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.
However you do have an alternative to a checking account. You can get a prepaid credit card that will give you free direct deposit.
This will save you money on check cashing fees. Also your card can 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.
In addition your card can be used to build positive payment history. With the account now prepaid visa you can sign up for credit builder for free. This service will record the payments you make using bill pay and report those payments to a credit reporting agency. Providing you with a method 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 include:
- Fraud
- Overdrawing your account and the bank is unable to recover payment
- Providing 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 will be on your credit for 5 years. However you will be able to open a new account but once your information is checked it will be closed immediately.
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.
However you do have an alternative to a checking account. You can get a prepaid credit card that will give you free direct deposit.
This will save you money on check cashing fees. Also your card can 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.
In addition your card can be used to build positive payment history. With the account now prepaid visa you can sign up for credit builder for free. This service will record the payments you make using bill pay and report those payments to a credit reporting agency. Providing you with a method 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 include:
- Fraud
- Overdrawing your account and the bank is unable to recover payment
- Providing 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 will be on your credit for 5 years. However you will be able to open a new account but once your information is checked it will be closed immediately.
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 accountnow visa visa or you can read a review of the tribute credit card an unsecured bad credit mastercard.
posted by Debt Consolidation Loan at
1:54 PM
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