| Many people, at one time or another, have financial | | | | you if your chexsystems record shows paid. If you |
| trouble. If this trouble involves your bank account, it | | | | are looking to open an account, there are some |
| can have serious future repercussions. If you Have | | | | things to do before choosing a financial institution. |
| been reported to chexsystems, many banks will not | | | | Look for a non-chexsystems bank by calling and |
| allow you to open a checking or savings account. | | | | asking if they use chexsystems. |
| This can be very detrimental and have long lasting | | | | If they do, explain your situation and ask what their |
| effects. There are ways to effectively manage your | | | | requirements are. Sometimes they will work with you. |
| money even with this problem by using a | | | | If you have a family member who banks |
| non-chexsystems bank or a pay card. Chexsystems | | | | somewhere, ask if they will be on the account with |
| is a reporting agency that most financial institutions | | | | you. Some banks will allow you to open an account |
| use to screen their potential customers. Banks report | | | | with a current account holder in good standing. Don't |
| customers that mishandle their accounts. | | | | go to several banks and apply for an account. Each |
| If you have had a checking or savings account in the | | | | time your file is accessed it is recorded and can |
| past that has gone into the negative and you did not | | | | negatively impact your chances of being accepted. If |
| pay it off, a bank will write off that amount after a | | | | you cannot find a non-chexsystems bank, you can |
| certain period of time. Your account will close, but it | | | | apply for a pay card. This is basically a pre-paid debit |
| will still show that you owe a certain amount of | | | | card. |
| money. Depending on the amount of the charge off, | | | | If your employer offers direct deposit, you can have |
| all signers on the account will be reported to | | | | your pay check put directly onto this card. Usually, |
| chexsystems. | | | | these accounts are not supported by the branches, |
| A Chexsystems record remains in effect for five | | | | so you need to mail in your application or submit it |
| years. getting your name removed from | | | | online. These prepaid MasterCards are great because |
| chexsystems is very difficult. Even if you pay the | | | | you are not forced to use cash all the time and |
| outstanding balance, your record will remain. The only | | | | many will accept payroll deposits from your employer. |
| way to get taken off is if the reporting bank | | | | They are very secure and you have access to cash |
| chooses to remove you. Some banks will do this and | | | | at participating ATMs. |
| some will not. Your best bet is to go to the branch | | | | Prepaid debit cards are great alternatives to a |
| where you opened your account originally. | | | | traditional bank account. If you have been reported |
| Typically, the decision rests with them because your | | | | to chexsystems, don't lose heart. You do have |
| non-payment has directly impacted the productivity | | | | options. Use non-Chexsystems banks or apply for a |
| of their branch. Before paying your balance, talk to | | | | prepaid Mastercard or Visa debit card. These are |
| the branch manager. Tell them that you are willing to | | | | both great options that will allow you to effectively |
| pay the debt and ask if they will remove you. Even if | | | | manage your finances while you safeguard your |
| they will not take your name off, they will mark your | | | | financial future. |
| account paid. Some banks will open an account for | | | | |