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What is ChexsystemsTM?
In case you didn’t
know, banks and credit unions perform a search of your prior banking
history. Similar to a credit check, many banks use a company called
Chexsystems, Inc to keep track of your banking history.
Chexsystems provides deposit
account verification services to its financial institution members
(Banks and Credit Unions) to help them identify people who may have
a history of account mishandling. Simply put, people who have closed
accounts but left an overdrawn balance with the bank.
I
Was Turned Down, Now What?
So, if you were turned down by a Bank or
Credit Union because of your ChexSystems report, here’s what you
need to know:
• Each report submitted to Chexsystems remains on their files for
five years – this is true unless the bank or credit union that filed
the report requests its removal, which is usually only done if the
report was made because of bank error.
• Even if you later paid the bank that you owed, the debt will
remain on your report. - A reporting member is under no obligation
to remove an accurate report of account
mishandling due to payment of monies owed. However, if a collection
amount is reported, the member is obligated to mark the account as
paid.
• If your Chexsystem report is incorrect, you can dispute it. To
dispute your Chexsystems report, put it in writing.
Submit your dispute in writing to:
Chexsystems, Inc.
7805 Hudson Road, Suite 100
Woodbury, MN 55125
Or by phone at 800-428-9623 or fax at 602-659-2197
If the Chexsystem report is accurate and, you can’t dispute it.
What next?
If the report is correct, here are a few suggestions on the
next steps you should take:
1. Try to work out a payment plan with the bank's that you
owe. If you are behind with
other creditors contact a good non-profit consumer credit agency to
see if they can work out a payment plan for you.
2. See if you are eligible for membership in a credit union.
Often they are more flexible
than banks.
3. If your employer uses direct deposit, ask if they could
put in a good word for you at
their bank.
4. If you have a spouse, sibling, parent or friend willing to
extend to you, have that
person open a checking account in his/her name. After a month or two
have him/her add you as an authorized signatory -- not as a
co-owner, but as someone allowed to sign checks and make deposits.
5. Cash your paychecks at a check cashing service, have the
service write money orders
for your expenses. Make sure you put all account numbers on the
money orders before you send them off . This is often a costly
option, since the money order could be delayed without your
knowledge, and the check cashing service fees are fairly expensive.
6. Obtain a debit card
to use in place of a checking account. It can receive direct deposit
of your paycheck and allow you to avoid mishandling your funds
through excessive cash on hand.
A useful debit card product is offered by First View LLC, a payment
solutions company which allows you to have direct-deposit of all or
part of your pay, benefits, expenses, commission or other income to
an F.D.I.C. Insured MasterCard.
The best part
about it - there is no credit check, and no review of your
Chexsystems report before an opening account. You will then have a
Debit Card, giving you immediate access to your pay. And, allowing
you to use the card at ATMs, to pay for purchases, or shop online.
Free
information and a no-cost application be found at their site
Chexsystems.biz
S. Proctor
KillSting
S. Proctor KillSting
First View financial LLC
1899 Powers Ferry Rd Suite 250
Atlanta, Georgia 30339
PS: Employers... ask how we can
help you save money on your payroll cost
call today 404-806-7244 XT: 119
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