What is Chexsystems?
Chexsystems is a group of banks. They share information with other members (banks) about individuals that have mishandled a checking account.
This is done by the banks to help fellow banks avoid ‘potentially problem‘ individuals. You can be placed in Chexsystems if you have;
- Had an account closed for reason.
- Over draft charges that are never paid. - Fraudulent activity.
- Your may have been the victim of fraud.
Regardless of the reason you are in Chexsystems you will be in it for 5 years.
How Do You Get Out of ChexSystems?
Chexsystems is a credit reporting agency and you can get a free copy of your report by going to chexhelp.com.
From there you can dispute any information. However unless you are a victim of fraud with evidence you will be unsuccessful in your dispute.
Getting a Checking Account?
Just because you have made some financial mistakes in the past does not mean you will have to pay for expensive money orders and check cashing fees for the next five long years.
In a recent study it was learned that they average person in chexsystems spends $373 annually on these fees.
However you do have some options. If you have a large amount of money sometimes personally speaking with a new account representative at your local bank can help.
Occasionally they are willing to work with you if you open a certificate of deposit.
Likely you are not in the best financial position and all the fees associated with not having a checking account are making it worse.
We suggest you get a prepaid debit card. This is because many offer free direct deposit and free bill pay.
This eliminates all the fees you pay to buy money orders and cash your paycheck.
Specifically we suggest the prepaid AccountNow Gold Visa.
It gives you; Free direct deposit & Free bill pay. Best of all there is 100% Guaranteed Approval with No Credit Check or Chexsystem Verification. And right now they are giving you a free $25 bonus just to sign up for free direct deposit.
