How does someone go about getting a check account if they happen to have a negative Chexsystems record? Well the economy is already doing poorly and more and more people have fallen into serious financial hard times. That means that the number of people who are reported to Chexsystems is likely increasing. So the question of how to get a non Chexsystems checking account becomes even more relevant.
In theory, once you're listed on the Chexsystems network, you're unable to open a bank account anywhere. The reality is that the percentage of banks that actually rely on Chexsystems to make a decision on whether or not to open a new checking account is roughly 80%. That means that out of every ten banks, an average of two will be willing to do business with you in spite of your negative record.
Some people just sit there and decide to wait it out. This is because it's true that after a certain amount of time, your name will be dropped from the database. It takes about 5 years, but after this period is over, you're in the clear. The only problem is that this is five years of you having trouble conducting even the most basic financial transactions. This is not something that a lot of people look forward to. It's not that bad, is it? Don't overlook the extra expenses and inconvenience of having to use check cashing stores and money orders for most transactions, as well as the risk you're taking by having to carry around large amounts of cash everywhere you go.
The other option is to find banks that will do business with you regardless. Now of course, be ready to pay a price for the privilege. How much you pay, though, depends on how well you do your homework. Non Chexsystems financial institutions comes in all shapes and sizes, but you should not negotiate on them being FDIC-insured. This is just a no-brainer. In order to be completely honest, it has to be pointed out that these institutions will require a little bit of looking before you find a good one.
Besides that, pay attention to the fees. Try and find one bank where you'll get the widest range of services possible, at the most reasonable price. Also, while a initial minimum opening balance is something that's entirely manageable, try to avoid institutions where you have to keep a high ongoing balance. Finally, one of the best things you can find is a bank where after a period of six to twelve months of "good behavior", your account is eligible for review to be upgraded to "regular" status.
There's one other option. I was going to overlook it, but then I decided that people should also be aware of it. You can try and get your name off the Chexsystems database. It's not easy, and it takes a while. Most likely you'll have to get in touch with the financial institution(s) that reported you and negotiate a deal with them to pay off the debt so they can ask Chexsystems to remove your name from its database. Just keep in mind that in the meantime, you'll still have to find a way to go about your everyday financial transactions.
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