Your name in the ChexSystems database? You are certainly not alone. There are many, many other people in the same boat. What Is ChexSystems ChexSystems functions as the sort of banking version of Equifax – this means that you won’t be able to actually start a new bank account because virtually all major banks use
A second chance account is a special type of bank account (usually a checking account) made for people who are unable to open a regular bank account. This can happen due to financial misdeeds & mistakes involving a previous bank account. For example, you cashed fraudulent checks or you did not pay overdraft fees on
Checking accounts are necessary in today's world. Unfortunately, if you have a history of risky financial behavior (which may include bad credit), you can find yourself barred from opening a checking or savings account. Your credit history (which is tracked by the 3 major credit bureaus) affects your ability to get credit -- credit cards, loans,
If you've ever tried to open a new bank account and been denied, you've had a first-hand encounter with 'ChexSystems.' What is ChexSystems? From the ChexSystems website: 'The Chex Systems, Inc. network is comprised of member financial institutions that regularly contribute information on closed checking and savings accounts.' Basically, this is simply a fancy phrase for
If you’ve even been in a situation where you are unable to open a bank account because of past financial troubles, then you are not alone. More and more people are finding themselves on the enemies of the chexsystem network. Chexsystems is a huge network that tracks so-called bad banking clients. Read about ChexSystems here.