What is ChexSystems?

How Chexsystems works:

Banks and credit unions report incidents to ChexSystems to protect themselves and other banks in the future. You get reported to ChexSystems if your account is closed for cause. What is for cause? Banks differ greatly between them as to what valid reasons are for closing an account. Here are some examples:

• A bank was unable to collect for an overdraft, ATM transaction, or automatic payment which they honored on insufficient funds. (Regardless of amount, and often without waiting more than a few days!)
• Multiple overdrafts.
• Savings Account, debit card or ATM abuse.
• Fraud.
• Providing false information in opening account.

ChexSystems Problems? ChexSystems Blues?

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• Use as a Second Chance Checking Account
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Dear Sirs,

I left my checking account overdrawn for a few weeks while traveling.  When I returned I  went to straighten things out with the bank. They told me my account was closed and that they reported me to ChexSystems. A company had never heard of before. ChexSystem it seems is a credit reporting agency and a collection agency in one. Now I have bad credit and can’t open a checking account. After finding out how to, I contacted ChexSystem by telephone. They requested I send them a letter and explain the circumstance and provide my personal information. Meanwhile I had to cash my paychecks at a check cashing place and use money orders. Eventually I got a copy of my report and sent a reply that I had already paid the amount that was owed to my bank and would they please remove the listing. Horrified, I found out that they wouldn’t…

Can’t Open a Bank Account

I was later shocked that my bank would not re-open my checking account because of the ChexSystem listing. It didn’t matter that it was a small amount and it was paid off! Looking on the Internet to find a non ChexSystem bank is no joke.  One website sold me a list of Non ChexSystem banks, after waiting for the list I found the banks used a company called telecheck.  I still couldn’t open an account with them as I had bounced a few checks during the divorce.

A Great Solution

I got a prepaid credit card through a bank that does not use chexsystem so I could get my payroll check direct deposited. They approved me online and opened a non chexsystem bank account for me! Online access to pay my bills, even my phone, electric, cable and gas bills. It has been accepted everywhere I shop. My landlord set up an ACH debit so I don’t have to write him a check! It was truly an answer to prayers! My free time is back, peace of mind, and more money in my non chexsystem bank account! Now do you have any solutions for dealing with my ex-wife?

Thank you! Norman N. Chicago , Illinois

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