What is ChexSystems?

Commonly referred to as the first of the three major "Check Systems" in the U.S., Chex Systems is an association of financial institutions that network together in order to develop a database that maintains the records of mutually unwanted customers. To make sure that only financially responsible individuals open up checking accounts at member institutions, these banks report on customers who demonstrate poor financial management skills. When a customer's checking account is closed due to demonstrated mismanagement, then he or she is reported to Chex Systems. Once done, the customer will have a very difficult time opening up an account at any other financial institution partnered with Chex Systems for the next five years.

Since the vast majority of financial institutions (banks) reject potential customers who are on file at Chex Systems, being reported to them can put an individual at an extreme disadvantage. But what, exactly, does it take to get a checking account closed and reported to Chex Systems in the first place? The answer the bank usually gives out is simply "closed for cause." Yet there are many ways that a customer can end up having his or her account terminated. These range from acts as serious as fraud to the simple irresponsibility that leads to excessive overdrafts. It is important to remember, however, that policy can vary greatly between financial institutions. Depending upon which bank is in question, instances in which accounts are "closed for cause" can involve customers:

? not reimbursing their bank for overdraft amounts

? misusing savings accounts, ATMs or debit cards

? offering information that is misleading at the time the account is opened

Yet while there are many factors that can lead to account closure, banks are not always forthcoming about the specific reason for terminating an account. This can lead to some confusion when one seeks the reason for being denied a new account. Fortunately, anyone who has been blocked from opening an account at a financial institution due to the involvement of Chex Systems can request a copy of their Chex Systems file and use the information provided on our website to begin banking again quickly.

For more information, including a free Chexsystems removal kit, and list of 100 non-Chexsystems banks, please visit www.NewCheckingAccount.com

Scott Felix - Formerly stuck in Chexsystems, now a consumer advocate, freely helping people get out of Chexsystems since 2001.

---

Top 10+ Ways to Jumpstart your New Year?s Finances!

Of course, these don't have to be done in any... Read More

Saving Dimes Can Go a Long Way

On the other hand, there are those people who are... Read More

Photo Checks ? A Great Alternative in Checking

It's the little things in life that make it interesting.... Read More

Grocery Savings - Your Kitchen is a Goldmine!

Your food budget is the most flexible area of your... Read More

Personal Finance ? Why You Should Compare, not Despair

Sorting out your personal finances can be a tricky and... Read More

Eight Ways To Sink Yourself Financially

1. Don't focus on your finances.The reason most people get... Read More

Dramatically Improve Your Stock Trading Success

Get Access to Realistic profitable strategies & discover the mindset... Read More

10 Steps To Improve Your Financial Situation

Here are ten steps you can follow to help improve... Read More

What?s New in Checking ? From Designs to Photos

Just about everyone has a checking account. Checks present easy... Read More

Car Donations and Used Car Donations

Car donations and used car donations are the way many... Read More

Vesting and Your 401(k)

Do you have a 401(k) retirement account? Are you vested... Read More

How to Attain Your Dreams on a Single Income

If you recently became a single parent and see your... Read More

Healthy Eating On A Budget

It is possible to eat a healthy, balanced diet without... Read More

What Are We Teaching our 2005 Graduates about Money?

Now that we are in the month of June I... Read More

How to Save Money in a Grocery Store

Now there are ways to save money in the grocery... Read More

Money Matters: Strengthen Your Marriage by Putting Finances in Order

Did you know that 43% of all married couples argue... Read More

Budgets And Eating - Can They Co-Exist?

Whatever your reason for having a tight budget, the truth... Read More

Budgeting is Essential for a Single Mothers Success

Today many women are struggling with debt and it's even... Read More

UK Parents Inactivity Harming Their Children?s Future University and Mortgage Savings

The British government at the beginning of this year officially... Read More

Why You Should Seek Professional Help With Asset Management

Everyone needs to maintain their lives. What I mean by... Read More

Basic Bank Accounts Failing the Basic Needs of Consumers

The lists of bank and savings accounts that are available... Read More

Are You Ready To Be Fired?

Your boss has just informed you that your department is... Read More

Want Your Savings to Earn a Higher Rate of Return? Try Internet Banking

Doesn't it seem like the only impressive numbers we've seen... Read More

Expenses A ? What Are They And What Can We Do About Them

It is crucial as an individual who is striving for... Read More

Budgeting Your Way to Financial Freedom

Financial freedom cannot be achieved without budgeting. Budgeting involves tracking... Read More

Help With My Annuity

The cries are heard from the distance, "I need help... Read More

How to Obtain a Non ChexSystems Bank Account Without Being Scammed

Predatory lending exists in the mortgage industry. It's typically when... Read More

Budgeting -- The Critical Flaw That Causes Most Budgets to Fail

Budgeting. It's a word we're all familiar with. Everyone knows... Read More

Budget Planning - Its Elementary My Dear Watson

Does it feel like you have to be Sherlock Holmes... Read More

If All Things Are Possible, Why Cant I Balance My Checkbook?

For me, the most terrible time of each month is... Read More

Save Money on your Clothing Budget. Tame the Closet Monster!

Reducing the clothing budget was a serious challenge for me.... Read More

Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

The recommendations for military base closings have been released and... Read More

Learning the Basics of Handling Money

With prices increasing all the time, saving money can be... Read More