Bad Credit Prevents Opening A Bank Account
One of the biggest financial necessities is a bank account, but having bad credit can
prevent you from being able to open one.
Over 80% of all US banks and credit unions
use ChexSystems, which is a consumer...
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Bad Credit Prevents Opening A Bank Account
One of the biggest financial necessities is a bank account, but having bad credit can
prevent you from being able to open one.
Over 80% of all US banks and credit unions
use ChexSystems, which is a consumer reporting agency that banks check as a
reference before opening an account for a potential consumer.
The database
contains a list of people who have had banking issues in the past.
This includes
returned or bounced checks, and outstanding NSF (non sufficient funds) fees owed
to banks.
They also keep record of any fraudulent checks deposited into accounts
and other suspicious activity.
Information remains in ChexSystems for at least five
years.
If you abandoned bank accounts with over draft or late fees still owed, there is
a very good chance that you are listed in ChexSystems and it will be very difficult for
you to open a new bank account unless you get it cleared up.
If you apply to open a new bank account and the bank denies you b
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