How will it affect my credit score if I close my longstanding checking account at Bank of America, and reopen a new one at a smaller more local bank?

Bank accounts normally go through the ChexSystems and not via the credit bureaus. The only way the closure could affect your credit score is if you have overdraft protection or a line of credit associated with your bank account. If you do, then this would be treated like the closing of an old credit account and most likely reduce your credit score.

As background, the ChexSystems was created by US banks and credit unions to aid themselves in identifying account applicants who have a history abusing checking accounts. You can be reported to ChexSystems for the following reasons:

• The bank was unable to collect for an overdraft, ATM transaction, or automatic payment which they honored on insufficient funds
• Multiple overdrafts
• Savings account, debit card or ATM abuse
• Providing false information in opening account or Fraud

If you are reported to ChexSytems you can expect that infraction to remain on your file for 5 years. In many cases, banks may not allow you to open a checking account if you have one more reports in ChexSystems, so like poor credit don't fall into this trap.

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