What is ChexSystems?

Commonly referred to as the first of the three major "Check Systems" in the U.S., Chex Systems is an association of financial institutions that network together in order to develop a database that maintains the records of mutually unwanted customers. To make sure that only financially responsible individuals open up checking accounts at member institutions, these banks report on customers who demonstrate poor financial management skills. When a customer's checking account is closed due to demonstrated mismanagement, then he or she is reported to Chex Systems. Once done, the customer will have a very difficult time opening up an account at any other financial institution partnered with Chex Systems for the next five years.

Since the vast majority of financial institutions (banks) reject potential customers who are on file at Chex Systems, being reported to them can put an individual at an extreme disadvantage. But what, exactly, does it take to get a checking account closed and reported to Chex Systems in the first place? The answer the bank usually gives out is simply "closed for cause." Yet there are many ways that a customer can end up having his or her account terminated. These range from acts as serious as fraud to the simple irresponsibility that leads to excessive overdrafts. It is important to remember, however, that policy can vary greatly between financial institutions. Depending upon which bank is in question, instances in which accounts are "closed for cause" can involve customers:

? not reimbursing their bank for overdraft amounts

? misusing savings accounts, ATMs or debit cards

? offering information that is misleading at the time the account is opened

Yet while there are many factors that can lead to account closure, banks are not always forthcoming about the specific reason for terminating an account. This can lead to some confusion when one seeks the reason for being denied a new account. Fortunately, anyone who has been blocked from opening an account at a financial institution due to the involvement of Chex Systems can request a copy of their Chex Systems file and use the information provided on our website to begin banking again quickly.

For more information, including a free Chexsystems removal kit, and list of 100 non-Chexsystems banks, please visit www.NewCheckingAccount.com

Scott Felix - Formerly stuck in Chexsystems, now a consumer advocate, freely helping people get out of Chexsystems since 2001.

---

Expenses A ? What Are They And What Can We Do About Them

It is crucial as an individual who is striving for financial freedom to be able to recognize the different type of expenses in our lives. It is a proven theory that it is... Read More

Personal Finance ? Why You Should Compare, not Despair

Sorting out your personal finances can be a tricky and exasperating time. Whether you are looking to obtain money through a loan, protect your finances with life insurance, medical, travel or car insurance,... Read More

Students Investing in Their Future Need to Manage Their Finances Today

With the A-level results coming out, the long wait for UK school leavers hoping to go to university will soon be over. All the hard work that has been put into achieving the... Read More

Financing Collectibles for Fun and Profit

With the advent of the internet and especially auction services like those provided by Yahoo and E-bay, serious collectors have much larger arenas in which to buy and sell their wares. This provides... Read More

Credit Card Debt ? Watch Your Credit Report and Your Bill

Most consumers are aware of the importance of their credit report. This document, offered to consumers and lenders by the three major credit bureaus, offers a fairly complete list of financial transactions and... Read More

A Fresh Start for Family Finances in 2005

While 40% to 50% of us make New Year's resolutions on January 1-a ritual that has existed since ancient times-approximately 60% to 80% of us have already broken them by the end of... Read More

Know Thy Finances

The first step to financial success lies in knowing your financial situation at any given time. There is an anecdote attributed to John D. Rockefeller--that as a child he was given a monthly... Read More

Money Matters: Strengthen Your Marriage by Putting Finances in Order

Did you know that 43% of all married couples argue over money issues, making it the major reason couples fight? If you and your spouse handle money differently, now is the time to... Read More

Debt Management ? Watch Out for Bank Fees!

During the last twenty years, banks have offered a number of improvements in the area of being customer-friendly. The old 9 AM ? 2 PM "banker's hours" are gone, replaced by a schedule... Read More

Save Money on your Clothing Budget. Tame the Closet Monster!

Reducing the clothing budget was a serious challenge for me. Two pre-teen girls and a teenage girl certainly didn't make life any easier. My son wasn't much of a challenge. Thank goodness, he's... Read More

University: A Course in Personal Finance

Recent findings from the Educational Policy Institute indicated that the UK is the third most expensive place in the world to go to university. Combine this with figures from the Prudential, showing that... Read More

Are You Ready To Be Fired?

Your boss has just informed you that your department is being reduced by two and you are fired. After he leaves, what are you going to do? This is not about finding a... Read More

Budget Planning - Its Elementary My Dear Watson

Does it feel like you have to be Sherlock Holmes to solve the mystery behind balancing your personal budget? Are you living a mysterious thriller where your realization of "financial independence and security"... Read More

What is a Traditional IRA?

With a traditional Investment Retirement Account (IRA) you pay taxes when you take the money out at retirement in the future. Make sure that this account is really worth opening in your situation... Read More

10 Money-Saving Tips

1. If you have your haircut every 3 weeks, try going 4 or 5 weeks in between haircuts. If you pay $10 for a haircut, you could save $70 a year by having... Read More

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a straight bankruptcy case does not involve the filing of a plan of repayment as in chapter 13, but rather envisions the bankruptcy trustee's... Read More

How To Free-Up 10% to 15% of Your Income

Would you be interested in freeing up 10% to 15% of your current income? Just imagine what you could do with this money. You could pay down your debts, increase your savings, or... Read More

How to Attain Your Dreams on a Single Income

If you recently became a single parent and see your dreams being washed away because you feel all alone, you aren't alone. There are single parents that face future endeavors alone like dating... Read More

Planning Ahead with Your Finances

If you, like most people, have not seriously considered what steps you should take for planning your finances and are now planning on buying a house, getting married or having children, you will... Read More

10 Steps To Improve Your Financial Situation

Here are ten steps you can follow to help improve your personal financial situation and inevitably save more money:1. Pay Yourself WeeklyThis may seem a bit odd, but this is an excellent way... Read More

Check Fraud and Verification

Before buying personal or business checks you should inform yourself of the best ways to protect yourself from check fraud. Since man has written checks check fraud has existed. Like any fraud, check... Read More

Whats The Truth Behind Your Finances?

Between 15 - 20% of people in our country (UK) own there own businesses. This statistic is on the rise thanks to the incredible invention of the Internet. The staggering truth is that... Read More

Money Saving Tips. Maximize Savings on Everyday Items!

Frugal living is more than a lifestyle. It's a passion. Call Me Crazy! I love It!Why, who wouldn't love getting paid to buy products that they use everyday?Here's how I do it.I purchase... Read More

Budgeting Before Buying

With interest rates being at an all-time low, I can understand the urgency for people wanting to purchase a home. But I caution the first-time home buyer to learn how to budget their... Read More

Single Mother and Learning how to Save

Saving may seem easier if you were saving for a new car, or a vacation however when it comes to saving in general it may prove to be more challenging because you may... Read More

Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in our lives. Some how we forget to feed the little piggy. And, like most neglected "pets", your piggy bank will disappear if you... Read More

How Check 21 Affects You

The Check 21 Law is the new federal law for financial institutions and has taken effect last October 28, 2004.Before the Check 21 law was enacted, your paper check had to be physically... Read More

Vacations Made Easy: Buying a Florida Investment Property

Vacations Made Easy: Buying a Florida Investment PropertyA relaxing beach vacation means different things to different families. However, imagine returning from a long day in the sand and waves, hair dripping and tan... Read More

How To Reap The Rewards With Rewards Programs

Recently, many of these loyalty rewards programs have come to the realization that they must change how they put these programs together if they are going to increase their share of the market.One... Read More