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Featured Accounts Article: What is ChexSystems?

Tuesday, January 19, 2010 - 7:53 AM
While I focus on deals, we're going to continue to have Debbie and others write articles on timeless banking topics. I'll be reviewing them before publication. The latest one is on ChexSystems. Even if you're careful with your bank accounts, you'll still want to be aware of ChexSystems since some banks will reject your application if you had too many ChexSystem inquiries (caused by just opening accounts).
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Wednesday, December 26, 2012 - 3:06 AM
If you've ever applied to open a checking account, odds are your name has been gone through ChexSystems. Much like a credit data bureau, ChexSystems identifies your banking history and lets your possible new bank know if you're a risky client who bounces checks, etc. Customers who have made a habit of mishandling their checking and savings accounts tend to end up on the ChexSystems database for 5 years, which can make it difficult to open a new account. Here's more about how the program works, and what you can do if your title is listed. ChexSystems
roxannedetierroroxannedetierro1 posts since
Dec 26, 2012
Rep Points: 1