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When you apply for a new bank account,
chances are the bank will do their own version of a credit check.
They use a system called ChexSystem, developed by Chexsystems, Inc.
The ChexSystems report basically tells the
bank if you have a
history of bouncing checks or leaving your previous banks holding
the bag (leaving an outstanding balance). What does this mean to me?
What it means to you is simple: if you mishandled your bank accounts
in the past, and find yourself in the ChexSystems database, you
could find it extremely difficult to open a bank account for quite
some time. Basically, during the five years that the negative
ChexSystems report stays in the database, you will probably be
turned down by most Banks or Financial Institutions. How can I get
around it?
If you try to search out a bank that does not review your
ChexSystems report before opening the account it will be pretty hard
to find. This is due to the fact that over 80% U.S. banks and credit
unions belong to the ChexSystems network. With check fraud and abuse
on the rise, you can expect the number of financial institutions
using ChexSystems to rise also. The best approach for you is to stay
out of ChexSystems.
To do so, avoid writing checks without having money in the account
to cover them. Find out from the bank or credit union how long it
takes for deposits to be credited to your account.
Also, keep track of your balance and reconcile your checkbook with
the bank's statement as soon as you receive it, or go online and
check it. And, before closing a checking account, make sure all
checks have cleared, all automatic debits have stopped and you have
paid all fees. If you've been reported to ChexSystems,
you have options Because locating a non ChexSystems bank is becoming
harder and harder. The most reasonable solution is to obtain a debit
card that opens a direct deposit account for you.
This will allow you to direct deposit funds you receive and pay
bills online or in person without carrying cash, standing in line at
check cashing stores or buying money orders. The approval on these
cards are 100% guaranteed.
Some debit cards are very expensive, others offer few features and
are difficult to use. So, it's best to check them out online or by
phone.
With a debit card, you can have all the benefits of a checking
account, without being turned down. Also, you can use the card at
ATMs, to pay for purchases, or shop online. This is a valuable
solution if you find yourself stuck with a chexsystems report on
your record.
ATB!
Perry
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