Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
What is ChexSystems? > NetSparsh - Viral Content you Love & Share

What is ChexSystems?

Commonly referred to as the first of the three major "Check Systems" in the U.S., Chex Systems is an association of financial institutions that network together in order to develop a database that maintains the records of mutually unwanted customers. To make sure that only financially responsible individuals open up checking accounts at member institutions, these banks report on customers who demonstrate poor financial management skills. When a customer's checking account is closed due to demonstrated mismanagement, then he or she is reported to Chex Systems. Once done, the customer will have a very difficult time opening up an account at any other financial institution partnered with Chex Systems for the next five years.

Since the vast majority of financial institutions (banks) reject potential customers who are on file at Chex Systems, being reported to them can put an individual at an extreme disadvantage. But what, exactly, does it take to get a checking account closed and reported to Chex Systems in the first place? The answer the bank usually gives out is simply "closed for cause." Yet there are many ways that a customer can end up having his or her account terminated. These range from acts as serious as fraud to the simple irresponsibility that leads to excessive overdrafts. It is important to remember, however, that policy can vary greatly between financial institutions. Depending upon which bank is in question, instances in which accounts are "closed for cause" can involve customers:

? not reimbursing their bank for overdraft amounts

? misusing savings accounts, ATMs or debit cards

? offering information that is misleading at the time the account is opened

Yet while there are many factors that can lead to account closure, banks are not always forthcoming about the specific reason for terminating an account. This can lead to some confusion when one seeks the reason for being denied a new account. Fortunately, anyone who has been blocked from opening an account at a financial institution due to the involvement of Chex Systems can request a copy of their Chex Systems file and use the information provided on our website to begin banking again quickly.

For more information, including a free Chexsystems removal kit, and list of 100 non-Chexsystems banks, please visit www.NewCheckingAccount.com

Scott Felix - Formerly stuck in Chexsystems, now a consumer advocate, freely helping people get out of Chexsystems since 2001.

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Newsweek

Happy 83rd Birthday, Social Security
Mason City Globe Gazette
The primary focus of the Social Security Act was to provide a guaranteed monthly benefit, and ergo a financial foundation, to aged workers during retirement. These payouts officially began on Jan. 1, 1940, and they've continued for the past 78 years.
A Social Security Surprise Awaits 49% of Millennials and 30% of Gen XersMotley Fool
Here's How Social Security Generated $1 Trillion in Income Last YearMotley Fool

all 50 news articles »

Here's the Salary Millennials Need to Be Happy
Mason City Globe Gazette
Many workers don't reach their peak earning potential till their 40s or 50s, or even beyond. But that doesn't mean younger workers can't think big. In a recent TD Ameritrade survey, millennial employees aged 21 to 37 said that an average salary of $80 ...

and more »

Mason City Globe Gazette

8 Common Mistakes Of Tax Extension Filers
Mason City Globe Gazette
Did you miss the April 17 tax deadline for 2018? If so, you probably filed for and received a six-month extension from the IRS. Don't relax too much, because October will be here before you know it. The IRS offers a series of tips to help taxpayers ...

and more »

Forbes

Minimalist Filmmaker Matt D'Avella Follows A Less-Is-More Guide To Personal Finance
Forbes
But what if the solution to our personal finances wasn't nearly as complicated as we believe? What if recognizing just a few immutable truths of money meant we're all capable of leading financially stable lives? And what if that more minimalistic ...


BlogTalkRadio (blog)

Yaron Brook Show: Personal Finance Advice
BlogTalkRadio (blog)
In this show, Yaron Brook, former Finance Professor, discusses issues related to personal finance. Like what you hear? Become a Patreon member, get exclusive content and support the creation of more videos like this!


Entrepreneur

Take Control of Your Money Goals With These 4 Key Personal Finance Apps
Entrepreneur
Try mind over money. The more you believe you can accomplish your financial goals, the more likely you are to actually do so, suggests a newly published study that followed millennials over the course of 10 years, starting with their freshman year in ...

and more »

CNBC

Why Smart People Take Social Security at 62
Casper Star-Tribune Online
Are you counting the days until you become eligible for Social Security benefits at age 62? If so, you're not alone. Sixty-two has long been one of the most common ages at which to claim Social Security benefits -- even as experts repeatedly advise ...
4 Frequently Asked Social Security QuestionsBloomington Pantagraph
5 Concrete Social Security TruthsJournal Gazette and Times-Courier
How part-time work in retirement can affect Social Security taxes and Medicare costsCNBC
Social Security -The motley Fool -Motley Fool
all 127 news articles »

Forbes

When It Comes To Personal Finance, Don't Believe Everything You Read
Forbes
I was reminded of that lesson when I recently read three different financial planning articles that came to some dubious conclusions. Let's take a look at each of them: Is your home a worse investment than you think? That's what this article argues by ...


3 Reasons to Amend a Tax Return
Journal Times
Now that April is well behind us, most folks don't tend to have taxes on the brain. But if it comes to your attention that you made a mistake on the tax return you submitted several months back, it's not too late to amend it. In fact, you get three ...


Forbes

Kiplinger's Personal Finance Still Standing, Long After Buzzy Competitors Failed
Forbes
Twenty years ago, the personal-finance magazine category was in its heyday. There was the giant category leader, Money, sagging under the weight of an artificially high circulation of 1.9 million. There was respected Smart Money, a joint venture of ...

Google News

If All Things Are Possible, Why Cant I Balance My Checkbook?

For me, the most terrible time of each month is... Read More

Simple Ways to Save Money

Things are so expensive these days. We seem to be... Read More

Car Donations and Used Car Donations

Car donations and used car donations are the way many... Read More

The Origins of Check Writing

People haven't always written checks to buy goods and services.... Read More

Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

The recommendations for military base closings have been released and... Read More

Honor Those Who Serve with Checking Account Supplies

Our global society has had a wake up call in... Read More

10 Steps To Improve Your Financial Situation

Here are ten steps you can follow to help improve... Read More

Single Mother Resources Directs You Towards Success

As a parent you are bound to face a few... Read More

More Money? My Cup Runneth Over...But Im Still Thirsty

Most of us, especially those of us who have debtor's... Read More

Affording a Home

Can you really afford a house? If so, how much... Read More

Accessing Funds You Never Knew You Had- Household Utilities and Mortgage Expense Reduction Plan

For most of us the process of getting out of... Read More

Personal Finance ? Why You Should Compare, not Despair

Sorting out your personal finances can be a tricky and... Read More

Make or Break Your Retirement!

The Prudential has dubbed those who refuse to leave home... Read More

Five Secrets for Long-term Financial Success

Future financial success is not a guarantee that any one... Read More

First Checking Account ? When is it Time?

We all know that money doesn't grow on trees, but... Read More

Do You Really Need the Power of Money Management Software?

I have been a loyal user of Quicken(R) for more... Read More

The Joys of Address Labels

Address labels are many things to many different people. If... Read More

Do You Know What Tomorrow Will Bring?

I've been sharing the following idea with people for a... Read More

Strategies for Success

Holy Shenanigans! More STUFF?Loosing one's business due to lack of... Read More

Are You Ready To Be Fired?

Your boss has just informed you that your department is... Read More

Reduce College Debt with Scholarships

Six Scholarship judges were sitting around an oval table. Forms... Read More

One Income Source Is Not Enough!

My personal opinion is that in today's new economy, it... Read More

What?s New in Checking ? From Designs to Photos

Just about everyone has a checking account. Checks present easy... Read More

The Changing Shape of Family Finances

Super-mumsIt seems that the proof of maternal efforts is no... Read More

Save Money Off Your Home Utility Bills

Many don't realize that our basic utility bills provide the... Read More