Commonly referred to as the first of the three major "Check Systems" in the U.S., Chex Systems is an association of financial institutions that network together in order to develop a database that maintains the records of mutually unwanted customers. To make sure that only financially responsible individuals open up checking accounts at member institutions, these banks report on customers who demonstrate poor financial management skills. When a customer's checking account is closed due to demonstrated mismanagement, then he or she is reported to Chex Systems. Once done, the customer will have a very difficult time opening up an account at any other financial institution partnered with Chex Systems for the next five years.
Since the vast majority of financial institutions (banks) reject potential customers who are on file at Chex Systems, being reported to them can put an individual at an extreme disadvantage. But what, exactly, does it take to get a checking account closed and reported to Chex Systems in the first place? The answer the bank usually gives out is simply "closed for cause." Yet there are many ways that a customer can end up having his or her account terminated. These range from acts as serious as fraud to the simple irresponsibility that leads to excessive overdrafts. It is important to remember, however, that policy can vary greatly between financial institutions. Depending upon which bank is in question, instances in which accounts are "closed for cause" can involve customers:
? not reimbursing their bank for overdraft amounts
? misusing savings accounts, ATMs or debit cards
? offering information that is misleading at the time the account is opened
Yet while there are many factors that can lead to account closure, banks are not always forthcoming about the specific reason for terminating an account. This can lead to some confusion when one seeks the reason for being denied a new account. Fortunately, anyone who has been blocked from opening an account at a financial institution due to the involvement of Chex Systems can request a copy of their Chex Systems file and use the information provided on our website to begin banking again quickly.
For more information, including a free Chexsystems removal kit, and list of 100 non-Chexsystems banks, please visit www.newcheckingaccount.com
Scott Felix - Formerly stuck in Chexsystems, now a consumer advocate, freely helping people get out of Chexsystems since 2001.
Wood Dale Chicago prom limo .. Lockport Chicago limo O’HareBen Stein has a book called How to Ruin Your... Read More
Before buying personal or business checks you should inform yourself... Read More
It doesn't take much for you to get behind on... Read More
There have been an estimated 9.9 million victims on America... Read More
Single Mother's in need of Financial GuidanceBudgeting is key to... Read More
You have probably accomplished a great deal with your life.... Read More
Millions of people have a checking account and many people... Read More
Many people spend their little income haphazardly without any planning... Read More
With interest rates being at an all-time low, I can... Read More
1. Lighting & Light Bulbs Install low energy light... Read More
People haven't always written checks to buy goods and services.... Read More
ID theft is a major consumer concern, though there is... Read More
Most of us, especially those of us who have debtor's... Read More
If you're like most people, your personal financial records are... Read More
Sticking to a budget can be difficult, but with so... Read More
Your boss has just informed you that your department is... Read More
Did you know that 43% of all married couples argue... Read More
Saving may seem easier if you were saving for a... Read More
Recent findings from the Educational Policy Institute indicated that the... Read More
Here are some tips that can help you save money... Read More
Would you be interested in freeing up 10% to 15%... Read More
Now there are ways to save money in the grocery... Read More
Super-mumsIt seems that the proof of maternal efforts is no... Read More
There is a new bill that is being passes, it... Read More
Get Access to Realistic profitable strategies & discover the mindset... Read More
Antigo wedding limo ..Your boss has just informed you that your department is... Read More
Of course, these don't have to be done in any... Read More
Ever wonder where address labels come from? Avery? is perhaps... Read More
One of the biggest challenges facing black RELATIONSHIPS today are... Read More
Now that we are in the month of June I... Read More
In this age of information, keeping track of your finances... Read More
If you were to ask 100 women "What would you... Read More
You have probably accomplished a great deal with your life.... Read More
To save on food, be an opportunist. Buy what you... Read More
Budgeting. It's a word we're all familiar with. Everyone knows... Read More
Here are some tips that can help you save money... Read More
With almost two thirds of university entrants from England and... Read More
Saving may seem easier if you were saving for a... Read More
Just about everyone has a checking account. Checks present easy... Read More
When you received an energy (heating) bill last winter, were... Read More
Have you ever stopped to think about how your "mood"... Read More
Has anyone been to the gas pumps lately? Soon $3... Read More
Doesn't it seem like the only impressive numbers we've seen... Read More
Saving for a Down Payment is hard work, so it's... Read More
Would you be interested in freeing up 10% to 15%... Read More
Super-mumsIt seems that the proof of maternal efforts is no... Read More
I think most of us have at some point in... Read More
With the A-level results coming out, the long wait for... Read More
You should thoroughly consider your business needs when selecting a... Read More
Holy Shenanigans! More STUFF?Loosing one's business due to lack of... Read More
Personal Finance |