How to Get a Checking Account if You're Listed in Chexsystems
ChexSystems is a checking account verification company based in Woodbury, Minnesota. Banks and credit unions use them when people apply to open a checking account. It's essentially a consumer reporting agency designed to check if people have a history of writing bad checks. If you're listed in ChexSystems you're usually not allowed to open a checking account with that bank.
The best way to get a checking account if you are listed in Chexsystems is to find a bank that doesn't use them to verify new accounts.
[edit] Steps
- Start by making a list of all the bank branches in your area. You'll do better if you stick with the smaller, local banks and avoid the big banks. You will also have better luck if you check local credit unions instead.
- Call and ask to speak to the branch manager.
- Inquire about their different checking account programs. (How much money do you need to start an account, how long does it take, can you do it online, what check number will they start you out at, etc.?
- Then ask how they verify new accounts. Do they review your credit report? If so, which credit report, and will the credit inquiry lower your credit scores? (Of course, you know the answer to this question is yes—but let's see how many tell you the truth.) Or, do they use a check verification service? If so, which one?
[edit] Tips
-
- Credit Unions exist to help people in the community. The act essentially as banks, except they don't have to pay stockholders, they are generally much more lenient. 90% of credit unions will open an account for you if you can reasonably explain why you haven't paid a ChexSystems debt, but nearly half of credit unions don't pull a report on you anyway!
[edit] Warnings
- Fraudulent handling of a checking account
- Bouncing a check resulting in non-sufficient funds (NSF)
- Overdrafting your account while using your ATM or debit card
- Having your account “closed for cause”
