Non ChexSystem Checking Accounts
If you are in chexsystems it will be impossible to open a checking account. In addition your credit score will be damaged.
There is an alternative; you can get a prepaid credit card. Most offer direct deposit for free.
This can save you money by no longer paying expensive check cashing fees. In addition you can pay your bills with this card.
There is a feature called bill pay that will write real physical checks from your account to a business or individual. This will save you money because you will no longer need to purchase money orders.
As you can see this card works just like a checking account. Your card is accepted world wide and can be used over the phone or online.
Your card will also provide you with an opportunity to build a positive payment history. The prepaid account now visa gives you a free service called credit builder. This service will record the bills you pay with bill pay and report that information to a credit reporting agency. This can be used to show future lenders you are credit worthy.
What is ChexSystems?
It is a group of financial institutions that share information. They do this to screen out potential problem customers. You can be placed in it for having an account closed for reason.
Reasons include:
- Fraud
- Repeated overdrafts without the bank being able to collect payment
- Opening an account with false information
When this happens to you will be unable to open a new checking account. Your credit score will be significantly lowered.
This mark will remain on your credit report for 5 years. You should be aware that you may be able to open a new checking account, but once the bank runs your information and discovers you are in chexsystems they will close your account.
In sum if you are in chexsystems a prepaid credit card is a great alternative to a checking account. It will give you all the benefits of a checking account and more.
There is an alternative; you can get a prepaid credit card. Most offer direct deposit for free.
This can save you money by no longer paying expensive check cashing fees. In addition you can pay your bills with this card.
There is a feature called bill pay that will write real physical checks from your account to a business or individual. This will save you money because you will no longer need to purchase money orders.
As you can see this card works just like a checking account. Your card is accepted world wide and can be used over the phone or online.
Your card will also provide you with an opportunity to build a positive payment history. The prepaid account now visa gives you a free service called credit builder. This service will record the bills you pay with bill pay and report that information to a credit reporting agency. This can be used to show future lenders you are credit worthy.
What is ChexSystems?
It is a group of financial institutions that share information. They do this to screen out potential problem customers. You can be placed in it for having an account closed for reason.
Reasons include:
- Fraud
- Repeated overdrafts without the bank being able to collect payment
- Opening an account with false information
When this happens to you will be unable to open a new checking account. Your credit score will be significantly lowered.
This mark will remain on your credit report for 5 years. You should be aware that you may be able to open a new checking account, but once the bank runs your information and discovers you are in chexsystems they will close your account.
In sum if you are in chexsystems a prepaid credit card is a great alternative to a checking account. It will give you all the benefits of a checking account and more.
About the Author:
We suggest the prepaid accountnow visa or you can read a review of the tribute mastercard an unsecured bad credit mastercard.
posted by Credit Counseling at
2:48 AM
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