Open A Bank Account No-Chex-Systems Banking
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Most Banks Will Reject Any New Applicant If Their Name Shows Up In Chex Systems
Banking has been around for hundreds of years in various forms. It has always been a very conservative industry, and despite progressive-looking TV commercials, make no mistake that it is still very conservative. By nature, bankers are tightfisted with their money and are leery about making loans if the perceived risk is too high.
The conservative nature of bankers even extends to whether they let someone open a checking account. That's right - they sometimes turn people away who are offering to deposit their money in the bank! If this sounds a bit odd to you, you are not alone.
The number one reason that banks turn down new checking and savings account applicants has nothing to do with the applicants' credit scores. Rather, it has to do with one simple thing: whether or not the person has ever been reported to something called Chex Systems.
Chex Systems is a nationwide database system that banks use as a way of sharing with each other information about "risky" bank depositors. In essence, if your name shows up in Chex Systems, you will be denied a checking account by 95% of banks out there. You can show up in Chex Systems for any number of reasons, including having too many overdrafts, being suspected of check fraud, or leaving a bank while owing them money.
The conservative nature of bankers even extends to whether they let someone open a checking account. That's right - they sometimes turn people away who are offering to deposit their money in the bank! If this sounds a bit odd to you, you are not alone.
The number one reason that banks turn down new checking and savings account applicants has nothing to do with the applicants' credit scores. Rather, it has to do with one simple thing: whether or not the person has ever been reported to something called Chex Systems.
Chex Systems is a nationwide database system that banks use as a way of sharing with each other information about "risky" bank depositors. In essence, if your name shows up in Chex Systems, you will be denied a checking account by 95% of banks out there. You can show up in Chex Systems for any number of reasons, including having too many overdrafts, being suspected of check fraud, or leaving a bank while owing them money.
A Handful Of Banks Purposefully Do Not Refer To Chex Systems
For someone in your situation, the secret to qualifying for a checking account is to find a no Chex Systems bank. These banks also sometimes refer to themselves as second chance checking banks.
These banks make it their business to never refer to the Chex Systems database when evaluating a new checking account application. They just don't do it, plain and simple. That means that even if your checking account application has been rejected in the past due to your name showing up in Chex Systems, this will not happen any longer.
Learn More About No-Chex-Systems Checking
“No-Chex-Systems banks won't say no, even if you have a bad credit score or are in Chex Systems.”
5 Steps To Getting An Account With A Non-Chex-Systems Bank
1. Run an online search or find an online resource that shows you how to find "no-Chex-Systems banks" and "second chance checking" banks
2. Build a list of at least 3-5 candidate banks.
3. Visit the website of each bank on your list. Also, check online discussion boards for any mention of the bank's name and see what people are saying. Be sure to take good notes!
4. Before applying, make sure the bank(s) you choose are FDIC-insured.
5. Apply for your new checking account.
Qualifying for a checking account cannot be any easier, once you know where to look and how to apply. Get ready to join the ranks of checking account holders everywhere!
by OutdoorExplorer
Everett is a lover of all things travel, outdoors, and adventure. When he's not working as a freelance writer, he's traveling around the U.S. and beyo... more »
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