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If you have a negative
chexsystems report on your
record that's preventing you from opening a bank Account? If so,
read on and you'll find your solution. 80% of US banks belong to the
chexsystems credit checking network.
If chexsystems has you flagged in their database, chances are, you
simply won't be able to open a checking account at a bank or a
credit union and cashing your paychecks through a check cashing
service isn't a very cost effective solution to this problem. There
is hope, though. If you are diligent enough, you may just be able to
find a non-chexsystems bank.
Non-chexsystems banks are not easy to come by since chexsystems
represents 80% of all US financial institutions. If you are lucky
enough to find one of these ever rarer banks, all that's left is for
them to allow you a bank account with a prepaid debit card.
Non-chexsystems banks can be viewed as a fresh start for people who
have, for whatever reason, made a financial error that left a stain
on their credit report.
They are a place to rebuild your credit rating, as well as save you
potentially thousands of dollars in interest fees and service
charges that check cashing stores are famous for. Perhaps the best
part about non-chexsystems banks is; they will issue you a prepaid
debit card that card can be used to receive your paycheck by direct
deposit. More and more employers are insisting that their employees
to hand over their financial Information so that their payroll
operations are more efficient.
Not only that, but having a direct deposit account is a little extra
insurance against ever misplacing a paycheck or losing cash. Another
fantastic feature associated with non-chexsystems banks that issue
prepaid debit cards is that you'll easily be able to review your
account balance and even pay all of your bills online. This
convenient, safe and time saving feature makes handling your
financial resources much easier.
It can be difficult to keep track of all the bills you need to pay
and those you've already paid. With online banking, you can easily
review all the transactions you've made through your account dating
back to six months (sometimes longer) ago. With this financial
information at your fingertips, you will also find it much easier to
create and stick to a realistic budget.
All in all, it's definitely worth your time to research
non-chexsystems banks, as it will end up saving you a ton of time
and money. If you can find one, not only will you be able to
re-establish your credit rating, you'll be able to pay your bills
easier and be better able to maintain a financially healthier
budget. If you find a high quality company offering a prepaid
MasterCard or Visa debit card don't be put off by the fact that they
may not offer actual paper and ink checks (some will... some won't)
they are a viable solution to check cashing stores and their high
fees.
Plus, the banking world is doing its best to take us all into
"paperless banking" that works 100% by debit card and online
transferring of money, this way you'll already be in the main stream
as it happens.
Perry
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