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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... More

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 Less