By It can be very frustrating to find out that you have been placed in the ChexSystems database. If you were unaware that such a system existed, it can be even more of a shock to you. Even though you will be on the list for five years, it is still possible to find a bank that does not use ChexSystems or a similar service.
In case you find out that you are no longer able to open an account with a ChexSystems member bank, you can complete your own search to find the banks that do not require a credit check. You can go online and type ‘non chexsystems bank lists’ and a plethora of the information will turn up on your computer or mobile screen, in fact, there will be hundreds of pages dedicated to this endeavor which will appear.
How do you determine which websites are the most accurate, trustworthy, and up-to-date in the regard?
Once you begin your search, it can be overwhelming to sift through literally the hundreds of websites. Therefore, it is best to start with the websites that end with .org at the end of the web address. These are organizations that are usually nonprofit and are in the business of trying to assist people who are facing issues in this matter.
In case you do not find what you are looking for through the organizations, you can move to the websites that do not promote one particular bank name or a company. In case the website is advertising a particular bank or financial institution, it probably has a vested interest in that particular bank.
Are the banks national or local?
Once you find a reliable bank list, it is usually broken down by the states. Obviously, state and local banks may have different guidelines depending on the individual state or city. Once you have a bank or credit union selected based on its criteria, it does not matter if it is national, state or a local one.
Should I look for anything special on these bank lists?
The most important thing to look for is that the financial institution is legitimate. You want to verify that the institutions are truly banks and not owned by the shady individuals looking to make some money by trapping the desperate people to open a checking account.
The next thing you are supposed to look for is to make sure that the bank or credit union is insured through either the FDIC or the NCUSIF. This is government guarantee that if the bank or credit union goes under, the federal government will give you back the money that you had in your account up to a set amount. If it is not insured, you should walk away from it.
Are the lists free?
Yes, they are. You should never pay anyone to come up with a list of non-ChexSystems banks. By investing a little of your own time and looking through the non-profit websites, you should easily be able to find a bank or a financial institution in your area. There are a few services that offer to do this for you for a little and they guide you about how you can open an account when you are in the database of ChexSystems.
When you are looking for a financial institution to work with while you wait out your 5 years on ChexSystems, it is certainly possible. You have to take some time to familiarize yourself with the institutions you are considering and you should be able to make a good and informed decision.
If you are interested, you can find that these banks in Texas don’t use ChexSystems to screen new customers.
