Early Warning Services Formed By Five US Banks
Five of the nation’s leading retail banks, Bank of America, BB&T Corporation, JPMorgan Chase, Wachovia, and Wells Fargo together with First Data have announced they have agreed to form Early Warning Services, LLC, to bring together the fraud prevention expertise of the owners with the intellectual property and assets of Primary Payment Systems (PPS) and IDLogix. PPS and IDLogix are subsidiaries of First Data specializing in fraud prevention technologies.
“We’re confident this new venture will strengthen the industry’s defenses in the fight against fraud,” said Leslie Altick, executive vice president, Wells Fargo Bank N.A. and vice chairman of Primary Payment Systems’ Board of Directors. “We believe that by working together we can achieve a common goal that none of us could have achieved individually.”
“First Data believes strongly in collaborating with financial institutions as partners,” said David Bailis, president of First Data’s Financial Institution Segment. “This announcement signals our joint commitment to fighting fraud. Bringing together First Data’s technology competency with the knowledge and best practices of the bank owners expands upon the efforts put forward by Primary Payment Systems, an industry leader in fraud prevention.”
According to recent studies, fraud costs financial institutions and retailers more than $50 billion each year, and this year, over 8 million Americans will have their identities used for fraudulent purposes. Early Warning Services will bring expertise to finding better ways to integrate information and technology in order to fight payment and identity fraud across the industry.
“As fraud continues to reach new levels of sophistication, the speed with which current and accurate information is integrated into the processes that detect, prevent and deter fraud becomes even more critical,” said Paul Finch CEO of PPS and future CEO of Early Warning Services. “Our history of delivering value has been built upon the active participation of financial services organizations of all sizes. We are now better positioned to harness the best practices and experiences of some of the leading financial services organizations to meet the growing fraud challenges of the industry. “
Services Early Warning Services will help financial institutions and other businesses assess risk when establishing and servicing their customers. Utilizing the collective knowledge and best practices in fraud management from leading financial services organizations, the company will integrate information and technology to fight identity and payment fraud. This intelligence is delivered through a suite of Early Warning fraud solutions, resulting in more than $1 billion in annual loss avoidance. Early Warning Services is expected to be a limited liability company owned by Bank of America, BB&T Corporation, JPMorgan Chase, Wachovia, Wells Fargo and First Data.
Thursday, February 7, 2008
Wednesday, February 6, 2008
Banks in Florida that do not use chexsystems
Below is a List of banks in Florida that do not use chex systems or if they do , they will overlook your report. Please let me know if you have Success Opening a Account at these banks.
Please note this Non Chexsystems banks are Updated Daily so please come back if you dont find a bank in your area.
Banco Popular
Capital City bank
Gulf State Community Bank Anyone Can Open Account here
Pacific national bank
Peninsula Bank be careful they do not run chex systems but they use a unknown system, might be telecheck ,scan or even EWS. So please let me know if you were able to get account. Thanks
Please note this Non Chexsystems banks are Updated Daily so please come back if you dont find a bank in your area.
Banco Popular
Capital City bank
Gulf State Community Bank Anyone Can Open Account here
Pacific national bank
Peninsula Bank be careful they do not run chex systems but they use a unknown system, might be telecheck ,scan or even EWS. So please let me know if you were able to get account. Thanks
Non Chex Systems banks in Alabama
RENASANT BANK - http://renasantbank.com Known to Not Use Chex Systems
MERCHANTS BANK - http://merchantsbk.com Will Run Credit Report
ALABAMA CENTRAL CREDIT UNION
http://alabamacentral.org - Known to not use Chex Systems. Will only Run Credit Report
CENTRAL STATE BANK - Non Chex Systems Checking Account
http://centralstatebank.com
Compass bank -http://www.compassbank.com/ - Will not Use Chex Systems in Opening a new checking Account.
MERCHANTS BANK - http://merchantsbk.com Will Run Credit Report
ALABAMA CENTRAL CREDIT UNION
http://alabamacentral.org - Known to not use Chex Systems. Will only Run Credit Report
CENTRAL STATE BANK - Non Chex Systems Checking Account
http://centralstatebank.com
Compass bank -http://www.compassbank.com/ - Will not Use Chex Systems in Opening a new checking Account.
Non Chex Systems banks in Arkansas
List of Non Chex Systems Banks in Arkansas. Please Visit Our Site Daily for updates. Thanks
HOPE CREDIT UNION - Does Not Use Chexsystems in Opening New Account.
http://hopecu.org
FIRST BANK NA - This bank does not use chex systems - have called and verified it to be accurate.
http://fnbpc.com
ARKANSAS NATIONAL BANK - Bank that does not use chex systems
http://anbfinancial.com/
ELK HORN BANK - Verified that they indeed do not use chex systems.
http://ehbt.com
First National Bank of Phillips Co. - Does not use Chexsystems - Verified
http://fnbpc.com
HOPE CREDIT UNION - Does Not Use Chexsystems in Opening New Account.
http://hopecu.org
FIRST BANK NA - This bank does not use chex systems - have called and verified it to be accurate.
http://fnbpc.com
ARKANSAS NATIONAL BANK - Bank that does not use chex systems
http://anbfinancial.com/
ELK HORN BANK - Verified that they indeed do not use chex systems.
http://ehbt.com
First National Bank of Phillips Co. - Does not use Chexsystems - Verified
http://fnbpc.com
Non Chex Systems banks in Kentucky
Fort Knox Federal Credit Union - Does not use chexsystems
http://www.fkfcu.org
FIRST SOUTHERN NATIONAL BANK - Another good non chexsystem bank
http://fsnb.net
FIRST AND PEOPLES BANK AND TRUST COMPANY - This bank does not use chex systems
http://firstandpeoplesbank.com
MIDWEST AMERICA FEDERAL CREDIT UNION - Apparently they do not use chex systems, they said that they just switched to another system. Maybe EWS give it a shot
http://mwafcu.org
BANK OF CLARKSON - Does not Use Chexsystems
http://bankofclarkson.com
http://www.fkfcu.org
FIRST SOUTHERN NATIONAL BANK - Another good non chexsystem bank
http://fsnb.net
FIRST AND PEOPLES BANK AND TRUST COMPANY - This bank does not use chex systems
http://firstandpeoplesbank.com
MIDWEST AMERICA FEDERAL CREDIT UNION - Apparently they do not use chex systems, they said that they just switched to another system. Maybe EWS give it a shot
http://mwafcu.org
BANK OF CLARKSON - Does not Use Chexsystems
http://bankofclarkson.com
Non Chexsystems Banks In Alaska
TRUE NORTH FEDERAL CREDIT UNION
http://truenorthfcu.org
KEY BANK
https://www.key.com
MATANUSKA VALLEY FEDERAL CREDIT UNION
http://mvfcu.coop/index.htm
MT.MCKINLEY BANK
http://mtmckinleybank.com
http://truenorthfcu.org
KEY BANK
https://www.key.com
MATANUSKA VALLEY FEDERAL CREDIT UNION
http://mvfcu.coop/index.htm
MT.MCKINLEY BANK
http://mtmckinleybank.com
Banks In MS
RENASANT BANK
http://renasantbank.com
HOPE CREDIT UNION
http://hopecu.org
BANK OF FOREST
http://bkforest.com
FIRST BANK
http://firstbankms.com
THE FIRST BANK
http://thefirstbank.com
FARMERS AND MERCHANTS BANK
http://fmbms.com
Transpotation Alliance Bank
URL: https://www.tabbank.com
http://renasantbank.com
HOPE CREDIT UNION
http://hopecu.org
BANK OF FOREST
http://bkforest.com
FIRST BANK
http://firstbankms.com
THE FIRST BANK
http://thefirstbank.com
FARMERS AND MERCHANTS BANK
http://fmbms.com
Transpotation Alliance Bank
URL: https://www.tabbank.com
Tuesday, February 5, 2008
What people should know about chexsystems
If you've opened a checking account recently and you didn't have any trouble doing so, it's likely that you haven't heard of Chexsystems. However, if you try to open a bank account and you do have some trouble, it might be because of Chexsystems.
eFunds is the parent company of Chexsystems. Chexsystems was developed to detect fraudulent activity and to help financial institutions manage and analyze risk, specifically for individual customers.
Basically, it keeps track of and then reports on your banking activities similar to what your credit report and score does for you in terms of measuring how you are as a credit risk and in paying bills on time. Chexsystems keeps a sharp eye out for suspicious banking activity, overdrafts, insufficient funds check cashing, or an inability to meet minimum balance account requirements.
With these functions, Chexsystems serves banks in two ways. It verifies your checking activity and also operates similar to how a credit consumer-reporting agency does. Just as with the credit reporting agencies like TransUnion, for example, you can also ask for one free report every year. It's free of charge to you just as your yearly credit report is free of charge to you. This is because it falls under the jurisdiction of the Fair Credit Reporting Act, similar to the credit reporting agencies.
This means that consumers can question any information contained in the report, dispute entries in it and can request evidence for reported activity. Majority of banks and credit unions in the US use Chexsystems and if there is anything negative regarding a prospective applicant, that applicant could have difficulties opening a checking account. Chexsystems: is it fair? Critics have voiced their objections about Chexsystems' reporting practices claiming that the system is characterized by unfair reporting. Unlike credit bureaus that issue reports containing both positive and negative information, critics insist that Chexsystems only reports on the negative, hence jeopardising the credit reputation of individuals who are otherwise qualified to open checking accounts.
Because of this increase in criticism, in 2000, several banks got together and agreed to reconsider policies that affected checking account applications based on reports by Chexsystems. Some reforms were put through, including ignoring entries that are more than three years old, where those entries don't contain fraudulent activity. The reforms also disregard entries that are greater than one year old, as long as the consumer has settled the debt in question.
Chexsystems Report: what information is provided? We looked at a sample report and our first impression was "you can't get more thorough than that." The consumer's name and address are at the top of the report. An ID number is provided along with the individual's social security number. When writing Chexsystems, they request that you always refer to your SSS and ID numbers.
If you believe any information in the report is inaccurate, the report states that Chexsystems will investigate any discrepancies you point out. You can also send your inquiry to fax number 602-659-2197.
After this is the "Reported Information" box. Most of this information comes from financial institutions. It is recorded in Chexsystems for five years. If there is more than one reported transaction or piece of information, items are itemized. Each item details source of the reported information, and the individual in question being reported on, including Social Security number, driver's license number, as well as the type of report done, such as non-sufficient fund's report.
Following "reported information" is another box that reads "Inquiries Initiated by Consumer Action." This means transactions initiated by you, the consumer, and shows all your applications for a credit card or any application you made at a financial instituion or bank. This information is kept for up to three years.
The third section of the report is on "Inquiries not Initiated by Consumer Action." This means that other people have asked about you. These people could be your current loan holders or credit card companies, pre-approval creditors, or anyone else trying to assess your credit.
Finally, there's one more box that says "retail Information," which includes checks issued to stores and other retailers that have been returned. When a store receives a check that they can't cash because there are non-sufficient funds, for example, this information is shared with the company called "Shared Check Authorization Network" or SCAN for short. It keeps a database of fraudulent activity and checks that have been returned. In order to obtain information for check authorization and verification, retailers must be SCAN members. This information is used by Chexsystems, but Chexsystems does not become involved in collecting returned checks.
In addition, if you've ordered checks, the report also provides this information. It also gives a detailed history of your check orders. Next, the two boxes after this are validation activities for your driver's license and Social Security number. Your driver's license is processed in two ways, both with validation and then with verification. Chexsystems matches your driver's license by matching your license format with your state's approved format, thereby validating it. It also verifies your place of birth and name, which is the verification aspect of this process.
So before you write out a check, think of Chexsystems and make sure that you have enough money in the bank to cover the check, that it is your check and not someone else's, and that perhaps it's a better idea to pay for merchandise with cash or a credit card!
eFunds is the parent company of Chexsystems. Chexsystems was developed to detect fraudulent activity and to help financial institutions manage and analyze risk, specifically for individual customers.
Basically, it keeps track of and then reports on your banking activities similar to what your credit report and score does for you in terms of measuring how you are as a credit risk and in paying bills on time. Chexsystems keeps a sharp eye out for suspicious banking activity, overdrafts, insufficient funds check cashing, or an inability to meet minimum balance account requirements.
With these functions, Chexsystems serves banks in two ways. It verifies your checking activity and also operates similar to how a credit consumer-reporting agency does. Just as with the credit reporting agencies like TransUnion, for example, you can also ask for one free report every year. It's free of charge to you just as your yearly credit report is free of charge to you. This is because it falls under the jurisdiction of the Fair Credit Reporting Act, similar to the credit reporting agencies.
This means that consumers can question any information contained in the report, dispute entries in it and can request evidence for reported activity. Majority of banks and credit unions in the US use Chexsystems and if there is anything negative regarding a prospective applicant, that applicant could have difficulties opening a checking account. Chexsystems: is it fair? Critics have voiced their objections about Chexsystems' reporting practices claiming that the system is characterized by unfair reporting. Unlike credit bureaus that issue reports containing both positive and negative information, critics insist that Chexsystems only reports on the negative, hence jeopardising the credit reputation of individuals who are otherwise qualified to open checking accounts.
Because of this increase in criticism, in 2000, several banks got together and agreed to reconsider policies that affected checking account applications based on reports by Chexsystems. Some reforms were put through, including ignoring entries that are more than three years old, where those entries don't contain fraudulent activity. The reforms also disregard entries that are greater than one year old, as long as the consumer has settled the debt in question.
Chexsystems Report: what information is provided? We looked at a sample report and our first impression was "you can't get more thorough than that." The consumer's name and address are at the top of the report. An ID number is provided along with the individual's social security number. When writing Chexsystems, they request that you always refer to your SSS and ID numbers.
If you believe any information in the report is inaccurate, the report states that Chexsystems will investigate any discrepancies you point out. You can also send your inquiry to fax number 602-659-2197.
After this is the "Reported Information" box. Most of this information comes from financial institutions. It is recorded in Chexsystems for five years. If there is more than one reported transaction or piece of information, items are itemized. Each item details source of the reported information, and the individual in question being reported on, including Social Security number, driver's license number, as well as the type of report done, such as non-sufficient fund's report.
Following "reported information" is another box that reads "Inquiries Initiated by Consumer Action." This means transactions initiated by you, the consumer, and shows all your applications for a credit card or any application you made at a financial instituion or bank. This information is kept for up to three years.
The third section of the report is on "Inquiries not Initiated by Consumer Action." This means that other people have asked about you. These people could be your current loan holders or credit card companies, pre-approval creditors, or anyone else trying to assess your credit.
Finally, there's one more box that says "retail Information," which includes checks issued to stores and other retailers that have been returned. When a store receives a check that they can't cash because there are non-sufficient funds, for example, this information is shared with the company called "Shared Check Authorization Network" or SCAN for short. It keeps a database of fraudulent activity and checks that have been returned. In order to obtain information for check authorization and verification, retailers must be SCAN members. This information is used by Chexsystems, but Chexsystems does not become involved in collecting returned checks.
In addition, if you've ordered checks, the report also provides this information. It also gives a detailed history of your check orders. Next, the two boxes after this are validation activities for your driver's license and Social Security number. Your driver's license is processed in two ways, both with validation and then with verification. Chexsystems matches your driver's license by matching your license format with your state's approved format, thereby validating it. It also verifies your place of birth and name, which is the verification aspect of this process.
So before you write out a check, think of Chexsystems and make sure that you have enough money in the bank to cover the check, that it is your check and not someone else's, and that perhaps it's a better idea to pay for merchandise with cash or a credit card!
avoid chexystems
1. Always, Always Pay Your Bank What You Owe Them
The single biggest way to stay off the ChexSystems list is to keep current with your bank. Never get behind on what you owe them. If you overdraw your account once or twice, make sure to deposit enough money to pay the NSF fees (plus the amount overdrawn). If you never use an account, still make sure to check your statement and make sure there is enough money in the account to cover any monthly fees. Never, ever get behind in what you owe to your bank -- its the fastest way to get on the ChexSystems list.
2. Don't give your account number and bank routing information to anyone you don't know.
Give out your account information for transactions only if you are familiar with the company you are dealing with. And if you have not done business with a company before, give out account information only if you have initiated the transaction. Criminals may ask you for your bank account number and then withdraw money from your account by creating a demand draft (sometimes called a "remotely created check") or making an electronic transfer. They may also ask for your debit or credit card number and other personal information. Don't fall for these scams. They can lead to your account being overdrawn or used for abusive activities, and can be a quick way to end up on the ChexSystems list.
3. Review your monthly statement.
Make sure all the checks, debits, automatic payments, and other withdrawals are ones you authorized. If you see a transaction you did not authorize, notify your bank immediately. If your bank has online banking, you don't have to wait until your bank statement comes--you can check your transactions at any time. By reviewing your monthly statement, you can avoid any surprises or errors that could end you up on the ChexSystems list. Also, by reviewing your monthly statement, you can carefully monitor your balance and make sure you are not overdrawn.
4. Notify your bank about any problems as soon as possible.
Many ChexSystems problems start with an error. The sooner you alert your bank to a problem, the sooner they can get it resolved. In some cases, your bank may require you to notify them in writing. Keep copies of any documents you give the bank until the problem is resolved. If you think the problem is a result of fraud, you should also contact your state attorney general.
5. If you don't have enough money in your account, don't write the check or authorize the debit.
Most people end up on ChexSystems for having too many bounced checks. It's simple -- avoid bouncing a check at all costs. Checks are being processed more quickly these days, which means the money may be debited from your account sooner. Also, many stores and utility, insurance, and credit card companies will convert your check to an electronic payment, which also means the money will be debited from your account sooner. If you don't have enough money in your account when you write a check or authorize a debit, you could find yourself paying a fee.
The single biggest way to stay off the ChexSystems list is to keep current with your bank. Never get behind on what you owe them. If you overdraw your account once or twice, make sure to deposit enough money to pay the NSF fees (plus the amount overdrawn). If you never use an account, still make sure to check your statement and make sure there is enough money in the account to cover any monthly fees. Never, ever get behind in what you owe to your bank -- its the fastest way to get on the ChexSystems list.
2. Don't give your account number and bank routing information to anyone you don't know.
Give out your account information for transactions only if you are familiar with the company you are dealing with. And if you have not done business with a company before, give out account information only if you have initiated the transaction. Criminals may ask you for your bank account number and then withdraw money from your account by creating a demand draft (sometimes called a "remotely created check") or making an electronic transfer. They may also ask for your debit or credit card number and other personal information. Don't fall for these scams. They can lead to your account being overdrawn or used for abusive activities, and can be a quick way to end up on the ChexSystems list.
3. Review your monthly statement.
Make sure all the checks, debits, automatic payments, and other withdrawals are ones you authorized. If you see a transaction you did not authorize, notify your bank immediately. If your bank has online banking, you don't have to wait until your bank statement comes--you can check your transactions at any time. By reviewing your monthly statement, you can avoid any surprises or errors that could end you up on the ChexSystems list. Also, by reviewing your monthly statement, you can carefully monitor your balance and make sure you are not overdrawn.
4. Notify your bank about any problems as soon as possible.
Many ChexSystems problems start with an error. The sooner you alert your bank to a problem, the sooner they can get it resolved. In some cases, your bank may require you to notify them in writing. Keep copies of any documents you give the bank until the problem is resolved. If you think the problem is a result of fraud, you should also contact your state attorney general.
5. If you don't have enough money in your account, don't write the check or authorize the debit.
Most people end up on ChexSystems for having too many bounced checks. It's simple -- avoid bouncing a check at all costs. Checks are being processed more quickly these days, which means the money may be debited from your account sooner. Also, many stores and utility, insurance, and credit card companies will convert your check to an electronic payment, which also means the money will be debited from your account sooner. If you don't have enough money in your account when you write a check or authorize a debit, you could find yourself paying a fee.
Banks in Iowa No Chex systems
VILLAGE BANK http://villagebank.biz - Called and verified , they do not use Chex Systems.
KEYSTONE http://keystonesavings.com - Known to only use telecheck , i will post later if this banks is 100% non chex systems
PEOPLES TRUST AND SAVINGS BANK http://ptsbank.com - they will not use chex systems, they verify your identity through credit report
IOWA FALLS STATE BANK - http://ifsbank.com - This Bank does not use chex systems
FIRST NATIONAL BANK IN FAIRFIELD - http://fnbfairfieldiowa.com Does not use chexsystems
IOWA STATE BANK AND TRUST - http://isbt.com Does not use chex systems
KEYSTONE http://keystonesavings.com - Known to only use telecheck , i will post later if this banks is 100% non chex systems
PEOPLES TRUST AND SAVINGS BANK http://ptsbank.com - they will not use chex systems, they verify your identity through credit report
IOWA FALLS STATE BANK - http://ifsbank.com - This Bank does not use chex systems
FIRST NATIONAL BANK IN FAIRFIELD - http://fnbfairfieldiowa.com Does not use chexsystems
IOWA STATE BANK AND TRUST - http://isbt.com Does not use chex systems
Non Chex Systems banks in South Carolina
CAPITAL BANK - http://capitalbanksc.com Does not use chex systems in opening a new account
Greenville Heritage - http://greenvilleheritage.com Also a non chex systems alternative
Bank Of America - http://www.bankofamerica.com - People seem to get Approved when applying online. I would give it a shot.
Greenville Heritage - http://greenvilleheritage.com Also a non chex systems alternative
Bank Of America - http://www.bankofamerica.com - People seem to get Approved when applying online. I would give it a shot.
Banks In New york No Chexsystems
TRUSTCO BANK http://trustcobank.com This bank is known for not using Chex systems.
BANK OF RICHMONDVILLE http://www.bankrich.com/ Claimed that they are not using Chex systems.
BANK OF RICHMONDVILLE http://www.bankrich.com/ Claimed that they are not using Chex systems.
Banks in IL
TCF NATIONAL BANK
AMCORE BANKThey have a 2nd Chance Checking Account program.
FIRST STATE BANK OF MENDOTA Also has branches In bloomington , Peru , Ottawa IL
GLENVIEW STATE BANK
AMCORE BANKThey have a 2nd Chance Checking Account program.
FIRST STATE BANK OF MENDOTA Also has branches In bloomington , Peru , Ottawa IL
GLENVIEW STATE BANK
Banks In Georgia No Chexsystems
Bank of CowetaChecks credit Report ( No Chexsystems )
Bank of Dudley
Colony Bank They Check Credit Report to verify identity , They have never even ran Chex systems.
First State Bank of Dalton
Gwinnett Community Bank Run Credit report, almost everyone gets accepted
HERITAGE BANK - http://the-heritage-bank.com/ Another non chex system bank
The First State Bank ( if you are on Chex systems , you must have good Credit To Get Approved )
Capital City bank
Bank of Dudley
Colony Bank They Check Credit Report to verify identity , They have never even ran Chex systems.
First State Bank of Dalton
Gwinnett Community Bank Run Credit report, almost everyone gets accepted
HERITAGE BANK - http://the-heritage-bank.com/ Another non chex system bank
The First State Bank ( if you are on Chex systems , you must have good Credit To Get Approved )
Capital City bank
Banks In Texas No Chexsystems
Austin bank http://www.austinbank.com/ Branch manager said that they Use Chexsystems, but they don't really care. They open
about 95% of people on Chex systems. Worth a Try
Bandera Bank http://www.banderabank.com/index.asp - 1 branch location perfect if you are nearby. No chex systems there
1st CONVENIENCE BANK https://www.1stcb.com - I have verified with this banks and they only verify your identity to get Approved. Great Options of Anyone needing a Checking Account.
FSNB - http://fsnb.com Called and verified that this bank does not use chex systems and is willing to open accounts for anyone.
FHNB - http://www.fhnb.com/ - I have verified they do not use chex systems in approving any application. Feel Free To Join.
about 95% of people on Chex systems. Worth a Try
Bandera Bank http://www.banderabank.com/index.asp - 1 branch location perfect if you are nearby. No chex systems there
1st CONVENIENCE BANK https://www.1stcb.com - I have verified with this banks and they only verify your identity to get Approved. Great Options of Anyone needing a Checking Account.
FSNB - http://fsnb.com Called and verified that this bank does not use chex systems and is willing to open accounts for anyone.
FHNB - http://www.fhnb.com/ - I have verified they do not use chex systems in approving any application. Feel Free To Join.
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.
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