What is the Chex System
Chex Systems is a sort of Consumer Reporting Agency that offers a list of “high risk” clients to majority of the banks in the
U.S banks report incidents to Chex Systems in order to protect themselves and also their bank in the future. An individual gets reported to Chex System if his/her account is closed due to “cause.” Banks greatly vary among them as to what legal reasons are for closing a bank account. Here are few instances: The bank was not able to collect for an automatic payment, ATM transaction, or an overdraft; multiple overdrafts; ATM abuse, debit card or savings account; fraud; and providing fake information while opening account. All incidents are kept recorded with your Chex Systems for 5 years. Hence, if an incident gets reported with your Chex Systems it may ruin your financial future permanently.
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