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BEST PRACTICES FOR BANKING WHILE ON CHEXSYSTEMS (Protect Your Bank Account) Once you get a bank account open and are able to start making purchases and paying bills again, you will probably heave a sigh of relief.

It is important to know however that there are still things which can go wrong.

HERE ARE SOME ISSUES TO BE ON THE LOOKOUT FOR: The bank could view your ChexSystems record after giving you an account, perhaps because the institution has just decided to start using the system and has screened all customers. This could result in account closure. It is possible that the bank might decide to disallow ChexSystems customers after previously working with them. So all second chance bank accounts might be closed.

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There are some actions which you can take that might result in receiving a black mark in ChexSystems even though you have done nothing wrong.

If you do not keep your account in good standing, the bank might decide to close it, just as they would with a regular customer. It might take fewer red ags in your case however for the institution to decide to take action.

HERE ARE A FEW TIPS TO PROTECT YOUR ACCOUNT:

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Do not overdraw your account if at all possible, even if there are no overdraft fees.

If there are fees to maintain your account, pay them all on time every month. Pay any other fees you are charged immediately in order to stay on good terms with the bank.

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Try and order your checks only from companies that do not report to ChexSystems. Some options include Checkworks, Costco Check Printing and Harland Clarke.

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Banks often look more favorably on customers who set up direct deposit, regularly make debit card purchases, and so on. Even if you are not required to bother with this to get around a balance requirement or maintenance fees, think about doing it anyway.

Keep an eye on credit reports, and also consider checking on your own ChexSystems report now and again to make sure that your record is clean.

REPORT REPORT

Best practices for bankingcompressedBest Practices for Banking with ChexSystems (Protect Your Bank A  

Once you get a bank account open and are able to start making purchases and paying bills again, you will probably heave a sigh of relief. I...

Best practices for bankingcompressedBest Practices for Banking with ChexSystems (Protect Your Bank A  

Once you get a bank account open and are able to start making purchases and paying bills again, you will probably heave a sigh of relief. I...

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