still going on. My question is, once I close my bank accounts, is there any way (such as through my credit check, through a look at my ChexSystems history, etc. which Quincy mentioned) for the creditor to know, in the future, the details of the closed accounts I had with the banks in the past?

If your opponent wins a judgment against you and you don't pay, he can summon you to court for a debtor's examination where you will be questioned under oath about the nature and location of your assets, including cash, which you will be required to disclose under penalty of perjury.

However, my intention is no way to cheat the future creditor.

Then there is no need to be concerned about what you get asked, is there?

f creditor asks about closed bank details, of course, I will provide. If the creditor does not ask me these details, there is no need for me to provide these voluntarily.

If your creditor doesn't ask about your closed accounts he is certainly going to ask you how much cash you have and where it is.

 

[not2cleverRed]

I am facing a legal case from my former colleague, the case is still going on. My question is, once I close my bank accounts, is there any way (such as through my credit check, through a look at my ChexSystems history, etc. which Quincy mentioned) for the creditor to know, in the future, the details of the closed accounts I had with the banks in the past?

So... Your question is how to hide assets?

 

[Zigner]

So... Your question is how to hide assets?

Well, it's actually how to hide the trail...but I suppose that's the same thing, isn't it?

 

[FarmerJ]

Dennis I suggest you find a bank that would do business with you and open a new account first before closing the other , rules from bank to bank can vary as to how they screen account applicants. Legally a bank can create its own policies as long as the policies do not violate law. ( if by chance you have a dispute with a bank make sure you keep a solid paper trail of your communications with the bank and that includes use of certified mail too)

 

[quincy]

... However, my intention is no way to cheat the future creditor. If creditor asks about closed bank details, of course, I will provide. If the creditor does not ask me these details, there is no need for me to provide these voluntarily. If I don’t provide voluntarily, whether the creditor can know these closed bank accounts on his/her own? This is what I would like to learn from this valuable form.

It could be possible for a creditor to learn of the existence of both open and closed bank accounts, yes. The creditor cannot see on a search what your bank transactions are or have been, however.

If you are worried about having a bank account frozen and/or assets seized, you can live on cash only but it is not an easy way to live.

How much money do you owe? If it is a significant amount or you owe several creditors more money than you think you can pay back, you can consider bankruptcy. Bankruptcy should be your last choice option.

 

[dennis77]

Once I voluntarily close my checking account with a bank (bank-X) and had no issues, at any time, with bank-X, then, after closing the account, how long ChexSystems can identify that I had account with bank-X? For example, if I close my account today (without any issues ever with Bank-X) then, after one year from now, whether ChexSystems can still find that I had account with bank-X?



I read some material about ChexSystems at places such as https://www.cnbc.com/select/credit-scores-opening-bank-accounts but still I am unable to get answer to the above question

 

[bcr229]

I read some material about ChexSystems at places such as https://www.cnbc.com/select/credit-scores-opening-bank-accounts but still I am unable to get answer to the above question

https://www.creditkarma.com/advice/i/how-long-do-you-stay-in-chexsystems

 

[dennis77]

The link you gave says that a negative mark could remain on ChexSystems report for up to 10 years. My concern is, if there is no negative remark at all at any time about my closed bank account, then whether ChexSystems still keeps any record about that closed account and if so how long?

 

[bcr229]

The link you gave says that a negative mark could remain on ChexSystems report for up to 10 years. My concern is, if there is no negative remark at all at any time about my closed bank account, then whether ChexSystems still keeps any record about that closed account and if so how long?

I doubt anyone knows. That said, I work in IT on a financial/accounting system. Our data goes back to 1994, it is discoverable, and I've helped draft the queries to extract that data.

The opposition's local attorney isn't going to rely on something like ChexSystems, he'll just shotgun subpoenas to all of the local banks for any accounts that had your name on them.

 

[dennis77]

Great! How does IRS uncovers, if it can, a checking account of a person if that account is not used by that person except for keeping it in isolation and that account is not generating any interest (there by no tax to report to IRS) and no complaints such as suspicious activities or currency transaction reports are generated form that account.

 

[Zigner]

Great! How does IRS uncovers, if it can, a checking account of a person if that account is not used by that person except for keeping it in isolation and that account is not generating any interest (there by no tax to report to IRS) and no complaints such as suspicious activities or currency transaction reports are generated form that account.

The purpose of this forum is not to assist you with fraudulently concealing funds.

 

[quincy]

Once I voluntarily close my checking account with a bank (bank-X) and had no issues, at any time, with bank-X, then, after closing the account, how long ChexSystems can identify that I had account with bank-X? For example, if I close my account today (without any issues ever with Bank-X) then, after one year from now, whether ChexSystems can still find that I had account with bank-X?



I read some material about ChexSystems at places such as https://www.cnbc.com/select/credit-scores-opening-bank-accounts but still I am unable to get answer to the above question

How much money do you owe?