| You may have recently had one or more banks reject | | | | credit, score would have had an influence on your |
| your application for a new checking account. And, you | | | | name showing up in this database. These are actually |
| may know by now the reason for your application | | | | two very separate risk assessment systems with no |
| having been rejected: it's called Chex Systems. Chex | | | | direct crossover or influence. So, you can put to bed |
| Systems has become a dirty word for anybody who | | | | your fears about your poor credit score having an |
| has been rejected for a new checking account. | | | | effect on your account getting rejected. |
| What Chex Systems Is | | | | Your New Best Friend: How Second Chance |
| Chex Systems is a database that works like an | | | | Checking Can Save The Day |
| early-alert credit risk system for banks and other | | | | If you keep getting rejected for a new account, your |
| financial institutions. Unlike the FICO (credit) scoring | | | | new best friend in the banking world just may be any |
| system we have all come to know (and love?) over | | | | bank that offers second chance checking. A second |
| the past several decades, the Chex Systems | | | | chance checking bank is simply any bank that |
| database does not feature a score. Rather, just having | | | | promises not to refer to Chex Systems when |
| your name entered into the database is enough to get | | | | reviewing checking account applications. In fact, they |
| your checking account application rejected, no | | | | ignore it altogether. |
| questions asked. Talk about lack of a chance to | | | | If you are looking for checking accounts with no |
| explain yourself! | | | | Chexsystems involved, here are 5 things you should |
| How Your Name Got Reported To Chex Systems | | | | know: |
| Your name could have gotten report to this "banking | | | | 1. You need make a list of second chance checking |
| risk assessment database" for all sorts of reasons, | | | | banks. They will usually bill themselves as "second |
| including for example: | | | | chance banking." And, some may call themselves |
| 1. You have shown yourself to be a banking risk in the | | | | "non-Chexsystems banks." |
| past. | | | | 2. Choose one that has ATM machines installed all |
| 2. You have been suspected of writing bad checks | | | | over the country - or at least in the states in which |
| and/or committing other types of check fraud. | | | | you travel. |
| 3. You still owe one of your previous banks money for | | | | 3. Make sure they are insured by the FDIC. |
| an overdraft they covered on your behalf. | | | | 4. Get a feel for the bank - make sure you like "who |
| As you can see from this list of possible reasons, | | | | they are" - before making your decision. |
| notably it is NOT the case that having a poor FICO, or | | | | |