Non ChexSystems Banks
If you are in chexsystems you are in a tough spot. This will prohibit you from opening a new checking account and damage your credit score.
There is a great alternative to a checking account. You can have a prepaid credit card that will give you free direct deposit.
This can save you money on having to pay check cashing fees. You card will also be able to be used to pay bills.
There is a free feature called bill pay that will enable you to pay your bills by writing a check from your account. This will save you money on purchasing 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?
This is a group of financial institutions and they use this information to screen out potentially problem customers. You will be put in it if you have had an account closed for reason.
Reasons can include:
- Fraud
- Overdrawn account without payment
- Using false information to open an account
Once you are placed into chexsystems it will be next to impossible to open a checking account. In addition your credit will be severely negatively impacted.
This mark stays on your credit for 5 years. Be aware that you may be able to open a new checking account but it will be closed once the bank runs your information and learns you are in chexsystems.
In sum using a prepaid credit card is a great alternative to a bank account. It will do everything a bank account would and more.
There is a great alternative to a checking account. You can have a prepaid credit card that will give you free direct deposit.
This can save you money on having to pay check cashing fees. You card will also be able to be used to pay bills.
There is a free feature called bill pay that will enable you to pay your bills by writing a check from your account. This will save you money on purchasing 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?
This is a group of financial institutions and they use this information to screen out potentially problem customers. You will be put in it if you have had an account closed for reason.
Reasons can include:
- Fraud
- Overdrawn account without payment
- Using false information to open an account
Once you are placed into chexsystems it will be next to impossible to open a checking account. In addition your credit will be severely negatively impacted.
This mark stays on your credit for 5 years. Be aware that you may be able to open a new checking account but it will be closed once the bank runs your information and learns you are in chexsystems.
In sum using a prepaid credit card is a great alternative to a bank account. It will do everything a bank account would and more.
About the Author:
We suggest the prepaid account now visa or you can read a review of the tribute card an unsecured bad credit mastercard.
posted by Credit Counseling at
1:54 PM
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