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What Is Chexsystems?

ChexSystems is an independent company that collects information about your banking history and reports it to banks and other financial institutions. If you have overdrawn your bank account in the past or have a history of bounced checks, the bank has most likely reported you to Chexsystems. ChexSystems and Telecheck are employed to identify bank account applicants who have a history of overdrawn checking accounts and bounced checks.

If you recently applied for a checking account and were denied, you might have been instructed by the bank to call Chexsystems and clear your banking record. Approximately 85% of banks use Chexsystems, but you can open a free second chance bank account online now. Checking Help has a list of banks that don’t use Chexsystems at all. To save the bank money, some banks don’t check Chexsystems for new accounts to avoid having to pay for Chexsystem’s service fee.

Why You Need A Checking Account

Many employers today no longer bother with the hassle of issuing checks and require that you have direct deposit. This can be an embarrassing situation if you need a bank account but keep getting denied because of Chexsystems and don’t want to explain to your new employer that you bounced checks at your last bank and can’t get a checking account.

Because Chexsystems works like a consumer credit reporting agency, if you try to cash a check, even at a popular retail location such as Walmart, they will also run your identity through a check system such as Telecheck or Chexsystems and refuse to cash your check. Without a checking account, you are usually only left with the option of paying a higher fee and cashing your check at a check cashing store or currency exchange, businesses that profit from your past mistakes. The greater the amount of your check, the higher the fee.

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