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Article #221: Why Banks Use Checksystems And What Your Options Are If You've Been reported

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






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