A California financial services provider (ChexAccount.com)
"With over 20 million people stuck in ChexSystems, and thousands more reported to Telecheck, we felt the need to establish a website designed to help people overcome their negative banking history," said Steven Baik, the co-founder of ChexAccount.com. In August 2009, Steven and his partners, launched ChexAccount.com. This is a website where anyone with an internet connection could simply visit the site and find practical solutions to ChexSystems. In addition to the free advice, they give you full and free access to a list of "non-ChexSystems banks." "Non-ChexSystems banks" is a common phrase used to search for banks that do not use the ChexSystems verification system. As simple as it may sound, information on these types of banks are not only limited, but also very valuable to individuals currently struggling with ChexSystems.
Background on Chex Systems, Inc:
"Banks rely on ChexSystems primarily to help them screen applicants for new accounts, especially checking accounts. Checking accounts don’t generate much money for banks; many offer them free in hopes of enticing you to invest in more lucrative products.
But issued indiscriminately, checking accounts can expose the bank to considerable fraud and eat into profitability. According to a September 2000 report by TowerGroup, financial institutions were hit for an estimated $1.3 billion in check fraud in 1998. Merchants lost an estimated $13 billion to bad checks that same year. Since past account problems are considered a key predictor of potential risk, many (though not all) member banks will deny an account based on a ChexSystems report.
In these scenarios, the customer frequently considers ChexSystems the bad guy even though it has nothing to do with any decision a financial institution might make based on information in its database.
"The data that is stored within ChexSystems is factual, accurate data; it’s what happened. Now, how the bank uses that information is completely at their discretion,"
A little less than 50% of the people that are reported to ChexSystems, use Non-ChexSystems Banks to overcome their problem. Over 50% of them resort to opening up an untraditional bank account often called "second chance bank accounts" - usually a checkless bank account connected to a debit card. "With the high demand for second chance banking products, we’ve partnered up with a handful of well-respected banks and institutions to offer their “second chance” checking accounts. Although, these types of accounts are initially checkless, they do provide all the benefits of a regular checking account including bank routing number, account number, and debit card.
"Our original mission was to create a website where people with prior negative banking histories could find real solutions from trusted companies, and this is the same mission that drives our business today."
Visit website: http://www.chexaccount.com
