ChexSystems And your Bank Account

What is Chexsystems? Chexsystems is a company known as eFunds Chexsystems. Chexsystems functions as a check verification service and consumer credit reporting agency. We have all heard of Experian, Equifax and TransUnion, right. Well, Chexsystems doesn’t collect data about our credit, it collects data and our deposit accounts — Bank Accounts. Did you know that 80% of all banks and/or credit unions use Chexsystems. Over 100,000 bank branches use Chexsystems.

Chexsystems Services to Banks

• Debit Bureau
• Debit Report
• Fraud Finder
• Identity Theft
• ID Verification
• ICMS
• Prospect Chex
• QualiFile
• Transaction Monitoring

If you were to see a Chexsystems report it would contain things like:

• Check Overdrafts
• Unsatisfied Balances
• Depositing Fraudulent Checks
• Suspicious Account

Consumers do have access to Chexsystems reports. Thanks to the Fair Credit Reporting Act, consumers have access to a free Chexsystems report annually. Did you know, having a negative item on your report could cause a bank to denied you service (opening an account at their bank)? “Majority of banks that use Chexsystems will not open a new deposit account for a customer that has a negative item reported on a Chexsystems report”.

View a Sample Chexsystems Report

Some banks will open an account with a negative item on the Chexsystems report as long as it have been cleared / paid. Be aware and don’t get scammed. Some people are posting headlines like “How to obtain a Non Chexsystems Bank Account”.

Don’t get scammed. Use banks that FDIC insured or credit unions that are NCUA insured.

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