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