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Many people, at one time or another, have financial trouble. If this trouble involves your bank account, it can have serious future repercussions. If you Have been reported to chexsystems, many banks will not allow you to open a checking or savings account. This can be very detrimental and have long lasting effects. There are ways to effectively manage your money even with this problem by using a non-chexsystems bank or a pay card. Chexsystems is a reporting agency that most financial institutions use to screen their potential customers. Banks report customers that mishandle their accounts. If you have had a checking or savings account in the past that has gone into the negative and you did not pay it off, a bank will write off that amount after a certain period of time. Your account will close, but it will still show that you owe a certain amount of money. Depending on the amount of the charge off, all signers on the account will be reported to chexsystems. A Chexsystems record remains in effect for five years. getting your name removed from chexsystems is very difficult. Even if you pay the outstanding balance, your record will remain. The only way to get taken off is if the reporting bank chooses to remove you. Some banks will do this and some will not. Your best bet is to go to the branch where you opened your account originally. Typically, the decision rests with them because your non-payment has directly impacted the productivity of their branch. Before paying your balance, talk to the branch manager. Tell them that you are willing to pay the debt and ask if they will remove you. Even if they will not take your name off, they will mark your account paid. Some banks will open an account for you if your chexsystems record shows paid. If you are looking to open an account, there are some things to do before choosing a financial institution. Look for a non-chexsystems bank by calling and asking if they use chexsystems. If they do, explain your situation and ask what their requirements are. Sometimes they will work with you. If you have a family member who banks somewhere, ask if they will be on the account with you. Some banks will allow you to open an account with a current account holder in good standing. Don't go to several banks and apply for an account. Each time your file is accessed it is recorded and can negatively impact your chances of being accepted. If you cannot find a non-chexsystems bank, you can apply for a pay card. This is basically a pre-paid debit card. If your employer offers direct deposit, you can have your pay check put directly onto this card. Usually, these accounts are not supported by the branches, so you need to mail in your application or submit it online. These prepaid MasterCards are great because you are not forced to use cash all the time and many will accept payroll deposits from your employer. They are very secure and you have access to cash at participating ATMs. Prepaid debit cards are great alternatives to a traditional bank account. If you have been reported to chexsystems, don't lose heart. You do have options. Use non-Chexsystems banks or apply for a prepaid Mastercard or Visa debit card. These are both great options that will allow you to effectively manage your finances while you safeguard your financial future.
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