Find a No-Chex Systems Checking Account: 4 Tips
Find a No-Chex Systems Checking Account: 4 Tips
Chex Systems is a service that most banks use to determine whether a new checking account application should be accepted or rejected. Created by a company called eFunds, Chex Systems is a bit like the FICO scoring system used to measure a person's credit-worthiness for new loans. Except - unlike with FICO scores - Chex Systems is not actually a score. Rather, just being mentioned on this banking risk-oriented database is enough for a prospective new bank to flat out reject your checking account application.
Getting rejected is bad news, of course, because if you are rejected by one bank, chances are others will do the same thing. You could easily be rejected by every bank you approach for a new checking account. Nobody wants to put themselves through this type of shame and discomfort.
How can you get into this system in the first place? Your name can show up in Chex Systems for a number of reasons, including for having abused your debit card, having committed a fraud against a bank, or if you still you owe your bank money for an overdraft that they covered for you in the past.
Trying to get removed from Chex Systems is not easy, either. Unless there has been some sort of error whereby something you never actually did was mistakenly attributed to your name in the system, often only time itself can get you safely removed. But, that could take years, and you need a new checking account now.
The good news is that there is an alternative to getting rejected by more banks or to waiting years to get removed from Chex Systems: finding a bank that offers a no Chex Systems checking account. These banks do not refer to this credit system when considering you for a new account. Yes, they're out there and it will benefit you to find them.
Here are four tips for finding a no Chex Systems checking account:
1. Find an online bank - or at least a bank that has a strong online presence. Online banking is the future of banking, and in-person visits to banks are becoming less and less necessary for most personal banking transactions.
2. Make sure the bank you find is connected to an extensive ATM network. You should be able to withdraw your money from any major ATM in the country without paying a fee to your own bank.
3. Choose a bank that is FDIC-insured. FDIC stands for Federal Deposit Insurance Corporation. Since 1933, this type of insurance has covered all personal banking deposits up to a certain amount (e.g., $250,000). By choosing this type of insurance, you can rest assured that you will always be able to reclaim your money, even if your bank were to fold or go out of business.
4. Bonus: find a bank that does not charge overdraft fees. Almost all banks nowadays have overdraft protection programs, meaning they will cover a payment for which you have made a charge when there are insufficient funds in your bank account. However, the upshot is that they also charge you a hefty fee of $25 to $35 for the privilege. A few of these per month can really add up and they can even charge you $35 for overdrawing by just a few dollars. In response to growing consumer resentment over this trend, some banks are now offering no overdraft fee checking.
If you are looking for a new checking account, having been reported to Chex Systems can really cramp your style. Instead of just giving up and going without a checking account, instead try a no Chex Systems account and increase your chances of getting approved tremendously.
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