HOW TO FIND A N0N CHEXSYSTEM BANK
- As we speak, banks are going through a major transformation .
Consumers, securities commissions, legislators are scrutinizing more than ever the banks who in turn have to be held accountable for their actions.
- One of the problems banks have to deal with is how to consider customers as
Low versus high risk customers in subprime lending.
You may experience a lot of frustration trying to get a new checking account
in these days due to your name listed in the chexsystems.
- ABOUT CHEXSYSTEMS
Chexsystem is a database used by the banks to report about customers displaying
risky banking behavior in the present or in the past .It was created by the EFUNDS
company several years ago.
The chexsystem does not use a scoring system like FICO, but if your name
appears in the database you will be rejected by inquiring banks.
The reasons to be reported to chexsystems includes serious things as bank fraud,
not paying back your bank overdraft fee or the way you use your debit card.
- IS THE CHEXSYSTEM USED MORE THEN EVER
Under the pressure of the government, banks security is increasing and chexsystems are used more and more when approving for a new account application.
- IS THERE A SOLUTION?
If you are frustrated about the situation after being rejected more than once, not being
able to get a new checking account and not being removed from the database of chexsystem: the solution will be to find a bank who does not use chexsystem at all and
you will have to know how to find them.
You will have to make a list of several banks known as "second chance checking" banks, including important features as fee structures, special offers and terms and conditions. Do not forget to read the fine print before when you get approved for a
new checking account.
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