Looking for how to get off ChexSystems? Then read this post. Apart from seeing a sign on the door of the business or counter many customers don’t have knowledge of ChexSystems, until it is very late. So, what is this Chexsystems and how do they work? What is their significance in your financial system?
Chexsystems is made up of credit unions, financial institutions and a network of banks, it is a reporting agency that helps in maintaining a database of individuals who have knowingly or unknowingly mishandled a savings or checking account. Though most are listed because of uncontrollable situations, some are listed for deceitful activities like passing bad checks on purpose. It is because of these bad apples which make ChexSystems an evil and a significant part of a financial system. Read more