No Chexsystems Bank Account

Chexsystems is a list of people who have a bad record with checking accounts. Banks share this list with each other, and people who are on this list are highly denied to open new checking accounts. A lot of people end up on this list from a mountain of non sufficient funds (NSF) fees. These fees can stack up quickly when charges are made on a checking account with a zero or negative balance. For example, if your checking account has a dollar balance and you go and buy a cup of coffee for 2 dollars, the transaction will be accepted. If you do not catch this right away, you will be charged a NSF fee. The fees range around 20 to 30 dollars, give or take a few. Now, if you go ahead and make another charge for 5 dollars at the gas station, your account will once again go negative further and be charged more fees. Banks make the majority of their money by using this tactic. People have gone negative into hundreds and even in the thousands from these fees. If you are not able to pay them, which a lot of people cannot, you will be put on the chexsystems list. Your name will stay on the list for around 5 years unless you can reconcile with the bank that you owe the debt to. Over 80% of all banks use chexsystems when they are opening a new account for customers. Although it seems it is impossible to get a new checking account, it is still possible for you to get a no chexsystems bank account. You can find banks who either do not use chexsystems at all, or banks that will still allow you an account regardless of your name being present on the list. Just because your name is on the list, it does not mean that they will automatically deny you. So despite your newly bad credit, do not give up on your goal to get a new account, it is still possible for you.