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WHAT IS CHEXSYSTEMS
WHO IS CHEXSYSTEMS
WHAT DO THEY COLLECT
HOW DOES IT
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We Help People in Chexsystems
get New Bank Accounts!
ChexSystems (often
misspelled as Check Systems) is a membership service used in the banking
industry. The members consist of Banks and Credit
Unions.
Chexsystems Inc. provides its members with what it calls deposit account verification
services. The members use the information the company provides to identify
applicants that have had what they classify as a suspect banking history.
The members contribute information on what they consider as a
misuse of a checking and/or savings accounts to a central database. This
information is then accessed and shared with all other members to help them
assess the risk of any new applicants
The Most Common Reasons: An account overdraft, bank fee dispute, or a person does something the bank considers an act of fraud. If it is not satisfactory corrected in what the bank feels to be a timely matter... then that bank will closed the account
and report the customer to Chexsystems.
When that customer attempts to open another account at any other bank that is also a member... he or she is denied because of the report from the previous bank.
Estimates say that Chexsystems has about 8 million names in it's database.
Bank officials and executives defend the database as a necessary and valuable weapon in the battle against fraud which annually cost banks
billions of dollars in losses.
Critics say this may be absolutely true... but also believe the banks are using Chexsystems as an excuse to deny people who
they feel will not consistently maintain high balances in their accounts. Therefore they use Chexsystems as a cover to weed out those judged as unprofitable customers.
The Problem: There are no set rules, or standard
guidelines to determine who gets reported, and who doesn't. It is up
to the individual banks and their own policies. Therefore... depending on the
bank a person could find their account closed and reported to Chexsystems for
as little as one bounced check.
Their name remains in the database for 5 years. During this entire time opening a new bank account can be very difficult to accomplish. Many feel they are stuck with no options but purchasing money orders, and constantly paying expensive check cashing fees to cash their checks on paydays.
ChexSystems
Solutions
Will Help You Get A New Account!
Chexsystems Solutions
Proud Member Of:
Consumers Info USA
12388 Warwick Blvd
Suite#301D
Newport News VA 23606
We are NOT Chexsystems!
This website is in no way affiliated with Chexsystems
Our company helps people who are in Chexsystems
get new bank accounts!
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