Non ChexSystems Banks
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 an alternative; you can get a prepaid credit card. Most offer direct deposit for free.
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 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.
As you can see this card works just like a checking account. Your card is accepted world wide and can be used over the phone or online.
Your card will also provide you with an opportunity to build a positive payment history. The prepaid account now visa gives you a free service called credit builder. This service will record the bills you pay with bill pay and report that information to a credit reporting agency. This can be used to show future lenders you are credit worthy.
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 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 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 using a prepaid credit card is a great alternative to a bank account. It will do everything a bank 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 by no longer paying expensive check cashing fees. In addition you can pay your bills with this card.
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.
As you can see this card works just like a checking account. Your card is accepted world wide and can be used over the phone or online.
Your card will also provide you with an opportunity to build a positive payment history. The prepaid account now visa gives you a free service called credit builder. This service will record the bills you pay with bill pay and report that information to a credit reporting agency. This can be used to show future lenders you are credit worthy.
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 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 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 using a prepaid credit card is a great alternative to a bank account. It will do everything a bank account would and more.
About the Author:
You can check out a list of prepaid credit cards or we suggest the prepaid account now visa visit us.
posted by Credit Counseling at
11:21 AM
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