subject: ChexSystems - The Pass or Fail System [print this page] ChexSystems - The Pass or Fail System ChexSystems - The Pass or Fail System
ChexSystems is a Consumer Credit Reporting Agency governed by the Fair Credit Reporting Act (FCRA) enforced by the Federal Trade Commission (FTC) and as with any other Consumer Credit Reporting Agency, you have the right to dispute negative information contained in your ChexSystems Consumer Report.
Main reasons for filiing a dispute with ChexSystems: Identity Theft, Bank Reporting Errors, inaccurate information being reported about you.
ChexSystems Consumer Reports contain information pertaining to the mishandling of bank accounts such as:
Non-Sufficient Funds
Overdrafts
Account Abuse
ATM Abuse
Fraud
Suspected Fraud
Non-Sufficient Funds - When there are not enough funds to cover pending transactions and the account is closed with a negative balance and reported to ChexSystems.
Overdrafts - Charges in excess of the current balance of the account. Account goes negative and is closed and subsequently reported to ChexSystems.
Account Abuse - History of bounced checks resulting with the closure of the account even if no money is owed. Account is then reported to ChexSystems.
ATM Abuse - Incidents which result in using empty envelopes to falsely deposit funds which don't exist. Account is closed and reported to ChexSystems
Fraud - Knowingly depositing fake checks attempting to withdraw funds which are non-existent. Account is closed, reported to ChexSystems and potentially law enforcement. Also reference (Check Kiting).
Suspected Fraud - Incident where victim receives a check from third party as payment in good faith; however, the check is fraudulent. The bank closes the account damaging the client/bank relationship and reports them to ChexSystems.
To find out the reason you are in ChexSystems Order Your ChexSystems Report
It will be mailed to you in 5 business days.
ChexSystems is a PASS or FAIL system
Have you ever been declined a credit card? Been turned down for an auto loan?
Imagine being DECLINED a bank account!
This article is to build AWARENESS of a growing, hidden and not spoken of disease that is quickly infecting our society. Millions of people are without bank accounts costing them millions of dollars to try and protect their assets. From check cashing fees, to money orders, expensive second chance accounts and prepaid debt cards; the fees involved would blow your mind.
You think having bad credit is costing you? How much will it cost you when you have to keep your money under your pillow?
Over the past decade, hundreds of "Non-ChexSystems" online banks have opened. These banks try to make you believe that they are the answer to your problems.
Getting an "Online Non-ChexSystems Bank Account" is like having a doctor you found on Craigslist put a band aid on your broken leg. It just doesn't fix the problem. Your business can't walk if you don't have a business account. How would you ever expect it to run and progress on its own?
If you really want to do the right thing, and you are not the type that has several cpn number and fake trade-lines, then it is vital to understand what you need to do.
YES! You need to do the right thing! Yes! It's the thing that takes actual effort, time, patience, sweat and blood.
Answer these questions:
Why did the bank close my account(s)?
Do I owe the bank money?
Did I abuse my bank account?
Did I break bank policy?
Was I a victim of Identity Theft?
Was I part of a scam lottery operation?
Was I an innocent victim?
What do all of these have in common?
You broke bank policy!
When you sign that contract to have the rights to a bank account, there is a stipulation that allows the bank the shut your account down if they consider you a risk. When you are in ChexSystems you are considered a Major Risk. When this happens, it's possible that your other banks will be notified and also close your account.
They can close your account even if it had NOTHING to do with the other bank matter. If you are in ChexSystems, you are hanging out with a time bomb ready to explode, turning your life upside down.
What can I do to be removed from ChexSystems; do I have to wait 5 years???
The bank thinks you are a RISK. The bank reported you to ChexSystems. The bank can Remove You from ChexSystems.
The bank needs to forgive you for what happened. They need to put it in writing and they need to contact ChexSystems electronically.
ChexSystems is not at fault. ChexSystems is not the bad guy. The bank is not the bad guy.
Don'ts
Don't pay your bank debt thinking you will get removed from ChexSystems - You Won't.
Don't waste your time in the bank branch. They have no authority to remove you from ChexSystems.
Don't waste your time on the phone with your banks general customer service; they can't help you.
Don't expect to get any help from ChexSystems. They only help with ordering your report.
Don't expect this to go away; even after five years, if you don't address it, it can still affect you.
Do's
Order Your ChexSystems Report
Research what banks reported you and reference it with the reasons mentioned above.(Account abuse, NSF, Overdraft etc...)
Contact ChexSystems in writing and prepare an investigation about the reported accounts.
Contact the department in the bank that handle ChexSystems or past due bank accounts. Get their mailing address.
Contact your bank in writing; if monies owed, offer a settlement.
Request that the bank forgives you for what happend. Explain and be honest.
Most importantly be persisent; it always pays off!
Follow this guide and you can Get Removed From ChexSystems!
