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If you have a negative chexsystems report on your record that's preventing you from opening a bank Account? If so, read on and you'll find your solution. 80% of US banks belong to the chexsystems credit checking network. If chexsystems has you flagged in their database, chances are, you simply won't be able to open a checking account at a bank or a credit union and cashing your paychecks through a check cashing service isn't a very cost effective solution to this problem. There is hope, though. If you are diligent enough, you may just be able to find a non-chexsystems bank. Non-chexsystems banks are not easy to come by since chexsystems represents 80% of all US financial institutions. If you are lucky enough to find one of these ever rarer banks, all that's left is for them to allow you a bank account with a prepaid debit card. Non-chexsystems banks can be viewed as a fresh start for people who have, for whatever reason, made a financial error that left a stain on their credit report. They are a place to rebuild your credit rating, as well as save you potentially thousands of dollars in interest fees and service charges that check cashing stores are famous for. Perhaps the best part about non-chexsystems banks is; they will issue you a prepaid debit card that card can be used to receive your paycheck by direct deposit. More and more employers are insisting that their employees to hand over their financial Information so that their payroll operations are more efficient. Not only that, but having a direct deposit account is a little extra insurance against ever misplacing a paycheck or losing cash. Another fantastic feature associated with non-chexsystems banks that issue prepaid debit cards is that you'll easily be able to review your account balance and even pay all of your bills online. This convenient, safe and time saving feature makes handling your financial resources much easier. It can be difficult to keep track of all the bills you need to pay and those you've already paid. With online banking, you can easily review all the transactions you've made through your account dating back to six months (sometimes longer) ago. With this financial information at your fingertips, you will also find it much easier to create and stick to a realistic budget. All in all, it's definitely worth your time to research non-chexsystems banks, as it will end up saving you a ton of time and money. If you can find one, not only will you be able to re-establish your credit rating, you'll be able to pay your bills easier and be better able to maintain a financially healthier budget. If you find a high quality company offering a prepaid MasterCard or Visa debit card don't be put off by the fact that they may not offer actual paper and ink checks (some will... some won't) they are a viable solution to check cashing stores and their high fees. Plus, the banking world is doing its best to take us all into "paperless banking" that works 100% by debit card and online transferring of money, this way you'll already be in the main stream as it happens.
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