ChexSystems

[FourAces]

Anyone know of banks that do not use ChexSystems? My previous credit problems are listed on this bank rating service and I cannot open a new account with many traditional banks

 

RT

[Skyyguy]

Try opening up a brokerage account with Merrill Lynch, or schawb etc. Many offer checking accounts that arent verified through chexsystems. But sometimes you need a large sum to open the account..

[Skyyguy]

Try opening up a brokerage account with Merrill Lynch, or schawb etc. Many offer checking accounts that arent verified through chexsystems. But sometimes you need a large sum to open the account..

[Guest zipperzone]

>Anyone know of banks that do not use ChexSystems? My previous

>credit problems are listed on this bank rating service and I

>cannot open a new account with many traditional banks

 

Why would you prior credit history be of concern to a bank if you wanted to open an account? You puts your money in and you takes your money out. Where is the risk to the bank.

 

I could understand they might not want to give you a credit card but simple banking proceedures shouldn't be affected - or am I missing something here?

[Guest zipperzone]

>Anyone know of banks that do not use ChexSystems? My previous

>credit problems are listed on this bank rating service and I

>cannot open a new account with many traditional banks

 

Why would you prior credit history be of concern to a bank if you wanted to open an account? You puts your money in and you takes your money out. Where is the risk to the bank.

 

I could understand they might not want to give you a credit card but simple banking proceedures shouldn't be affected - or am I missing something here?

[FourAces]

Without going into a lot of detail Zip, ChexSystems is to banks what Equifax, Experian and Trans Union are to financial institutions. If you do not have a clean credit history with a bank in the past, as is my problem, you're basically and legally blacklisted.

 

Punch ChexSytems into a search engine to find some links to horror stories about this reporting service

 

RT

[FourAces]

Without going into a lot of detail Zip, ChexSystems is to banks what Equifax, Experian and Trans Union are to financial institutions. If you do not have a clean credit history with a bank in the past, as is my problem, you're basically and legally blacklisted.

 

Punch ChexSytems into a search engine to find some links to horror stories about this reporting service

 

RT

[woodlawn]

> If you do not have a clean credit history with a

>bank in the past, as is my problem, you're basically and

>legally blacklisted.

 

I assume not having a clean credit history with a bank means that a bank loaned you money and you failed to repay it in accordance with the terms of the loan. I'm not sure why this would make a bank unwilling to give you an account that does not permit overdrafts, but if it does have that effect you might try a foreign bank.

[woodlawn]

> If you do not have a clean credit history with a

>bank in the past, as is my problem, you're basically and

>legally blacklisted.

 

I assume not having a clean credit history with a bank means that a bank loaned you money and you failed to repay it in accordance with the terms of the loan. I'm not sure why this would make a bank unwilling to give you an account that does not permit overdrafts, but if it does have that effect you might try a foreign bank.

[Guest Conway]

I worked in a bank for a number of years. Chex Systems will report two things to banks. First, if you had an account with a bank, overdrew the account and never settled the overdraft, the bank will write off that overdraft as a sundry loss and report the bad account to Chex Systems just like it would report a written off loan to the credit bureaus.

 

Secondly, if you wrote a check to a vendor and it bounced, the vendor may have reported the bounced check to Chex in an effort to collect it.

 

My suggestion is this, call Chex and get the specific information on who has reported you. Then call them and attempt top work something out. If an account was written off years ago, the bank may accept partial payment to satisfy the obligation in full. Make a satisfactory report to Chex a condition of your settlement with the bank an/or vendor.

 

Hope this is helpful.

[Guest justme]

Having worked in a bank for the past 18 years and also being the person who did the reporting to chex for a good many of those years, you got reported for one reason and one reason only. You owed a bank money and didn't pay. You are on Chex for 7 yrs from the date you were reported. You would be hard pressed to find a bank today who will actually remove you from Chex even if you pay up. They will provide you with a letter stating you have paid all monies due the bank. With that in hand you will have a slight chance that someone might cave and actually give you the account. Also remember if you don't want to voluntarily go back to the bank and make amends, they can, and most likely will, if this is any kind of significant amount of money, turn you over to a collection agency who will get the money out of you one way or another. I was forced to do this many times over the years. Good Luck! Hope everything turns out okay. If nothing else, if you have a check cashing card for the grocery store, you can cash your checks at the grocery store and buy money orders to pay your bills. Your other alternative would be to go to a check cashing store, but, they generally charge significant fees for their service.

[OneFinger]

Have you tried a credit union? They are sometimes more lenient than banks and may open a guaranteed account. (You agree to keep XXXX dollars in a savings account and they will let you open a checking account.)

 

When it comes to cashing business checks, isn't the issuing bank required to cash that check? For example, you receive a payroll check drawn from an account from ABC Bank. Even if you don't have an account with ABC Bank, aren't they required to cash their own check for you at no charge?

 

You may also want to checkout internet banks. I have accounts with ING and have found them very reliable.

[FourAces]

Sky thanks for the suggestion. I opened a brokerage / checking account without problem.

 

RT

[Skyyguy]

Glad that worked for you!