How can I open an account when my name is on ChexSystems?
Many banks report on their negative deposit account experiences to various special purpose credit reporting agencies, among them ChexSystems. In many cases these reports are filed because an account was closed for mishandling, or because the bank lost money to check fraud or overdrafts, etc.
Many banks check the ChexSystems files for negative experience information when they are asked to open new accounts or add individuals to existing accounts. Use of ChexSystems reports isn't mandatory, and not all banks use them.
If you left your last bank with an overdraft or charged-off account balance, it can help to get that amount paid off. You can do that by contacting the bank directly. Ask that the bank update its report to ChexSystems to indicate that your obligation to the bank is satisfied, and get a detailed receipt for the payment.
Then you can start contacting banks in your area to attempt to open an account. You may find a bank that uses ChexSystems, but allows individuals who have cleaned up matters with their old banks to open a new account. You may also find a bank that doesn't use ChexSystems.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Many banks report on their negative deposit account experiences to various special purpose credit reporting agencies, among them ChexSystems. In many cases these reports are filed because an account was closed for mishandling, or because the bank lost money to check fraud or overdrafts, etc.