Having Trouble Opening a Checking or Savings Account?

To be able to prosper in one’s financial life, one of the most basic requirements is that of having a savings and checking account. In the absence of these accounts, you might experience many hassles in your life, such as when you are shopping. Other inconveniences brought by the absence of your own bank account include the following:

• You need to carry cash with you as you go around. This is risky. You can lose your cash. You are also prone to theft.
• You will not be able to issue checks which can be used to pay your monthly dues or any other expenses. You will need to make in-person appearances to pay for these bills.
• You will have no means to having access on ATMs. This is depressing especially if you are travelling.

However, despite the significance of having your own bank account, there are still many people who are suffering from the lack of such. If you are having trouble opening a checking or savings account, continue reading this article.

If you are one of the many people who have applied for a new checking or saving account but has been denied, do not be stuck on blaming your FICO or credit score. It has nothing to do with the rejection of your application.

Chex Systems is the main reason on why you have not been accepted by the bank for your application. Chex Systems is being used by almost all banks. It is a database which contains a list of people who have been perceived as risky and therefore should not be served as clients of banks. If your name is listed in this database, it almost translates to an automatic rejection for an account application. This is true not only with one bank, but with all other banks using the database.

There are various reasons on why your name is listed on Chex Systems, including the following:

1. You have committed bank fraud in the past.
2. Your previous bank might have covered some of your overdraft charges which you never paid back.
3. You have demonstrated behaviors which would make the bank classify you as an irresponsible customer.

Once your name is already on the Chex Systems database, there is almost nothing which can be done for your name to be deleted in the database.

However, there is still some good news for you. There are few banks out there which do not make use of the Chex Systems. This means that once you have submitted your application, the bank will no longer sue the Chex Systems in order to assess your risk. This increases your chance of being accepted by as much as 100%. Look specifically for non-Chex Systems banks and you can finally enjoy the benefits of having your own savings and checking account.