Should we be flattered… or concerned that they don’t get it? We were reviewing some of the presentations from the 2009 Payments Conference held by the Kansas City Federal Reserve, and saw a slide that mentioned StopChex.com.
We were mentioned in a presentation called “Implications of the Changing Payments Landscape for Integrity of Retail Payment Systems” (that’s a mouthful!).

The gist of the presentation was that “fraudsters” (like people who want to get off ChexSystems) can find a way around every fraud prevention system.

What we want to know, is how we are helping “fraudsters”? Here’s the deal: We give people who are on the ChexSystems list information about how to deal with their problem. Most people on ChexSystems end up there either because (1) they made an innocent mistake (like bounced a few checks, or didn’t close an account properly), or (2) there’s been a mistake made by ChexSystems or some other reporting entity.

People in these situations deserve help. We don’t provide any information about how to “circumvent” or “get around” ChexSystems. Instead, we give some advice about legal rights provided by the Fair Credit Reporting Act and advice about how to find a decent second chance bank.

Come to think of it, we aren’t flattered at all that we were mentioned in the presentation.

We think the bankers just don’t get it.

We certainly don’t condone any fraud, and aren’t suggesting that people trick or fool or mislead ChexSystems in any way. But if someone ends up on ChexSystems list improperly, through error, or with inaccurate information, they deserve the right to fight ChexSystems about it. Isn’t that what the Fair Credit Reporting Act is all about?

Also, don’t people deserve to learn about banking options such as bona-fide second chance checking accounts, or good prepaid debit accounts?

We think they do, and we’ll keep spreading the word.

In the meantime, check out the slides from the Payments Conference (see pages 19 and 20).

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Related ChexSystems Banking Information:

1. Get Off ChexSystems List
2. On ChexSystems List? Know Your Rights Under the Fair Credit Reporting Act
3. Consumer Reporting Agencies
4. Fair Credit Reporting Act (FCRA)
5. Free Annual Credit Report