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.
Millions of people give a lot of thought to financial... Read More
During the last twenty years, banks have offered a number... Read More
If you've developed a household budget to get your spending... Read More
The recommendations for military base closings have been released and... Read More
Single Mother's in need of Financial GuidanceBudgeting is key to... Read More
Super-mumsIt seems that the proof of maternal efforts is no... Read More
**If it's Spam, it's a Scam!- If it sounds too... Read More
Creating a budget can be a very difficult task. Although... Read More
What is finance and what do you need to know?... Read More
I thought I was through with exams when I finished... Read More
Would you know what to do if you suspect that... Read More
The Prudential has dubbed those who refuse to leave home... Read More
I've been going through and interesting growth period lately that... Read More
Here are ten steps you can follow to help improve... Read More
Now there are ways to save money in the grocery... Read More
Despite how easy it is to balance a checkbook, very... Read More
Of course, these don't have to be done in any... Read More
It doesn't take much for you to get behind on... Read More
Are you interested in saving money off your grocery bills?... Read More
Each of us knows how to spend money, but do... Read More
Millions of people have a checking account and many people... Read More
What is it about being frugal, why do it at... Read More
If you, like most people, have not seriously considered what... Read More
One universal of humanity, no matter who you are or... Read More
Chapter 7The potential chapter 7 debtor should understand that a... Read More
How many drawers did you have to look through to... Read More
If you die without making a Will in the UK,... Read More
With almost two thirds of university entrants from England and... Read More
Have you seen the recent article on a new "green"... Read More
It is widely written that you need 75% of your... Read More
If You Have an Existing Account and 5 Minutes, You... Read More
You have probably accomplished a great deal with your life.... Read More
Australians, in general, constitute some of the worst savers in... Read More
Get Access to Realistic profitable strategies & discover the mindset... Read More
Have you ever wondered what it would be like to... Read More
Future financial success is not a guarantee that any one... Read More
Commonly referred to as the first of the three major... Read More
In this age of information, keeping track of your finances... Read More
If you have a 401(k) account, it can be very... Read More
If you, like most people, have not seriously considered what... Read More
Recently, many of these loyalty rewards programs have come to... Read More
I have been a loyal user of Quicken(R) for more... Read More
Many people graduate from college owing thousands of dollars in... Read More
One of the simplest ways to improve your professional image... Read More
The gas that we fill our tanks with every week... Read More
Reducing the clothing budget was a serious challenge for me.... Read More
1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More
Did you have a piggy bank when you were a... Read More
Most consumers are aware of the importance of their credit... Read More
Ever wonder where address labels come from? AveryŽ is perhaps... Read More
What is it about being frugal, why do it at... Read More
Our global society has had a wake up call in... Read More
One universal of humanity, no matter who you are or... Read More
The cries are heard from the distance, "I need help... Read More
Six Scholarship judges were sitting around an oval table. Forms... Read More
Are you interested in saving money off your grocery bills?... Read More
With the advent of the internet and especially auction services... Read More
Super-mumsIt seems that the proof of maternal efforts is no... Read More
Confused about whether you can contribute to a Roth IRA?... Read More
Most Americans have been brought up to be concerned about... Read More
We live in a crazy world. Someone ought to sell... Read More
The Prudential has dubbed those who refuse to leave home... Read More
Financial freedom cannot be achieved without budgeting. Budgeting involves tracking... Read More
I think most of us have at some point in... Read More
My personal opinion is that in today's new economy, it... Read More
Recent security breaches at several credit card companies continue to... Read More
Personal Finance |