Getting a new checking account is difficult if you are listed on Chexsystems. Chexsystems is what some banks use to determine whether a new customer is financially compatible with the bank. This simply means that your past banking records have been listed and the banks may see you as a credit risk if you are listed in Chexsystems. Getting a new checking account with a bank that regularly monitors Chexsystems could be near impossible.
To learn more about how Chexsystems influence the bank’s decision, read the following…
Approximately 90% of banks in the US will not give you a checking or savings account once they know that you have received red marks for credit stability in the past. Even if you have already successfully opened an account with them, your bank will likely close it if they determine later on that you have a bad credit history.
This is a serious problem if you are one to write checks for every expenditure in your household. Without a checking account, your ability to write checks, and worse, the banks will not cash your checks. You will have to use your local check cashing store, which limits your option as far as investing is concerned. What’s more, you may not be able to pay your bills conveniently with check or with your debit card. You will not be able to send personal checks to the utility companies. If you travel, you may not be able to reserve airline tickets, shop for travel accessories online, and pay for the gas you are going to use to travel.
Think about how much better your life would be if you could freely use a bank account. Apparently, the only way to do this is to open an account with a non-Chexsystems bank. You can do this if you are tired of paying for your needs using either cash or money orders.
Because you are reading this article, you may be in this predicament right now. If so, here are some recommendations for finding non-Chexsystems banks, or for fixing your Chexsystems listing.
One immediate thing you can do is to find a bank with a second chance checking account option. Some banks are completely aware that there is a market for a service catering to people who are listed on Chexsystems.
A second chance checking account has many of the typical banking features that come with a regular checking account, but the terms may have been change to fit the lifestyle of someone who may have financial troubles.
There are lists of banks that offer this service online; but you can do better than just print out or download a list. Look around your locale and find banks that open their doors to people with such problems. Bank account applications are free so you do not need to pay any more than the cost of driving to a bank and opening a second chance checking account.
If you just recently learned that you are on the Chexsystems list, you can directly inquire if there has been some mistake. But if you are quite aware of your faults in terms of handling finances, you can start looking for non-Chexsystems banks that will give you a second chance.