ChexSystems is a popular account verification service used by most banks and credit unions in the US. This service, owned by EFunds Inc, is used by nearly 90% of the banks in the country to provide them with information on customers who have mishandled bank accounts or have had banking problems in the past.
How long does negative information stay in my ChexSystems file?
Any information reported to ChexSystems stays in your file for five years after it is reported by your bank, unless the bank requests it removal or it is successfully disputed as incorrect by you
Does the bank automatically inform ChexSystems to remove the negative information after I have fixed the problem?
A bank is required to report to ChexSystems if a debt to the bank has been paid in full. However, there is no requirement for the bank remove the original information that they reported. You will need to request removal of the information by the bank.
How do I get a copy of my ChexSystems report?
You can request a copy of your report by two methods – via mail or via the internet.
You can request a report by mail by writing to ChexSystems at the following address:
Chex Systems, Inc.
Attn: Consumer Relations
7805 Hudson Road, Suite 100
Woodbury, MN 55125
You can request a copy of your report online by going to the ChexSystems website at:
No matter which method you choose, please be sure to include your full name, your address, and your Social Security number.
What does it cost to get a copy of my ChexSystems report?
If you have been turned down for a bank account in the last sixty days, you can get a copy of the report for free online. The standard charge for the report is $8.00. However, you are also entitled under the Fair Credit Reporting Act (FCRA) to get a free copy of your report once every 12 months.
Can I dispute the ChexSystems report if it is inaccurate?
Definitely! We have provided a sample dispute letter in the dispute section of this website. If there is an error on your ChexSystems report, you should dispute the inaccurate information. If you don’t, this inaccurate information will be reported for up to five years.
Why did ChexSystems decline my account?
ChexSystems only reports the information provided to them by its member banks. In no way does ChexSystems decide whether your banking history should affect your ability to get a checking account. The decision to approve of decline you application is entirely up to your local bank.
What will be on my ChexSystems report?
Here are some of the things that can be on your ChexSystems report:
· If you have involuntarily had a bank account closed.
· Whether you have an outstanding debt to a bank
· The number of times you have applied for a bank account in the last ninety days
· The number of times you have reported checks to be lost of stolen in the last three years.
· If you have had multiple overdrafts on your checking account in a short period of time.
· If you have any history of bank account, debit card or ATM abuse
· The report will also confirm your Social Security Number and driver’s license number.