Just How Bad Is Your ChexSystems Report?
If you are a loyal reader of this site, you know we recommend that EVERYONE get a copy of their ChexSystems report. You need to know what is on your ChexSystems record, and the only way to find out is to order a copy of your official ChexSystems report. (We provide information on how to contact ChexSystems here).
But what do you do when you get your report? How do you figure out how bad your ChexSystems report is? Well here’s a simple way to look at things. There are two general types of items on your ChexSystems report — items about your mistakes (like bouncing checks), and items that indicate that you may have committed fraud.
If you have simple mistakes on your report, you stand a decent chance of opening a new bank account.
If you have fraud items on your ChexSystems report… well, you may have a difficult time opening a good bank account for a while (although you may be able to open a second chance checking account).
Here are things to look for on your ChexSystems report that are associated with suspected fraud:
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Writing checks on a closed account.
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Possible false information used in opening an account.
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Transactions involving returned items from own account at another bank.
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Excessive drawing on uncollected funds.
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Automatic teller machine abuse.
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Transactions involving possibly forged items or checks.
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Suspected fraud activity of electronic transfer account (ETA).
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Transactions involving items belonging to a deceased party.
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Transactions involving items belonging to another party.
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Using funds credited to an account in error or received in error.
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Transactions involving items with irregular signature/endorsement.
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Transactions involving checks returned stop payment.
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Possible forgery.
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Transactions involving possibly altered items or checks.
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Transactions involving possibly stolen items or checks.
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Suspected fraud activity.
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Related ChexSystems Banking Information: