ChexSystems

If you are in ChexSystems you are not in the best place, however with some sound advice and responsible money management you can limit the financial costs and possibly get out of ChexSystems before you know it.

 

What is ChexSystems?

 

ChexSystems is a little black book. Every banking institution has access to this little black book. Once your name is put in this book you can not get a bank account from any bank! You may be initially approved but will shortly receive notification that your account has been closed.

 

Why does this black book exist & how long will you be in it?

 

This black book exists to protect other financial institutions. The reason someone get's placed in the black book is because they have had an account closed for cause. This typically means it was overdrafted or some fee was never payed by the account holder. Therefore the bank puts you in the book and you can not get a new account with any institution.

 

Once you are in the book - you will be in it for 5 years. You are entitled to a free report of your ChexSystems report and you can get that by clicking here or visiting consumerdebit.com - and just like with your credit reports you can dispute ChexSystems. There are a multitude of reasons why you can be removed from ChexSystems without waiting the five long years - for example if you were the victim of identity theft. Just make sure you have documentation and you send that in with you dispute.

 

Need an alternative to a checking account?

 

It's ok - you are not alone! It's nothing to be ashamed about! You can always count on life throwing you curve balls and the financial ones seem to come when you can least handle them!

 

On the bright side you have plenty of options to choose from. We recommend a prepaid debit card. Many of these offer you free direct deposit - saving you money on expensive check cashing fees. Additionally they will give you access to a bill pay feature - this will eliminate your need to purchase a money order again!

 

The best prepaid card is the AccountNow Gold Visa - there is no credit check and 100% guaranteed approval. Additionally you get free direct deposit and free bill pay & there are $0 monthly fees, $0 minimum balance, $0 interest fees, and when you sign up for free direct deposit you get $25 for free added to you account!

Click Here to Apply - AccountNow Prepaid Visa

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