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

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

Personal Finance Curriculum Available to Wyoming High Schools, Thanks to UW Sponsorship
University of Wyoming News
High school students across Wyoming have an opportunity to increase their financial literacy through a new arrangement between the University of Wyoming and Ramsey Education. Sponsored by UW, Ramsey Education's “Foundations in Personal Finance” ...

Daily Journal Online

Why energy stocks could rally
Daily Journal Online
After lagging the market this year, oil and gas stocks could rise on strong earnings growth. Paul R. La Monica explains why higher oil prices could boost the energy sector. Tags. Wire · Cnn. As featured on. Dow soars 450 points as investors cheer fat ...

Waterloo Cedar Falls Courier

Take a ride in an electric Corvette
Waterloo Cedar Falls Courier
Dashboard · Logout. My Account; Dashboard; Profile; Saved items · Logout · Subscribe · Local News · Progress Edition 2017 · World News · Technology · Speaking of Business · Submit a Speaking of Business · Smart Change: Personal Finance · Bookshelf.

Waterloo Cedar Falls Courier

US deficit at highest level since 2012
Waterloo Cedar Falls Courier
The US government is running the largest budget deficit in 6 years. The US deficit rose to $779 billion in fiscal year 2018, up 17% from last year. CNN's Christine Romans reports. Tags. Wire · Cnn · Facebook · Twitter · Email; Print; Save. Load ...

and more »

The Southern

Here's the Average Social Security Benefit for 2019
The Southern
Most common senior living expenses don't drop drastically in retirement. Many end up staying the same, and some, like healthcare and leisure, inevitably climb. Therefore, to plan to live on just 40% of your former earnings is basically a recipe for ...

and more »

Kiplinger's Personal Finance: The 4 percent retirement solution
But the 4 percent rule still serves its purpose, “which is to help people translate a pile of money into a reasonable income stream,” said Stuart Ritter, senior financial planner at T. Rowe Price. “And it still serves as a good starting point for the ...

Helena Independent Record

How to Turn Down a Promotion
Helena Independent Record
We're often wired to believe that getting promoted is great for our careers. But in some cases, that's far from true. Imagine you're offered a promotion that comes with a minimal salary boost and a ton more work. Suddenly, you're clocking in ...

and more »

The Missoulian

Credit Freeze Vs. Credit Locks
The Missoulian
Thanks to large data breaches in recent years, both credit freezes and credit locks are gaining in popularity. What's the difference between these two important identity protection tools, and which one is the best for you? Both tools stop lenders from ...

and more »

CNN Business Before the Bell
CNN's Christine Romans has the day's top business headlines before the opening bell on Wall Street on Tuesday, October 16. Tags. Wire · Cnn · Facebook · Twitter · Email; Print; Save. View comments. Thanks for reading. Subscribe or log in to continue.

Helena Independent Record

3 Reasons You Need To Take a Vacation
Helena Independent Record
Americans tend to be obsessed with work. Some of us view taking time off as a sign of weakness, or suspect that going away for a few days will open the door for someone else to take our spot. The average American worker took 17.2 days off in 2017 ...

Google News

Honor Those Who Serve with Checking Account Supplies

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

How to Draw a Personal Budget that Works

Many people spend their little income haphazardly without any planning... Read More

How to Save Money in a Grocery Store

Now there are ways to save money in the grocery... Read More

10 Money-Saving Tips

1. If you have your haircut every 3 weeks, try... Read More

Save Money Off Your Home Utility Bills

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

Why Live Frugally

What is it about being frugal, why do it at... Read More

Government Grants - Beware of Scams

As the saying goes: "Buyer Beware". If you see ads... Read More

What is ChexSystems?

Commonly referred to as the first of the three major... Read More

Students Investing in Their Future Need to Manage Their Finances Today

With the A-level results coming out, the long wait for... Read More

Single Mother Resources Directs You Towards Success

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

Debt Management ? More Ways to Save on Gas Consumption

The price of gas continues to climb, and with continued... Read More

Improve Your Professional Image Using Address Labels

One of the simplest ways to improve your professional image... Read More

Developing a budget? Watch out for Those Budget-Bursting Gremlins

If you've developed a household budget to get your spending... Read More

Im Broke, How Can I Afford...

I'm still amazed every time someone comes to me complaining... Read More

Introduction to Australian Superannuation

Australians, in general, constitute some of the worst savers in... Read More

Are You Ready To Be Fired?

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

Saving Money - The Magic 20 Percent

Saving money is not easy and is made more difficult... Read More

Saving Money On Gasoline For Your Automobile

The gas that we fill our tanks with every week... Read More

Saving Money - Are You Doing Enough?

It is estimated that we, as consumers, waste an average... Read More

Portfolio Planning can Lead to Irreconcilable Differences

The judge had to ask the question, and we had... Read More

The Magic Of Compound Interest

Christians are called to be good stewards of God's resources.... Read More

Save Money on Groceries: Part I

One universal of humanity, no matter who you are or... Read More

Benefits of Personal Finance Software

In this age of information, keeping track of your finances... Read More

The Good and the Bad of Money Management

Good money management needn't be difficult. In fact, there a... Read More