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Many people, at one time or another, have financial
trouble. If this trouble involves your bank account, it can have
serious future repercussions. If you Have been reported to
chexsystems, many banks will not allow you to open a checking or
savings account.
This can be very detrimental and have long lasting effects. There
are ways to effectively manage your money even with this problem by
using a non-chexsystems bank or a pay card. Chexsystems is a
reporting agency that most financial institutions use to screen
their potential customers. Banks report customers that mishandle
their accounts.
If you have had a checking or savings account in the past that has
gone into the negative and you did not pay it off, a bank will write
off that amount after a certain period of time. Your account will
close, but it will still show that you owe a certain amount of
money. Depending on the amount of the charge off, all signers on the
account will be reported to chexsystems.
A Chexsystems record remains in effect for five years. getting your
name removed from chexsystems is very difficult. Even if you pay the
outstanding balance, your record will remain. The only way to get
taken off is if the reporting bank chooses to remove you. Some banks
will do this and some will not. Your best bet is to go to the branch
where you opened your account originally.
Typically, the decision rests with them because your non-payment has
directly impacted the productivity of their branch. Before paying
your balance, talk to the branch manager. Tell them that you are
willing to pay the debt and ask if they will remove you. Even if
they will not take your name off, they will mark your account paid.
Some banks will open an account for you if your chexsystems record
shows paid. If you are looking to open an account, there are some
things to do before choosing a financial institution. Look for a
non-chexsystems bank by calling and asking if they use chexsystems.
If they do, explain your situation and ask what their requirements
are. Sometimes they will work with you. If you have a family member
who banks somewhere, ask if they will be on the account with you.
Some banks will allow you to open an account with a current account
holder in good standing. Don't go to several banks and apply for an
account. Each time your file is accessed it is recorded and can
negatively impact your chances of being accepted. If you cannot find
a non-chexsystems bank, you can apply for a pay card. This is
basically a pre-paid debit card.
If your employer offers direct deposit, you can have your pay check
put directly onto this card. Usually, these accounts are not
supported by the branches, so you need to mail in your application
or submit it online. These prepaid debit/Visa cards are great because you
are not forced to use cash all the time and many will accept payroll
deposits from your employer. They are very secure and you have
access to cash at participating ATMs.
Prepaid debit cards are great alternatives to a traditional bank
account. If you have been reported to chexsystems, don't lose heart.
You do have options. Use non-Chexsystems banks or apply for a
prepaid Visa debit card. These are both great options
that will allow you to effectively manage your finances while you
safeguard your financial future.
Perry
Perry
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