Non-Chexsystems Banks - Tips on How to Find One
Non-Chexsystems Banks - Tips on How to Find One
Banks are going through a major transformation as we speak. We are currently going through a period whereby banks are being scrutinized more than ever by legislators, by securities commissions, by the media, and by consumers. Banks are being asked, more than ever, to be held accountable for their actions.
In addition to the well-known problems in recent years concerning sub-prime lending, banks are also fighting another battle: that of deciding which prospective customers should be considered as low versus high-risk customers.
If you have been rejected for a new checking account in recent days or weeks, you are probably experiencing a lot of frustration. The truth is, your rejection is likely due to your name having been reported to something called Chex Systems.
What is Chex Systems?
You may have already heard of Chex Systems but not known exactly what it means. It was created by a company called eFunds several years ago. In essence, it is simply a database that banks use to report to each other about customers who have displayed risky banking behavior in the past.
Unlike the FICO or credit score, the Chex Systems does not use a scoring system. Rather, if your name merely appears in the database, you will likely be rejected for a new account by any inquiring bank.
The risky behavior that triggers a bank to report a customer's name to Chex Systems might include something serious such as bank fraud. But, it can also include behaviors like not paying back your bank after a questionable overdraft fee was assessed against your account, or it could have to do with questions about the way you were using your debit card.
Why Banks are Using Chex Systems More than Ever
Given all of the scrutiny banks are under from the government, they are using Chex Systems more than ever when deciding whether they will approve a new account application. In fact, about 80-90% of all banks refer to Chex Systems when evaluating new checking account applications.
The Good News: You Can Escape!
If your checking account application has been rejected more than once, you are probably feeling very frustrated about your situation. After all, not being able to get a new checking account can really put a cramp in your financial life. And while it is almost impossible to get your name removed from this database, there is a loophole: you can find a bank that does not refer use Chex Systems at all. Such banks are out there, if you know how to find them.
How to Find the Right Non-Chexsystems Banks
To find a non-Chex Systems bank:
1. Look for banks that bill themselves as "second chance checking" banks.
2. Create a list of at least 5-7 candidate banks before deciding upon which one(s) you will approach for a new account.
3. Your candidate list should include a record of the most important features of any bank account, including fee structures, special offers, and terms and conditions.
4. When you do get approved for your new checking account, be sure to read the fine print before signing on the dotted line.
Cutting through the banking clutter requires that you rise above the politics of banking today. Find a second chance checking bank and get the peace of mind in knowing that they will not reject your application.
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