Non ChexSystem Checking Accounts
If you are in chexsystems you are in a tough spot. This will prohibit you from opening a new checking account and damage 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 can save you money by no longer paying expensive check cashing fees. In addition you can pay your bills with this card.
There is a feature called bill pay that will write real physical checks from your account to a business or individual. This will save you money because you will no longer need to purchase money orders.
This card works just like a checking account. Your card is accepted over the phone and 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 are:
- Fraud
- Overdrawing your account and the bank is unable to recover payment
- Providing false information to open an account
Once you have this mark on your credit you will not be able to open a checking account. Also your credit will be damaged.
This mark will remain on your credit report for 5 years. You should be aware that you may be able to open a new checking account, but once the bank runs your information and discovers you are in chexsystems they will close your account.
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.
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 can save you money by no longer paying expensive check cashing fees. In addition you can pay your bills with this card.
There is a feature called bill pay that will write real physical checks from your account to a business or individual. This will save you money because you will no longer need to purchase money orders.
This card works just like a checking account. Your card is accepted over the phone and 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 are:
- Fraud
- Overdrawing your account and the bank is unable to recover payment
- Providing false information to open an account
Once you have this mark on your credit you will not be able to open a checking account. Also your credit will be damaged.
This mark will remain on your credit report for 5 years. You should be aware that you may be able to open a new checking account, but once the bank runs your information and discovers you are in chexsystems they will close your account.
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.
About the Author:
We suggest the prepaid account now visa visa or you can read a review of the tribute creditcard an unsecured bad credit mastercard.
posted by Debt Consolidation Loan at
1:55 PM
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