By ChexSystems is a consumer credit reporting agency, similar to the credit bureaus Equifax, Transunion, TeleCheck and Experian, but it keeps records of your banking history. If you left a negative balance in your bank account or bounced a check, your bank might have reported you to it.
ChexSystems is contacted when you try to open a new bank account, cash a check or try to make a purchase using a check. It verifies your identity using your social security number or driver’s license and informs the merchant or bank if it is safe to take the check from you.
ChexSystem is comprised of all the major financial institutions. All of the institutions report back to the ChexSystem with information on checking and savings accounts. Once you have been reported to ChexSystem, it can be very hard for you to open a bank account.
In case you lately made a request for the checking account and the bank denied you, it is likely because a bank you banked with in the past has reported you to this organization. Normally banks do not report you to ChexSystems unless you bounce a check or overdraw your checking account.
Even the banks which are not using ChexSystems will conduct the soft pull, which means that the bank is confirming your basic information such as your name and address, but not conducting a full credit check and analyzing your bad credit, of your credit to open a checking account as per obligation by law so as to authenticate your identity.
There are only a few banks that do not use ChexSystem and will allow you to open a checking account when you have been reported to the ChexSystem. However, there are a lot of ‘companies’ that will give you a prepaid card and call it a bank account. You can also get ChexSystem phone number and give them a call to discuss your case or analyze your ChexSystem report with this service.
The easiest way to get a bank account after you have been reported to this organization is to find a bank that does not use this service. There are a few banks that you can easily set up a bank account with. Nowadays it is very hard to get by without having a bank account.
Let’s face it, most of us at one point in life have had a hard time managing money, let alone a bank account. Did you know that there are more foreclosures and car repos in today’s market than any other time in history? It is not just because there are a lot of people, it is because people do not want to take the responsibility for their own actions. They want to spend and spend without worrying about how to pay for it. It is not like a few people who are doing this, it is thousands if not millions that have been doing the same thing. This is the reason you need a non-ChexSystems bank. You may know that you can spend, but your credit history does not. If you don’t have a non-ChexSystems bank, you are going to be even worse than you have ever been. This is your life and you must live with yourself, so make sure that you get your stuff together and do the right thing by using a non-ChexSystems bank account. Once you have everything in order, go for a traditional bank account to save your financial freedom.
