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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:
1. Honoring a payment you may have made without sufficient funds (atm charge, check payment or automatic debit). 2. Abuse of your atm cards, debit card, or savings account. 3. Check fraud 4. 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 second-chance-checking-account and since 2002 he 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!"
» left by Austinite from Austin, TX (4 years 82 days ago.)
Actually, much of this information is misleading. There are plenty of banks that do not use chex systems which allow you to have savings, debit cards, and other features. Woodforest National is one example. This person is a bit over dramatic. Respond to this comment
» left by mando from texas (2 years 51 days ago.)
This guy is full of it:
"If your job was direct depositing your money to your account, you can forget about that convenience for five years."yeah right! there are lots of debit cards who let you make direct deposits. Walmart, NetSpend and HEB debit cards, just to name a few. "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." Oh brother! what is this guy talking about! you can still open a savings account at almost any bank even if you are in Chex Systems.. "If you enjoyed making purchases using atm and bankcards, you will have to start walking around with your wad of cash from them on." Geesh! Like I said, there are many places you can get a debit card without using a bank. Western Union, Walmart, NetSpend, HEB.. and many more! "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." Well, if the check is from out of town, yeah, you will have to use a check cashing place. But if the check is written from a local bank, you just go to that bank and cash it.. free.. no hassle!
"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."
This guy is so full of crap! Again, go to Western Union, NetSpend, HEB, even Walmart and get a VISA or MasterCard debit card, you can use these anywhere in the world that accepts credit cards. I've traveled around South America with my debit card and payed for everything, no problem, no cash in my pocket, all my money tucked safely away here in the US of A.
I hate people that try to sell useless info or make money off the disadvantaged. With enough research, one can find 2 particular bank easily that will give a real checking account with check writing privileges regardless of credit or Chexsystems.
» left by Suzzi from Indiana (303 days 7 hours ago.)
my ex husband put us on chex systems by letting our 2 accounts go in the negative after our divorce, I fled the state due to severe abuse and his revenge on me was to totally ruin my credit and his actually - but I still can not find a bank to do 'free' checking for me in Indiana - does anyone know of one? Please - let me know! Thanks
i'm om checxsystems and I have a normal checking accout at a regular local bank. It took some calling around but it was worth it. Just go to your local yelow pages, start at the top and call around. Explain your situation and ask if they can help! The worst that can hapen is that they could say NO!!!
Disclaimer: All information on this site is provided for informational purposes only! By no means is any
information presented herein intended to substitute for the advice provided to you by any health care or other professional
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