Chex Systems ? Why Every American Needs To Guard His Checking Account With His Life

Most Americans have been brought up to be concerned about a good personal credit rating, because of the role a positive rating can play in your long term plans; purchasing a home, buying a car, getting a business loan, etc. They have also been made to understand that the premier organizations that pretty much hold the key to their financial futures are Equifax, TransUnion and Experian.

However, there is another organization operating "behind the scenes," that is recording information about a singular aspect of every American's financial life, that, if you're unfortunate enough to mishandle, can get you on their list of offenders, which will mean an almost immediate change in your quality of life. The name of this organization is Chex Systems, and the information they record is your banking history, specifically, your negative banking history.

Negative banking history can mean many things, but typically the following are what the banks report, and what Chex Systems, records in its database:

  • Honoring a payment you may have made without sufficient funds (atm charge, check payment or automatic debit).

  • Abuse of your atm cards, debit card, or savings account.

  • Check fraud.

  • Lying on your account application.

Most people reported to Chex Systems, typically fall into one of the categories above, but it is still your duty to find out exactly what your bank deems as a reportable offense.

If you're wondering what the penalty is for landing in Chex Systems, I'm about to tell you.

You will be listed in their database for five years before your name is removed. You will not be able to find a bank willing open an account for you anywhere in the US, for at least the next five years.

What does this mean in real terms?

  • If your job was direct depositing your money to your account, you can forget about that convenience for five years.

  • If you enjoyed saving your money in a bank account, you will have to get accustomed to your mattress as your personal bank, for five years.

  • If you enjoyed making purchases using atm and bankcards, you will have to start walking around with your wad of cash from them on.

  • If you liked cashing your paycheck at the bank, you will now wait in line at one of those check cashing facilities, notorious for charging you a fee for you to receive your salary.

  • Oh, and those summer vacations you use to like taking?make sure you walk with lots of cash to pay for your hotel stay, food, and other vacation-like activities.

    • If this seems like a nightmare to you, it is. And what's worse, is that there are millions of Americans experience this every single day, without any relief in sight, for years to come.

    You can avoid this nightmare by being very diligent about how you handle your personal checking accounts by keeping a steady eye on them. With the onset of internet banking, most people have no excuse to not know what's going on with their accounts, as the information is minutes from their fingertips.

    Alvin Arthur owns http://www.second-chance-checking-account.com and for four years, has been helping people find banks that will give them a second chance at banking, even if they are still on Chex Systems. His business motto is, "You're Only 21 Days From Getting a New Bank Account And a New Life, Guaranteed!"

    In The News:

    pen paper and inkwell


    cat break through


    Financial Fitness - Are You Exercising the Right Muscles to become Financially Fit?

    Are your financial muscles well toned and healthy or flabby... Read More

    Financial Security

    1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More

    10 Money-Saving Tips

    1. If you have your haircut every 3 weeks, try... Read More

    Saving Money - Are You Doing Enough?

    It is estimated that we, as consumers, waste an average... Read More

    How Check 21 Affects You

    The Check 21 Law is the new federal law for... Read More

    Save Money on Groceries: Part I

    One universal of humanity, no matter who you are or... Read More

    Resources to Help You Learn About and Protect Yourself from Identity Theft

    There is a new bill that is being passes, it... Read More

    Im Broke, How Can I Afford...

    I'm still amazed every time someone comes to me complaining... Read More

    Check Fraud and Verification

    Before buying personal or business checks you should inform yourself... Read More

    Stretching Your Grocery Dollars

    Shopping for groceries is an inevitable fact of our ever... Read More

    How To Get Ahead On A Low Income

    Do you struggle from week to week trying to make... Read More

    Understanding and Controlling Your Finances

    Have you ever wondered what it would be like to... Read More

    How to Obtain a Non ChexSystems Bank Account Without Being Scammed

    Predatory lending exists in the mortgage industry. It's typically when... Read More

    Budgeting Your Way to Financial Freedom

    Financial freedom cannot be achieved without budgeting. Budgeting involves tracking... Read More

    Budgeting Tips to Save Real Money

    Sticking to a budget can be difficult, but with so... Read More

    Why Live Frugally

    What is it about being frugal, why do it at... Read More

    The World is Not Enough - Calling for a More Ethical Approach to Personal Finance

    At a time when the entire world's attention is focused... Read More

    Debt Management ? More Ways to Save on Gas Consumption

    The price of gas continues to climb, and with continued... Read More

    How To Protect Yourself Against Identity Theft

    Identity theft is a serious crime that continues to grow.... Read More

    Know Thy Finances

    The first step to financial success lies in knowing your... Read More

    The Wonderful World Of Address Labels

    Ever wonder where address labels come from? AveryŽ is perhaps... Read More

    How to Save Money in a Grocery Store

    Now there are ways to save money in the grocery... Read More

    Personal Checks ? Extreme Benefits

    Millions of people have a checking account and many people... Read More

    Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

    The recommendations for military base closings have been released and... Read More

    Single Mother Resources Directs You Towards Success

    As a parent you are bound to face a few... Read More

    If I Had a Structured Settlement, I Would Use It to Pay for Gas

    Has anyone been to the gas pumps lately? Soon $3... Read More

    How to Attain Your Dreams on a Single Income

    If you recently became a single parent and see your... Read More

    Should You Borrow From Your 401(k) Account?

    If you have a 401(k) account, it can be very... Read More

    The Wright Place - Finances

    Women have a love/hate relationship with money. Most of us... Read More

    How To Survive The Grocery Shopping Blues

    If you are the normal consumer, then you've probably experienced... Read More

    Honor Those Who Serve with Checking Account Supplies

    Our global society has had a wake up call in... Read More

    Save Money Off Your Home Utility Bills

    Many don't realize that our basic utility bills provide the... Read More

    Can You Afford Not To Look After Your Personal Finances?

    Investing is a subject a lot of people don't want... Read More