Non Chexsystem Checking Accounts

Chexsystems will prevent you from opening a checking account for five years. There is in alternative that works just like a checking account.

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.

There is a great alternative to a checking account. You can have 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 free service that enables you to write checks from your account. You can pay your bills or an individual. This feature is called bill pay and will save you money by not having to buy money orders.

This card is just like a checking account. It is accepted over the phone and online, and can be used worldwide.

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 can include:

- Fraud

- Overdrawing your account and the bank is unable to recover payment

- Using 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 if you are in chexsystems a prepaid credit card is a great alternative to a checking account. It will give you all the benefits of a checking account and more.