Chexsystems - a description


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The chexsystems database (Owned by the Deluxe corporation) lists over 23 million people who can not get a checking account. U.S Banks and credit unions use chexsystems so as to protect themselves fro what they call " mis-handled" accounts. How can you end up in this database? THere are several ways for example; Multiple overdrafts; NSF (non- sufficient funds; Savings account, debit card, and/or ATM abuse; Any form of fraud; false representation when opening your account; if your bank was unable to collect money you owe them - this could be $2 or $40,000, it does not matter; or when a bank has a "cause" to close your account - this "cause" though varies from bank to bank. To see if you have been reported for any reason you can find out by contacting:

12005 Ford Road, Suite 600
Dallas, TX 75234-7253
Fax: (972) 241-4772 or
phone:(800) 428-9623 or (972) 280-8585

You will be able to get your report for free if you have been denied an account in the past 60 days, otherwise there is an £18 charge. Bare in mind that if you do contact them they will need some detailslike your name, address, SSN, Date of Birth, Drivers licence number and your prior address depending on whether you fax, write or phone them. It is essential to have all this information at hand. They need this information so that they can make all accurate searches related to you.If you want to get the reprt related to your spouseyou will need a notarised Power of Attorney or related document signed by your spouse ( or whomever it may be)authorising you to obtain their report. They are compelled by the Law to deal only with the individual to whom the report is about. This is naturally to protect consumer privacy.

Chexsystems is not a credit bureau but a consumer reporting agency governed by the Fair Trade Reporting Act and other Laws. The reports remain on file for 5 years unless the Bank or Credit Union that placed the report requests it's withdrawal or is made to remove it by law. Please not that Chexsystems has no power to approve or decline the opening of accounts with banks or credit unions.

If you receive a collection notice from Chexsystems Collection agency you need to pay them directly and for any outstanding debt you need to pay the bank or Credit Union concerned.

The information on your consumer file can be disputed by adding a brief statement to your file. To do so submit your signed statement in writing stating specifically you want it to be added to yor may contact chexsystems for help with this. You can order your consumer report securely online by clicking here

Ninety percent of U.S Banks use Chexsystems and it can be very and it can be very challenging trying to find a Bank that will give you a checking account if you have been listed in Chexsystems. Ifyou are one of the 23 million people who suffer this plight, there is a service that can help you locate the Banks that do not use Chexsystems and help you can help you get delisted from the Chexsystems database. Click Here  to find out more about this service.

The policy of most banks is to reject a new checking account application if the applicant has one or more incidents reported to chexsystems.

There few other options open to you if you have been listed apart from getting a non chexsystems account. A good alternative is to try to open a Savings Account only first as some banks do not check with chexsystems for this. You can also try requesting an offline verification in the hope that your name will not be found orhave your spouse apply separately for an individual account in hte hope that the Bank will not be able to match both of you to the same incident. Try to build a relationship with the bank once successful and afterwards procceed to open a joint account.

Taking this in mind the first option should still be applying for a non-chexsystems checking account. You can find a list of them Here after paying a membership fee of $39 for a constantly updated list of 100 Banks which do not use Chexsystems.

One last potential option is to open a checking account in a Canadian or other foreign Bank that has representation in the United states for example Bank of Montreal, Toronto Dominion, Royal Bank of Canada etc.

Good Luck!

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