Most people take having a checking account for granted – something they are entitled to. They go through life never realizing that you have to qualify for a checking account. There is no obligation for a bank to give you one.
However they will quickly find out that if they don’t handle their checking account properly they will not be able to get a checking account from most banks. This due to a company called ChexSystems.
If you have ever had a checking account closed by a bank, you will quickly learn about a company called ChexSystems. This company is like the credit bureau of checking accounts. Before a bank will let you open an account, they will run an electronic check with ChexSystems to see if you have had a problem with a checking account before. If you have, you they will consider the seriousness of the reason and may reject your application for an account.
What Did I Do to Get on ChexSystems?
The most common thing that gets people black listed on ChexSystems is bouncing too many checks and not paying overdraft fees. Once a bank views your account as a problem account, they will often close it –as this is their right – so they will no longer be bother dealing with your problems.
How to Get Off of ChexSystems?
There are several things you can do if you are on ChexSystems
- The best thing to do is go back to the bank that reported you and see if the problem can be resolved. If it can, the bank will have the negative comments at ChexSystems removed and you will be able to open a checking account anywhere. This is by far your best bet. Whatever the problem was that caused the mess to begin with, Fix it! It will haunt you forever if you don’t
- You can look for a bank that is a non-ChexSystems bank. However there are fewer of these banks and the number is dwindling. Your best bet would be to look for a credit union that required certain membership to open an account.
- Use an alternative checking account like a debit card on a savings account or an alternative check like a travelers checks.
Being listed on ChexSystems is a serious problem and should be remedied as soon as possible. Otherwise the problem will just get worse. If you have a problem figuring out how to get off of ChexSystems, you can hire a professional who is used to helping people clear their record. Just do a quick Google search as these companies advertise all over the internet.