ChexSystems – Denied Checking

Have you been turned down by banks when you tried to open a checking account? If you have been placed on the ChexSystems list (not spelled checksystems), you may find it hard to open a checking account. ChexSystems is a consumer credit reporting agency that provides information about how a consumer has handled deposit accounts at banking institutions. To learn more, read our blog post on ChexSystems.

Another reason you may have been denied opening a bank account is because many banks require you to keep a minimum monthly balance. If you can't meet this requirement, or

What Is ChexSystems?

ChexSystems is a credit reporting agency that offers data to banks on how consumers have handled deposit accounts at banking institutions.  It offers a service to banks to help them limit their exposure to fraud and credit risk.  ChexSystems keeps a list of individuals whose previous bank accounts have been “closed-for-cause.” If you are on the list, even if you just mistakenly bounced some checks, you can be essentially “blacklisted” from being able to open a bank account. ... learn more.

ChexSystems, 3 Facts to consider

Filing a complaint with Chexsystems isn't easy without your name appearing in their database. Three facts to consider:

1. It is very difficult to get your name removed from Chexsystems. You can only get your name removed from Chexsystems if you can prove that your name is there in error. Even then, it can still take weeks to file a complaint and get it removed.
2. Dealing with the whole process is a hassle: Even if you can get it removed, isn't your time more valuable?
3. You can find a non-Chexsystems bank. This is a bank that promise to never refer to Chexsystems when reviewing your account application. Or consider a prepaid debit card.

Avoid Check Cashing Fees

Are you tired of waiting in line to cash your payroll checks? Are you fed up with the fees you have to pay to convert a check into your own cash? Do you ever worry about carrying too much cash in your pocket? You can avoid paying any check cashing fees by having your pay or government benefits directly deposited on a prepaid card like the MiCash MasterCard. Here's how.