August 27, 2008
Non Chexsystems Banks
By Lewis Lee
What is chexsystem?
ChexSystems is a network of financial institutions (mainly banks) that regularly contribute information about account holders that mishandle their checking or savings accounts. Nearly all banks within the US are a part of this consortium.
What are non chexsystems banks online?
Before you pay money to any service that claims to give you a non ChexSystems bank account be sure it passes the following tests with flying colors.Make sure the bank is FDIC insured.If it’s a credit union, make sure it’s NCUSIF insured.Make sure the institution has a physical branch. Do some background work on the bank.Make sure the institution doesn’t charge you for common items like monthly statements, telephone services, and withdrawls.
What to do if your reported to the Chex System?
The primary difference between a debit card account and a checking account at your local bank is that with a debit card account you are not issued a set of paper checks. Instead, with a debit card account, you will write your checks, and pay your bills, using a bill online payment service.
How the ChexSystems works?
There are several banks On-Line that claim to give checking accounts to individuals who are on the Chex System, but none of these were ever heard of by our staff and therefore had no creditability, so we did not list them on this site. We are however, heard of four reputable banks that include U.S. Bank (50/50 chance of approval), Bank Of America (has a high success rate to get approved, but make sure you apply On-Line.),WaMu (Washington Mutual has a 50/50 chance to get approved.).
What are the options of Chexsystems list?
Under the Fair and Accurate Credit Transaction Act (FACTA) amendments to the Fair Credit Reporting Act (FCRA), you are entitled to a free copy of your Chex Systems consumer report, at your request, once every 12-months.
How consumer report about ChexSystems?
These are institutions that are prepared to take on prospects with less than stellar credit ratings. Some will approve the application without placing too much weight on the ChexSystems report. Some will require a 1 year waiting period while you pay off your outstanding debts before opening an account.
Why are they so important?
Non ChexSystems banks are important because for many people with bad credit, and who are unfortunate to be on ChexSystems, it represents their opportunity to open a second chance checking account. Many people could never imagine being without a bank account so this is a very important lifeline. Most states have local banks that offer second chance bank accounts and these can be easily sourced from the web.
Why Banks don’t use ChexSystems?
A retail grocer who was tired of getting bad checks, came up with the ideal, and originally created what is now know as ChexSystems. He recognized business institutions needed a way to share information to help stop account abuse and fraud.
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