It can be very frustrating to be rejected for a new checking account time and again.
This kind of rejection is hard to take and still hold your head up high.
After all, who doesn't want to be able to write a check, perform an online banking transaction, or withdraw money from a conveniently-located ATM when needed? Contrary to what many people believe, such rejection for a new bank account has nothing to do with your credit (FICO) score.
But, it does very much have to do with a database system called Chexsystems.
Chexsystems is simply a way for banks to help each other keep tabs on past or current customers whom the banks believe have shown risky behavior in the past.
This could be, for example, the customer having failed to repay a bank after the bank had covered one of their checks in an NSF (overdraft) transaction.
Unfortunately, due to Chexsystems, thousands of people every day are denied new checking accounts.
When this happens, your first instinct is probably to try to get your name removed from this "banking risk database.
" However, unless your name is there by mistake, you will have to wait up to five years before your name is cleared.
Happily, there is an alternative that you can take advantage of right now: non-Chexsystems checking.
Banks that offer this service often call themselves second chance checking banks.
That's because they give you a second chance at a checking account when nobody else will.
To shake yourself free and find a non-Chexsystems checking bank, start by accessing a complete list of non-Chexsystems banks.
Then, apply online! Your approval is 99.
9% guaranteed.