What is ChexSystems?
Chexsystems verifies your checking activity and functions as a consumer credit reporting agency. Most banks and credit unions use it when opening a new deposit account. Because Chexsystems is a credit reporting agency, it is your right to dispute with chexsystems.
Just as you can ask for one free credit report every year, you can also ask for a Free chexsystems report once a year. As a consumer, you can question any information in Chexsystems, and you can also dispute entries and the evidence that supports the reported activity.
Chexsystems is not a fair system.
Many have objected to its reporting practices, stating that the system does not report fairly, and unlike credit bureaus which have both positive and negative information on your credit report, Chexsystems only contains negative information. This jeopardizes your reputation as a consumer, when you would otherwise be qualified to open checking accounts.
Another growing problem I am seeing is Early Warning Services. More and more people are being denied accounts because of EWS. Banks that never used and still do not use Chexsystems are now using EWS. Almost everyone that has been reported to Chexsystems is also reported to EWS.
Early Warning Services is a limited liability company owned by Bank of America, BB&T Corporation, JPMorgan Chase, Wachovia, and Wells Fargo. If you are able to open an account with one of these banks it will more than likely be closed at a later time if you have been reported to EWS.
We have researched banks all over the US. We have found banks that will open accounts for those reported to chexsystems even when ALL the others say NO.
http://www.chexsystemsvictims.com
