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.