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| General Finance Discuss general personal finance issues and home accounting not covered on the other finance boards. |
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That information is all about whether or not you pay your bills on time or if you overdraw on your checking accounts.
It's in place to prevent kiting schemes where people write larger and larger checks off of two different accounts to get their balances falsly high by taking advantage of the 2-4 days of float time. When this is all over, if "successful" the person withdrew a large balance and left the country forever, if failed the checks start becoming rubber and bounce big time in both accounts. Another reason this info is shared is so the financial knows whether or not you can afford another payment. If your credit report shows 8 credit cards and you habitually miss a payment or two, it will hurt you when it comes to buying stuff like cars, homes, etc. |
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Are you asking if you can allow one bank to transfer your personal information (name, address, phone, etc.) to the other, I don't think so. You have to go to each financial institution and fill out their paperwork to open an account. Besides, I wouldn't want banks sharing information without my knowledge, or permission.
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Not only can they get information about your banking habits from chexsystems, if they don't like what they find they will close the new one you just opened. The sort of information is similar to a credit report, but also includes things like when was the last time you ordered checks, have you had an account closed, etc.
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