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What is ChexSystems? And Why am I on Their List?

Banking |
Editor |
Sep 2007 |
1 comments |

Tens of thousands of people are on a list that they don’t want to be on.  It’s the list of people who are “risky” bank account customers compiled by ChexSystems, Inc.  If you are on this list, it is very difficult to open a new bank account, as most U.S. banks use the list to make their new account opening decisions.  Understanding what ChexSystems is, and how you get on their list, is important.  Luckily, you may still be able to get a bank account, even if you are on the list.

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At loanbits we are trying to help people get an advantage on large financial services companies. Our target audience includes people who have limited credit, no credit or poor credit. These people are typically referred to as "subprime", "not credit worthy", or "unbanked". At loanbits, we prefer to call this group of people the "underbanked". There are a lot of underbanked people in the U.S. (with some estimates exceeding 70 Million adults!). "Underbanked" shouldn't mean "underserved". loanbits gives you the information you need to make better choices. Knowledge is power!