Do banks turn down your requests for new accounts—or do you have trouble closing accounts? If the answer is affirmative, you most likely have an Early Warning Services (EWS) notice. However, there’s no need to worry because this article leads you to all the information you require regarding Early Warning Services.
Read it through to the end.
Are you set? Go deeper to know more.
To know what Early Warning Services is:
- Familiarize Yourself With EWS
- Know How EWS Works
- Know How EWS Can Affect Your Banking Activities
- Know What Makes EWS Distinct from Other Reporting Agencies
- Know How to Check Your EWS Report
- Know What Goes Down into Your EWS Report
- Know How to Dispute Your EWS Report
- Know What to Do If Your Dispute is Unsuccessful.
1. Familiarize Yourself With EWS
To know what EWS is, familiarize yourself with the agency. Just like credit bureaus, Early Warning Services provides consumer reports to banks so they can better understand your financial status.
However, EWS focuses on your bank history rather than your credit history and debt total. Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo co-own EWS.
2. Know How Early Warning Services Works
To understand what EWS is all about, know how it works.
EWS is a reporting company that concerns itself with your banking history. EWS may report you if you have cases like bank fraud, forgery, counterfeit checks, check alteration, and check kiting. EWS also helps financial institutions, check acceptance companies (like retail merchants) payment processors, and other financial entities to identify and stop fraud involving bank accounts and payment transactions.
When you apply for a bank account, the bank checks your EWS and may reject your application if it discovers negative EWS items. Understand that EWS is a neutral organization that does not only take into account your negative items but also your positive financial activities.
3. Know How EWS Can Affect Your Banking Activities
To comprehend what EWS is, know how EWS can affect your banking activities.
EWS primarily prevents you from opening a bank account. Furthermore, EWS can also lead to the closing of your opened account. You may not necessarily engage in fraudulent activities, but EWS uses AI to track your financial affairs. And this can lead to machine error whereby AI books you down even on the most negligible things.
Beware that banks and credit unions can deny even your check if negative items appear on your EWS profile.
4. Know What Makes EWS Distinct from Other Reporting Agencies
To grasp what EWS means, know what makes EWS distinct from other reporting agencies.
EWS is one of the three major reporting agencies that track your financial records whenever you apply for a bank account. (The other two are TeleCheck and ChexSystems.)
They all serve the same purpose—but EWS focuses on your bank history and presents your financial data in a simple form.
5. Know How to Check Your EWS Report
To realize how EWS, know how to check your EWS report.
Requesting your EWS report is easy. The Consumer Act gives you the right to request your consumer report for free. Go to the EWS website and navigate to the consumer page, then click the button ‘Request Report’. After this, EWS gives you an identification form, fill it out, and submits it with the attachment of your identification documents such as your driver’s license, or identification number.
For the submission, submit online or mail the complete form to
Early Warning
Attn: Consumer Services Department 16552 N. 90th Street
Scottsdale, AZ 85260
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6. Know What Enters Your EWS Report
To fully comprehend how EWS operates, know what enters your EWS report.
EWS creates a consumer report for consumers in the banking system just like credit bureaus do for your credit report using your information.
Here are what you can find in your EWS report.
- Your personal information: This includes your name, address, phone number, and your social security number.
- Account information: Your account information includes, checking and saving account data, bank name, opening and closing dates of the accounts, your balances, banking activities, and account history.
- Inquires: This section contains the list of companies and businesses that recently ask for your EWS report.
7. Know How to Dispute Your EWS Report
To learn what EWS entails, know how to dispute your EWS report.
Dispute your EWS report directly with the bank that supplies your data to EWS. You can also file a dispute with EWS.
To file a dispute with Early Warning Services, request a copy of your EWS report, and get the necessary documents which are
- Your EWS Consumer Identification number
- A comprehensive description of the item you want to dispute
- Copy of all supporting documents and evidence.
Then go to the EWS website and submit the information above. Also, create a separate dispute page for each disputing item. Finally, upload the form online or send it to the EWS mail address.
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8. Know What to Do If Your Dispute Is Unsuccessful
To fathom the whole meaning of EWS, know what to do If your dispute is unsuccessful. Explore other options that are available for you. You can consider ‘second chance bank accounts’.
Some banks and credit unions do offer second chance bank accounts to those that have EWS negative reports. This can assist you to get back on your feet from financial downfall. Keep in mind that second chance bank accounts come with extra charges you may not find with a regular account. Not all banks and credit unions offer them and you may also experience some limitations with the new account.
Conclusion
To learn what Early Warning Services entails, acquaint yourself with EWS and study how EWS works. Find out how Early Warning Services can affect your financial transactions and study what makes EWS unique from other reporting agencies.
After these, learn how to check your EWS report so that you can know the items that enter your EWS report. Also, grasp how to dispute your report. And lastly, know what you can do if your dispute is unsuccessful.
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