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.
There is an alternative; you can get a prepaid credit card. Most offer direct deposit for free.
This can save you money on having to pay check cashing fees. You card will also be able to 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 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?
It is a group of financial institutions that share information. They do this to screen out potential problem customers. You can be placed in it for having an account closed for reason.
Reasons can include:
- Fraud
- Overdrawing your account and the bank is unable to recover payment
- Opening an account with false information
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 be on your credit for 5 years. However you will be able to open a new account but once your information is checked it will be closed immediately.
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.
There is an alternative; you can get a prepaid credit card. Most offer direct deposit for free.
This can save you money on having to pay check cashing fees. You card will also be able to 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 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?
It is a group of financial institutions that share information. They do this to screen out potential problem customers. You can be placed in it for having an account closed for reason.
Reasons can include:
- Fraud
- Overdrawing your account and the bank is unable to recover payment
- Opening an account with false information
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 be on your credit for 5 years. However you will be able to open a new account but once your information is checked it will be closed immediately.
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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You can check out a list of prepaid credit cards or we suggest the prepaid account now visa visit us.
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