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What is ChexSystems?

You get reported to ChexSystems if your bank account is closed for a valid reason::
Bank was unable to collect for an overdraft, ATM transaction, or automatic payment.
Fraud.
Providing false information in opening account.
Each incident typically stays on your record with ChexSystems for FIVE full years from the date the incident was reported
Once an incident is reported to ChexSystems it may be difficult or impossible to remove from the ChexSystems database.
Banks may decide not to open a checking account if there are one or more incidents reported to ChexSystems. How to get off ChexSystems

Should I pay ChexSystems?

It has been reported that some banks that will resume a previous relationship with a banking customer once the sum that is reported to ChexSystems has been satisfied. It is the banks option to give you a second chance. If it is within your means, settle the amount and ask to have an account reopened. ChexSystems

Is ChexSystems Justified?

By Steve Baik

Today, more than 20 million US citizens are living without a bank account. The primary reason is due to ChexSystems' dominating presence within the consumer banking world. It is estimated that over 80% of all banks and credit unions in the United States, use ChexSystems to verify new customer accounts. Most individuals listed in the ChexSystems database were reported due to mishandling of their checking accounts, while the rest were attributed to abuse, fraud, or errors.

Within recent years, many websites have sprung up on the internet offering help for people listed on ChexSystems. Services vary among these sites, ranging from free information to paid memberships. No matter where you turn, there are countless numbers of "victims" venting their frustrations through the use of public forums and message boards.

Most of the frustrations shown by "victims" of ChexSystems seem justified, but even then there are always two sides to every story. Most "victims" feel that 5 years of being "blacklisted" is punish-ment beyond justification. And if reported in error, even worse a punishment. In addition, many have complained that the banks give no breaks when it comes to consumer mistakes, but are quick to cover up their mistakes when the banks are at fault. Banks, on the other hand, justify using ChexSystems to protect their assets.

Either way you look at it, ChexSystems is a much needed organization in the banking industry. Without this type of asset protection against con-artists and scammers, banks would eventually go bankrupt.

The real question is how fair is the punishment for the consumers who innocently have fallen into tough financial situations, and as a result defaulted on their bank account. Is it fair to "blacklist" all consumers the same way regardless of their actions? These are just a couple of the questions that need answering before any proper reforms can be reached.

About the Author: Steve is the chief editor for CreditServicer.com, a site that provides free resources for ChexSystems and bad credit. You can also see his work at ApexCreditCards.com, a site that offers credit card comparisons.

Source: www.isnare.com
Permanent Link: isnare.com/99225

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ChexSystems No Credit No ChexSystems Second Chance Checking Account

Is ChexSystems Justified?

ChexSystems
No Credit No ChexSystems
Second Chance Checking Account