back in 2014, there was a poster here who had issues with Chexsystem negative report from BoA. IIRC, the OP deposited lots of MOs to BoA and when he saw they were available, he pushed payment to his CCs. One time he did this, it turned out funds weren't available yet when he pushed the payments and that is why he was not just shutdown but also reported to Chexsystem. He asked Chexsystem to remove the derogatory report but they said only BoA can do that so he asked the bank and they wouldn't budge. Chexsystem is what all banks check, including CUs when one is applying for an account with a financial instution. As reported by many, they have been denied by FIs based on derogatory remarks on their accounts.

MSers need banks to carry on their "business" so they're crippled if they have bad Chexsys reports. I don't know how long those negs stay in their report.