No ChexSystems Checking Accounts

By Dan Moskel

If you have been placed into chexsystems you are in a difficult spot. This will prevent you from opening a checking account and really hurt your credit score.

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.

This card works just like a checking account. Your card is accepted over the phone and online.

Additionally with the prepaid account now visa you can enroll in another free service called credit builder. This service will record the payments you make using bill pay and report that information to a credit reporting agency. This can be used to show future credit worthiness.

What is ChexSystems?

ChexSystems is a way for banks to screen out potential problem customers. You can be placed into chexsystems if you had a bank account closed for reason.

Reasons can include:

- Fraud

- Repeated overdrafts without the bank being able to collect payment

- Opening an account with false information

When this happens to you will be unable to open a new checking account. Your credit score will be significantly lowered.

This mark stays on your credit for 5 years. Be aware that you may be able to open a new checking account but it will be closed once the bank runs your information and learns you are in chexsystems.

In sum a prepaid credit card is a great alternative to a checking account. It will provide you with everything a checking account would and more.

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