ChexSystems Report - What It Means to You and Your Options

Your Checksystems report is a record the banks keep on 'problem customers'. You can be placed in this for a variety of reasons most often when you've overdrawn your account and failed to pay the overdraft fees.

The bank will then take your information and report it to an agency similar to the credit agencies. This information will be shared with every bank and will be checked every time you try and open a new checking account.

Your name and information will remain in this little black book for five long years this means you can not get a checking account for five years. Even if you move from state to state this is a national listing. Living without a checking account is very difficult and you only realize how expensive it is, once you're faced with.

It means you'll have to purchase money orders just to pay your rent, utility bills...Additionally you will have to pay check cashing fees just to have your paycheck, government, benefits checks cashed. Also you will be forced to a life of dealing in cash.

This doesn't seem like a big deal until you really look at all the purchases where a Visa or MasterCard is required. Such as renting a car, purchasing gas at the pump, booking a hotel room, making purchases online, making purchases over the phone...

We suggest you look into a prepaid debit card. Many of these cards offer free direct deposit which will save you a bundle of money on check cashing fees. In addition they also offer an alternative to purchasing money orders and many have an online bill pay system.

Prepaid cards are issued as a Visa or MasterCard and will increase your purchasing power. These cards come with some form of fraud protection and therefore your money will still be safe even if your card is lost or stolen. And should you need cash you can visit almost any ATM (depending on which card you have) or simply request cash back when you make a purchase at the grocery store. However it is important to investigate each of these debit cards as each will vary with benefits, and fees.

If you find yourself listed in checksystems due to identity fraud or a mistake by the bank you can be removed from this. You will be required to file a dispute in your dispute you should include any pertinent information, your name and address, and any documentation you may have to support it.

However you have come to have this listing it is important to know you don't just have to live with the high cost of not having a checking account. There are alternatives and they won't cost you an arm and a leg such as a prepaid debit card.

Your Checksystems report is a record the banks keep on 'problem customers'. You can be placed in this for a variety of reasons most often when you've overdrawn your account and failed to pay the overdraft fees.

The bank will then take your information and report it to an agency similar to the credit agencies. This information will be shared with every bank and will be checked every time you try and open a new checking account.

Your name and information will remain in this little black book for five long years this means you can not get a checking account for five years. Even if you move from state to state this is a national listing. Living without a checking account is very difficult and you only realize how expensive it is, once you're faced with.

It means you'll have to purchase money orders just to pay your rent, utility bills...Additionally you will have to pay check cashing fees just to have your paycheck, government, benefits checks cashed. Also you will be forced to a life of dealing in cash.

This doesn't seem like a big deal until you really look at all the purchases where a Visa or MasterCard is required. Such as renting a car, purchasing gas at the pump, booking a hotel room, making purchases online, making purchases over the phone...

We suggest you look into a prepaid debit card. Many of these cards offer free direct deposit which will save you a bundle of money on check cashing fees. In addition they also offer an alternative to purchasing money orders and many have an online bill pay system.

Prepaid cards are issued as a Visa or MasterCard and will increase your purchasing power. These cards come with some form of fraud protection and therefore your money will still be safe even if your card is lost or stolen. And should you need cash you can visit almost any ATM (depending on which card you have) or simply request cash back when you make a purchase at the grocery store. However it is important to investigate each of these debit cards as each will vary with benefits, and fees.

If you find yourself listed in checksystems due to identity fraud or a mistake by the bank you can be removed from this. You will be required to file a dispute in your dispute you should include any pertinent information, your name and address, and any documentation you may have to support it.

However you have come to have this listing it is important to know you don't just have to live with the high cost of not having a checking account. There are alternatives and they won't cost you an arm and a leg such as a prepaid debit card.