• About Me
  • Courses
  • Contact
    • Ads
  • Press & Media
  • Free eBook
  • Free Facebook Group
  • Disclosures
    • Privacy
Yes, I Am Cheap
ADVERTISEMENT
  • Home
  • News
    • All
    • Politics
    stimulus

    Why You Might Not Get A Stimulus Payment

    Credit card security, equifax data breach

    How to Claim $125+ from the Equifax Data Breach Settlement

    foreclosure homes - When Does It Make Sense to Refinance?

    When Does It Make Sense to Refinance?

    no apple

    Get A New iPhone? Heck No!

    poor definition

    Mom Fired For Working At McDonald’s While Kid Plays In Park…Was She Wrong?

    What’s Keeping You From Finding A Job

    U.S. Students Fall Behind: Seemingly Get Dumber By The Minute

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Lifestyle
    • All
    • Food
    • Health
    mask insert

    Wearing A Mask? This Can Help You Breathe Easier

    high deductible health plan

    What Is A High Deductible Health Plan?

    free thanksgiving dinner

    How to Get Your Thanksgiving Meal for Free

    using hand sanitizer, your own

    How to Make Your Own Hand Sanitizer

    Yoga pose

    5 Ways to Practice Yoga on a Budget

    Traveling, new cultures, Start a Saving Challenge, Spend Smart on Food

    3 Simple Ways to Save for A Vacation

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Investing
  • Make Money
  • Learn Something
  • News
  • Reduce Debt
  • Rental Property
No Result
View All Result
  • Home
  • News
    • All
    • Politics
    stimulus

    Why You Might Not Get A Stimulus Payment

    Credit card security, equifax data breach

    How to Claim $125+ from the Equifax Data Breach Settlement

    foreclosure homes - When Does It Make Sense to Refinance?

    When Does It Make Sense to Refinance?

    no apple

    Get A New iPhone? Heck No!

    poor definition

    Mom Fired For Working At McDonald’s While Kid Plays In Park…Was She Wrong?

    What’s Keeping You From Finding A Job

    U.S. Students Fall Behind: Seemingly Get Dumber By The Minute

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Lifestyle
    • All
    • Food
    • Health
    mask insert

    Wearing A Mask? This Can Help You Breathe Easier

    high deductible health plan

    What Is A High Deductible Health Plan?

    free thanksgiving dinner

    How to Get Your Thanksgiving Meal for Free

    using hand sanitizer, your own

    How to Make Your Own Hand Sanitizer

    Yoga pose

    5 Ways to Practice Yoga on a Budget

    Traveling, new cultures, Start a Saving Challenge, Spend Smart on Food

    3 Simple Ways to Save for A Vacation

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Investing
  • Make Money
  • Learn Something
  • News
  • Reduce Debt
  • Rental Property
No Result
View All Result
Yes, I Am Cheap
No Result
View All Result

Finance 101: How To Open A Checking Account When You Are In ChexSystems

Sandy Smith by Sandy Smith
February 4, 2021
in Finance 101
0
Finance 101: How To Open A Checking Account When You Are In ChexSystems
Share on FacebookShare on Twitter

This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.


Welcome back! Have you checked out the free webinar on how to establish credit for your small business?


In life, when you are hitting an unseen obstacle as you try to reach your goals, it can be a very frustrating feeling. After all, life’s challenges are much easier to take on when you fully understand what you are up against.

That is why people who have been rejected time and again for a new checking account can start to feel a bit helpless. Many falsely believe that their credit (FICO) score is to blame, and they do not understand that the most likely reason for their rejection is due to something called ChexSystems.

ChexSystems is a database that was created by a company called eFunds to help banks manage their level of risk in taking on new checking account customers. The ChexSystems database allows banks to report customers whom the banks believe are risky customers due to those customers’ past banking behaviors. Of course, those same participating banks also refer to this database when reviewing customer applications.  If the person’s name shows up, the application is often rejected.

So, what can you do if you are on this special database but need to get a new checking account? If you are saying, “I want to open a checking account but I am on ChexSystems,” here are 5 tips for getting an account:

  1. You have little control over your name showing up in the database:
    If you like, you can inquire with ChexSystems and ask them to generate a Consumer Report for you. This will allow you to review your record as it appears in ChexSystems. Note, however, that doing so will likely be no help in getting your name removed. Bottom line: those same banks will likely continue to reject your application for the foreseeable future.
  2. You can and should report any errors that caused your name to show up there.
    If you do run your report, be sure to report to ChexSystems any errors that may be keeping your name in the database. This is the one way that you can possibly get your name removed from the system. Still, removal remains unlikely.  I have listed ChexSystems’ contact information below:Mail:
    Chex Systems, Inc.
    Attn:  Consumer Relations
    7805 Hudson Road, Suite 100
    Woodbury, MN 55125

     

    Fax: 602.659.2197
    Telephone: 800.428.9623
  3. Your best bet is to find a second chance checking bank:
    Rather than spending your time trying to get your name removed from this banker’s database, your time may be better rewarded in looking for a second chance checking bank. These are the banks who promise not to refer to ChexSystems when considering your application for a new checking account.
  4. Compare multiple second chance checking banks to find the right one for you:
    As you shop for a second chance checking bank, be sure to compare the offerings of multiple banks. Each bank offers different benefits and features. Also, make sure that your bank is FDIC-insured.
  5. Apply for a new checking account:
    Given your past rejections, you may be hesitant to apply for a new account. Don’t be: second chance checking banks are almost certain to approve your account application, despite other factors such as your ChexSystems status or your credit score.

It’s important to note that Chexsystems is governed by the Federal Fair Credit Reporting Act. You have the same rights concerning the information collected and stored there as you do with Experian, Equifax and Trans Union. Follow these 5 tips in order to increase your chances of getting a new checking account.  Your other option is to work completely on a cash and money order system.

Related

Previous Post

How Do You Know You’re Getting Good Financial Advice?

Next Post

Common Purchasing Mistakes & How to Fix Them

Sandy Smith

Sandy Smith

I started this blog years ago as a way of keeping myself accountable to my own debt reduction plans. Now I'm using this site to help others get out of debt, and learn about personal finance so that they can live their best lives.

Next Post
purchasing

Common Purchasing Mistakes & How to Fix Them

Stay Connected

  • 5.6k Fans
  • 10.1k Followers
  • 4.7k Followers
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Tips For Buying A New Car

Tips For Buying A New Car

February 4, 2021
high deductible health plan

What Is A High Deductible Health Plan?

March 31, 2023
Cost of Living in the 1950’s as Compared to Today in 2013

Cost of Living in the 1950’s as Compared to Today in 2013

February 5, 2021
house

Hidden Costs Of Home Ownership

February 4, 2021
Federal Student Loan Debt Relief

Why Some People Should Wait Before Applying for Student Loan Forgiveness

October 18, 2022
AirBnb Experiences

Why Airbnb Experiences Are The Best Side Hustle

July 10, 2021
mask insert

Wearing A Mask? This Can Help You Breathe Easier

February 21, 2021
Scams

What’s The Deal With All The Scammers Lately?

February 18, 2021

Recent News

Federal Student Loan Debt Relief

Why Some People Should Wait Before Applying for Student Loan Forgiveness

October 18, 2022
AirBnb Experiences

Why Airbnb Experiences Are The Best Side Hustle

July 10, 2021
mask insert

Wearing A Mask? This Can Help You Breathe Easier

February 21, 2021
Scams

What’s The Deal With All The Scammers Lately?

February 18, 2021

Helping you live your best financial life through personal finance news and education

Follow Us Everywhere

Browse by Category

  • About Me
  • Auto
  • Credit
  • Credit Cards
  • Finance 101
  • Food
  • Get Out of Debt Course
  • Health
  • Investing
  • Learn Something
  • Lifestyle
  • Make Money
  • News
  • Off The Reservation
  • Partner Posts
  • Politics
  • Rants
  • Reader Advice
  • Recipes
  • Reduce Debt
  • Rental Property
  • Save Money
  • Scams
  • Special Offers
  • Spend Money
  • Sponsored Posts
  • Video Pick
  • Weekly Roundup
  • Work

Recent News

Federal Student Loan Debt Relief

Why Some People Should Wait Before Applying for Student Loan Forgiveness

October 18, 2022
AirBnb Experiences

Why Airbnb Experiences Are The Best Side Hustle

July 10, 2021
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 Say Yes Services LLC. All rights reserved.

No Result
View All Result
  • About Me
  • Courses
  • Contact
    • Ads
  • Press & Media
  • Free eBook
  • Free Facebook Group
  • Disclosures
    • Privacy

© 2021 Say Yes Services LLC. All rights reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT