What In The World Is Chexsystems?

There are so many people out there that have seen or at least heard of ChexSystems these days

. There are also bound to be many people out there that have either never heard of this or have only heard the name but do not have the slightest idea what in the world this happens to be. There are many consumers out there that have dealt with a bank that uses the service to keep track of things like checking account handling in all ways.

For the most part Chexsystems is really designed to keep members and parties involved in the banking and financial industries exactly how a person does when they are responsible for keeping a deposit account in a bank or credit union. For the most part this applies to checking accounts my friends.

The thing that you need to realize folks is that this is actually a credit reporting agency the same as the major three credit reporting services - Equifax, Experian and TransUnion - are. This means that they have full access to every single detail that directly relates to how responsibly or irresponsibly any individual has handled their financial affairs. The plainer way of saying this is that this service keeps tabs in everything that you do with your checking and/or savings account.

The thing that you folks need to realize is that 80 percent - or 8 out of every 10 - of the credit unions and banks operating in this country currently use ChexSystems to monitor the financial/ monetary practices of those that bank with them. There are, of course, positive and negative thongs about this no matter who you talk to these days. One of the negative things that you might end up dealing with is being denied a checking or savings account due to the fact that you had a bounced/fraudulent check or simply cannot keep a checking account straight for anything.

You might think that this is not a fair thing to do, yet it is being done nonetheless. There are reasons why the banks are using this services that we are not going to go into here. Basically ChexSystems gives the banks the information that they need about how a person has handled their money and deposit accounts in the past. If there are things such as overdrafts on checks written, fraudulent or forged checks/documentation, balances that go into the negative that are not righted or any other type of action that is out of the ordinary in the previous 5 years, ChexSystems keeps records of that. They also alert all the banks, credit unions and financial institutions that use their services of these things.

These things are warning signs that the person might be financially irresponsible or might have criminal intentions. It has been noted that even a single negative thing such as an overdrawn account or check can be the cause of someone being denied a checking or saving account. The banks do this to protect themselves and their customers as much as they possibly can; however, it does penalize past errors.

by: Martha Geenes

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