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If you have bank accounts closed/overdraft fees is it possible to open an account at a stock brokerage ?

bank account
Ginger asked:


to invest in stock?
What if you have two bank accounts at two different national banks that are already closed for about $100 of over draft fees each.
Like Bank of America or Washington Mutual etc… ?

Will you be allowed to open up that stock investment brokerage account so as to invest in stocks ?
I mean , if it is on your credit report that they accounts went to collections ?

Rumor has it that, if a bank ever closes your account you can’t open another one up anywhere?

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One Response to “If you have bank accounts closed/overdraft fees is it possible to open an account at a stock brokerage ?”

  1. To my knowledge stock brokerages do not pull any chex systems records or the like when you apply for a brokerage account. However I could be wrong about this. Honestly the best way for you to find out would be to inquire of them if this is the case.

    You are correct in that banks keep a database with all of this information. For example if you went in to any bank or credit union and tried to open an account if your credit score is not at a certain level we would automatically check your chex systems record which would show if you have any outstanding balances at other financial institutions. Like I said though, to my understanding the chex systems database is only used for banking products.

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