Are you on ChexSystems List? Here are Things You Need to Know!
If you are on the ChexSystems list, you already know how difficult it can be to be denied access to a new checking account. What you may not know is that you can still get a new bank account, and you may even to be able to get off of the ChexSystems list! In this article, we'll review some basic information that could help you either open a new account or get off the list.
What is ChexSystems?
ChexSystems is a Consumer Reporting Agency
ChexSystems is a so-called "consumer reporting agency". They collect and compile data from banks about their customers. The data is intended to help participating banks manage risk, prevent fraud, and comply with account-opening regulations. Data gathered from participating banks includes information on accounts that have been forcibly closed (e.g., for too many NSFs), applications for new accounts, and information about new check printing requests. It is estimated that about 9,000 unique banks and well over 100,000 branch locations use data from ChexSystems in their new account opening processes. That means that it is difficult to find a bank that doesn't use ChexSystems. Read more about ChexSystems.
You Can Get a New Bank Account
Even if You Stay on the ChexSystems List, You Can Open an Account
Ok, so we know that most banks use data from ChexSystems to help decide who to let open a new bank account. The good news is that not all banks use ChexSystems. For example, many Credit Unions do not use ChexSystems when screening new accounts. If you, or someone in your family, is a member of a Credit Union, there is a good chance that you'll be able to open an account there. Ask your family!
Another option is to call local branches of banks in your area, and ask for someone responsible for opening new checking accounts. Ask them if they use ChexSystems, and explain your situation. You may also want to ask them if they offer a "second chance" banking account or "lifeline account". You can also look for banks that do not use ChexSystems on the internet.
Another option is to call local branches of banks in your area, and ask for someone responsible for opening new checking accounts. Ask them if they use ChexSystems, and explain your situation. You may also want to ask them if they offer a "second chance" banking account or "lifeline account". You can also look for banks that do not use ChexSystems on the internet.
You May Be Able to Get Off the ChexSystems List!
ChexSystems isn't Perfect -- They Make Mistakes
Don't assume that since you are on ChexSystems list that you should be on the list. ChexSystems, like other Consumer Reporting Agencies, makes mistakes. Imagine how easy it would be to make mistakes when you try to collect banking data on MILLIONS of customers! Some experts estimate that as many as 20-30% of the records maintained by ChexSystems have errors in them. You need to order a copy of your ChexSystems report. Review it, and check for any errors. If there are any errors, consider correcting them or asking that your name be removed from the list. You can find many techniques for fixing errors and getting your name off ChexSystems list at StopChex a resource for people having ChexSystems problems and difficulties. Getting your name off the list may be one of the best things you could do for your financial future!
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What Others are Saying About ChexSystems
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Posted April 15, 2008
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Posted April 02, 2008
by klehman
Klehman is a financial services author, writing articles about Chex Systems, banking, financial services, payday loan debt and other banking and credi... (more)
