Why Choose Banks That Don’t Use ChexSystems
The essence of ChexSystems is to keep individual banking history. Therefore, when you apply to open an account many banks will use the Chexsystems to approve or deny your requests. Therefore, a bank may refuse your account opening request if you have negative ratings. For example, failing to pay a bank deposit fee. If you are struggling with this problem, you should consider choosing a bank that doesn’t use ChexSystems. Below is why you should consider choosing banks that don’t use ChexSystems.
The banks that don’t use ChexSystems will not rely on your past when applying to open an account with them. Your request to open an account may be denied for having just one negative aspect in the past. You should strive to avoid banks denying you services due to your past. Thus, to avoid this from happening you should choose no-ChexSystems banks. Hence, you will have a new account within a short period if you choose second chance banks.
To avoid the problem of listing with negative banking records you should choose no-Chexsystems banks. It takes five years to clear a negative banking record and sometimes even longer. It is understandable that you may have problems paying your account fees for a short duration. However, you later stabilize, and you make timely payments and deposit to the account. The challenge is that you will bear the negative banking history of the first year for five or more years. For that duration you will be unable to open a new bank account. Unless you choose a no-ChexSystems bank.
Choosing no-ChexSystems banks helps you avoid the risk of your information being sold to other parties. Chexsystems have the rights to share your banking records with other third parties. Such information may cause you to be denied services. To avoid this from happening you should opt for no-ChexSystems banks. Thus, you banking records will be kept private.
Banks that don’t use ChexSystems allows you another chance to have an account. Maybe you were prompted by the situation to open a bank account thus you did not seek adequate information. They are usually excited to have a bank account and a credit or debit card. Later you realize that the banks have high fees that you struggle to pay making you have a negative banking history. To avoid these challenges you should choose a no-ChexSystems bank.
If you are planning to open your first account for your kid it is advisable you choose a bank that doesn’t use ChexSystems.