Will getting reported to ChexSystems affect my current accounts and ability to apply for credit?

ChexSystems 1 Response »
Jun 212011

Question by newtobigd78: Will getting reported to ChexSystems affect my current accounts and ability to apply for credit?
I was unfairly reported to ChexSystems over a $ 200 overdraft that I was trying to repay. Will this affect my current checking accounts (i.e., can your bank drop you if they learn that you are on this list?), and will this affect my ability to apply for credit cards and auto loans?

Best answer:

Answer by sunshine
It just that if you try to open another account (savings/checking) to another bank, the bank will denied you cause they see your name on ChexSystems and you have to pay what you owe to that bank and show them a receipt you paid them off before they can approve you to open an account. But also if you don’t pay what you owe to the bank it will be on your credit report. So please try to pay them off ASAP.

Know better? Leave your own answer in the comments!

Posted by at 11:39 am Tagged with: , , , , , , , ,

How long does it take for a bank to realize a person has a report on Chexsystems?

ChexSystems 1 Response »
Jun 182011

Question by DD_838: How long does it take for a bank to realize a person has a report on Chexsystems?
Are banks able to tell right away that you have a bad Chexsystems report when you try to open up a checking account with them? Or do they just open the account then close it in a week or so when the report comes back?

Best answer:

Answer by Dave
They can tell right away – if they check right away.

Add your own answer in the comments!

Posted by at 4:43 pm Tagged with: , , , , , ,

CHEXSYSTEMS – THERE IS ANOTHER WAY

ChexSystems No Responses »
Jun 152011

CHEXSYSTEMS – THERE IS ANOTHER WAY

If you’ve ever fallen foul of banking laws, then the chances are that you may have been reported to ChexSystems. We’re not talking a major bank robbery here, your bank can report you for simply being overdrawn for more than 1 month, writing lots of rubber checks (bouncy bouncy) or becoming involved in any fraudulent activities, and once you’re in the system your details will remain with ChexSystems for the next five years.

But actually what is ChexSystems? It’s where the banks and other finance institutions report individuals who have got into financial difficulty once too often, and they put your name on the list – then, when you go into another bank and try to open an alternative account they can check up on you and see whether you’re a safe option. The banks have had their fingers burned just that little too often, especially in the economic downturn which has been running riot all over the globe lately.

If the information which they hold on you in ChexSystems is all present and correct, there’s nothing much you can do about it except wait for the time to pass, but if you know that anything is incorrect or inaccurate then you certainly can do something about it, you can file a ChexSystems Dispute, after all, you don’t want to be refused credit or a bank account because of something which simply isn’t true, do you?

So, the big question is, can there be life after ChexSystems? Of course there is, there is always a solution if you just know where to look. For a start, there are a small number of banks (around 15%) who don’t use this checking system, so these Non ChexSystem Banks will not be any the wiser about your indiscretions.

Another solution is called second chance banking; after all, everyone deserves a second chance don’t they? These are great for anyone who has found themselves listed with ChexSystems and needs to open a bank account.

Can’t be trusted with a debit card? Are you prone to a little uncontrollable spending from time to time? These days there are situations when a debit card is absolutely vital and cash just won’t do, but did you know that there are prepaid debit cards which are a perfect solution. After all, if the money is already there you’re not spending something you haven’t got, are you? Prepaid debit cards really can make a world of difference.

 

 

ChexSystems is one method the banks use to keep a record on people who have got into difficulty with their accounts. If you don’t agree with any of their information, however, you can file a ChexSystems Dispute.

 

 

Article from articlesbase.com

Posted by at 9:39 pm Tagged with: , ,

Finding Non ChexSystems Banks

ChexSystems No Responses »
Jun 102011

Finding Non ChexSystems Banks

There are a lot of websites that offer lists of “non-chexsystem banks” either for free or for sale. All of the websites state the lists might be (or are) outdated, and many of them appear to have gotten their information from the same source. In light of that, we are going to do things different here. While we could copy and paste the same outdated list like everyone else has apparently done, we choose not to do that.
Instead, today we are going to talk about how to FIND a non-ChexSystems bank if you have been reported to ChexSystems. Note that you can also dispute with ChexSystems while you are looking for an alternative bank to use. You may also be able to amend your ChexSystems report to say that all amounts have been paid, which may be enough for some banks to give you a checking account.

And what if you still need a non-ChexSystems bank?

Here are some possible options:

1. Use PayPal. PayPal offers a debit card and the ability to pay people online. While it isn’t a “checking account” necessarily, you can link it to a savings account and use it for many regular online and offline transactions.

2. Look to online banks such as ING Direct. According to multiple sources, many online banks do not use ChexSystems. Some may offer “real” checks while others do not. With bill pay options, electronic checks, and a debt card… an online bank may provide all you need.

3. Try local credit unions and smaller banks. Many of them do not report to ChexSystems. You do not have to visit the banks to do this. Just grab a phone book and start making calls.

4. Call around and ask banks in your state if they offer “second chance” checking accounts. You can also search online.

5. Consider using an alternative like a pre-paid visa card or a service like “Ibankup”  that combines a prepaid visa with their online money management portal and offers “online checks”.

If you go through the above options it is highly likely that you’ll find something that will work for you.
With the popularity of “ebills” and “online billpay” growing rapidly, hand-written checks are not as popular (or necessary) as they used to be. You may be surprised at how functional your financial life can be without ever having to use a traditional checking account.

Jay Peters is the founder of Credit Repair Publishing and has been
publishing credit repair information since 1994.  For their free
eBook titled “28 Credit Secrets the Banks, Collections Agencies and
Government Don’t Want You to Know!” Visit their website at:
http://www.creditrepairpublishing.com

Article from articlesbase.com

Posted by at 7:40 am Tagged with: , ,
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