Chex Systems is Not the End

By | December 9, 2014

Big Problem – You have a Chexsystems Record and You need a solution . . .

If you are seeking detailed information then read through this site and investigate each alternative. You have a limited number of options. You need a bank account. Now that you are on Chex you can expect that every “solution” is going to charge you a fee. Be prepared for it. You violated some banking rules. You now have a Chex record. There are solutions, but none of them are 100% free. We have studied all of the alternatives. In the future, when we have vetted each one we will link directly on this site. But for now we are only providing pure, unbiased, straight information. Keep your head up, one thing is for certain, understand that you should have no worries over this, it is survivable. Even though you should have “no worries”, you also need to understand that each “workaround” will require some effort on your part. Not much. But more than simply having an account at the local bank branch. Before we cover the details we need to set a base line of expectations. In order to do this let us first discuss how banking functions for most people and what you normally expect from a bank. What do you do at a bank? It’s usually the following:

  • 1. Money In.
    • 1. Deposit paycheck.
    • 2. Deposit other income.
  • 1. Money Out.
    • 1. Pay bills with checks.
    • 2. Pay individuals with checks.
    • 3. Cash – ATM Access
    • 4. Full Debit Card Use with Visa or Mastercard logo.
  • 1. Build Relationship With A Bank – also known as Credit.
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In all the years I worked at a bank the above sums up what most people do with a bank. The key to getting past your Chexsystems record is simply to choose any of the available alternatives we present and suddenly you will be back on track. In the end you need to take action to fix the problem. Most people spend too much time researching and not enough time taking this action. When it comes to the available alternatives most of the accounts are all the same. The key is start getting back on track as soon as possible. The longer you wait – the more problems will continue to pile up. It really is true – the solution is simply to google “non chexsystems banks” and choose one. Nothing else to it. I know there was a large “run up” about the potetial solution. But the truth is, you have a record, you will not get that record removed, you need to take an available “workaround”. Now for some background information. What Does Chexsystems Do? Do you ever wonder how credit card companies determine whether or not you are eligible for a certain credit card? They use credit reporting agencies to research peoples’ credit history. If a person’s credit history is good, credit card companies will allow them to open more cards with them. This is what they do, but with bank accounts instead of credit cards. Chex was founded in 1985 and are partnered with almost 10,000 banks across America. They provide banks with information about how people have handled their checking accounts at banks. One of their most popular services is they check Chexsystems for Your Chex Sytems Record . This report is useful when somebody applies to open a new bank account so that the bank will know whether or not the person will likely overdraft his or her account.

Your Record includes information about if a person deposited fraudulent checks, had overdrafts, or was found to be having irregular banking behaviors like depositing large amounts of money or withdrawing large amounts of money. If you have suspicious activity, overdrafts, or fraudulent deposits stated on your Record report, most likely a bank will not allow you to open a new account with them. Starting in 1999, they were declared a consumer agency, which means that now they are required by law to allow people to see their report and argue against any negative claims that they find on the report. To order your report, you need to state your Social Security number, your date of birth, your name, your current address, and all of the other addresses that you have lived at in the past 5 years. While many banks loved them from the start, many consumers did not. This was because the reports only included negatives about a person’s account, unlike a credit report, which displayed both positives and negatives that the person had. Because of the negativity that the public associated with Chexsystems, banks loosened their strictness about peoples’ reports. Banks started to asses risks more carefully and accept people even if their they had a report that was negative because of a minor error. Also increased was the time that you had to pay back you debt to the bank before the bank reported you in the first place. If you believe they have put a negative comment on your report that you know is not true, you can contact their Consumer Relations Department to help you get the issue resolved. This process is fairly easy with specific directions on their site. Your bank is the only institution that is able to tell them to take a negative comment off your report. Remember that even if they will not take something off of your report because your bank said no, it will automatically be taken off after 5 years from the date it was cited. If you need to open a new bank account right away and you have a record, you can always try to find one of the few banks that does not use them in theirs approval process. However, it should be noted that banks’ policies are always changing and you should always check when the bank’s website that states they don’t use the system was updated. There are many banks that do not use them online. But if you insist on finding a local bank the old fashioned way Before The Net then do the following:

To find a bank that doesn’t use Chexsystems make sure that you have had good banking history in the past, you should start by making a list of all the local banks found in your city. Almost every national bank in the nation uses them, so only write down the local banks. Then, you should start calling around and asking to talk to a banking manager. If they verify that they do not use them, you’re in luck! Make sure that if you apply to a bank that is online that it is indeed a legitimate business. You could verify this by looking up the company name on the Better Business Bureau website. Even if you can’t find a local bank or an online bank that will accept you due to your bad report, you can always utilize the features of a bank account by getting a prepaid debit card and seeing if a friend or family member would be willing to create a separate checking account for your money under their name. This way, your money will be safe while you clear up your bad banking history. I hope that this article has taught you more about how your record works and helps banks verify your banking history. If you ever write a bad check, it is a good idea to call your bank as soon as possible to verify that it will not be reported on your record. And tough we are in an economic downturn right now, always make sure that your never have a negative balance in your bank account. This is the best way to steer clear of having a bad report. Remember that you will never get a negative report unless your bank reports it to them. That is why it is always important to get your debts paid off as quick as possible so that your ChexSystems report will still be in good standing. Even if you have passed the 60 day period of paying off your negative balance before it is reported to them. Some banks will negotiate with you. If you get your bank to agree to taking your negative report on off, make sure that you get them to agree to it in writing. Otherwise, Chex Systems cannot do anything about it. The last important thing to remember about them is that it is just one part of your financial portfolio and to not let it ruin your life. Be sure that you don’t overdraw your account or participate in illegal banking activities, but other than that, don’t sweat it. Always be responsible and be on top of all of the transactions that are happening in your bank account. I wish you success and encouragement in getting around your record.

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