WHAT IS CHEXSYSTEMS?
We receive emails regularly from consumers
indicating that they are having issues with their
get approved for loans and/or are unable to open a checking account
because they have a record with
ChexSystems. Below we explain more about ChexSystems and how it
What is ChexSystems?
All of the banks and credit unions in the United States report
incidences of negative account activity to ChexSystems. They do this
so that they can guard themselves and other banks from working with
consumers in the future that have not been able to maintain their
accounts in the past.
Why would I be reported with ChexSystems?
There is always a 'cause' that will equate to you getting
reported. It is important to understand what sort of activity will
be labeled as a 'cause'. All banks have different reasons for having
to close a customer's account. Below are a few examples:
- Your bank was not able to collect on an ATM transaction,
overdraft, and/or automatic payment which they credited on
insufficient funds. It does not matter how little or how much and
typically devoid of waiting no more than two or three days.
- Abuse of a debit card, ATM or savings account.
- Numerous overdrafts.
- Any sort of fraudulent activity on any level.
- When opening any type of account you provide erroneous or false
How long does negative information say on my ChexSystems record?
From the date an episode occurs, it will be reported with
ChexSystems for five years. If you discover erroneous info on your
ChexSystems file, you will need to take steps to have it removed.
How can I find out if I am reported by
Consumers are able to obtain their ChexSystems report for free
annually by visiting their website
here, similarly to being able to receive a
free copy of your
credit scores from from TransUnion, Experian and Equifax.
What is the impact of being on ChexSystems?
You can expect your financial well-being to be jeopardized if
you ever have activity reported to ChexSystems. The majority of
banks will not allow you to open a new checking account even if you
have just one episode reported to ChexSystems. But, you should be
able to obtain a
second chance checking account. These types of accounts have
limited account function but good positive account maintenance will
result in an improved Chex Systems rating.
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