| Chex Systems Inc. is a network of financial institutions | | | | Here are some tips for dealing with being on the Chex |
| that reports your mishandled checking or savings | | | | systems blacklist: |
| accounts to its banking community. They keep a | | | | 1. Do not close any of your banking accounts. It's |
| database to track negative information regarding your | | | | always good to have two accounts in different banks, |
| history of accounts and provide this information to | | | | especially with a shaky credit history. Most importantly, |
| financial institutions inquiring whether or not to allow you | | | | keep your accounts positive. Pay all outstanding fees |
| to open a new bank account. | | | | as soon as you learn about them. |
| They only report to those institutions that pay a | | | | 2. Once you have paid all your fees and satisfied the |
| member fee but this is comprised of about 80% of | | | | bank that reported you, obtain a chex systems report |
| banks. Are you trying to open a new bank account? | | | | to make sure that is the only negative listed account; |
| Did you mishandle your checking or savings account | | | | type a short letter explaining your new position and |
| by not paying fees or bouncing one too many checks? | | | | have that new information inserted into your Chex |
| When you do get the unfortunate occurrence of being | | | | System file. |
| blacklisted by Chex Systems, you still have other | | | | 3. Banking officials always have the option to overrule |
| opportunities to get a bank account. If you pay your | | | | Chex Systems by opening an account for you, but this |
| fees that Chex Systems says you owe, many banks | | | | probably will not happen until to pay off whatever |
| will allow you to open a savings account. | | | | Chex systems says you owe. |
| There are many non chex system banks. They opt to | | | | 4. Almost 80% of banks use Chex systems, however, |
| use the credit bureaus and rely on your credit score to | | | | there are a few that do not. For example, many credit |
| approve or decline accounts. Many credit unions do | | | | unions do not use Chex sytems. You may also want |
| not use either system of checks and balances and | | | | to inquire into a brokerage account that comes with |
| provide an easier way to opening an account. | | | | check writing features. |