ChexSystems

 

 

What is ChexSystems?

ChexSystems provides consumer deposit activity to banks and credit unions. They assist financial institutions in identifying applicants with a history of inappropriate account activity. The definition of inappropriate account activity varies among financial institutions, however activities such as routinely overdrawing your account, continually bouncing checks, writing checks while fully aware that the account has non-sufficient funds (NSF) and failure to repay an outstanding balance may give your bank a reason to close your account(s) and place your name in the ChexSystems database.

Once your name has been submitted to ChexSystems, it will remain in the database for 5 years, unless it was placed there in error, or it’s removed by the institution that originally submitted it. During the time that your name is in the database obtaining a traditional checking account will be extremely difficult to obtain since the vast majority of banks and credit unions scrub their lists of applicants against the ChexSystems database. Although you pay an outstanding balance in full, financial institutions are not obligated to remove their entry from the database. They are however, obligated to update your file with paid in full or settled in full entries.

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ChexSystems, Inc is a consumer-reporting agency governed by the Fair Credit Reporting Act (FCRA) and other laws. The Federal Trade Commission enforces the FCRA. ChexSystems does not approve or disapprove bank account applications.

You have a right to dispute items that are in your file. You may also add brief statements that describe your reasons for disputing information contained in your file. Chex Systems, Inc. may be contacted for assistance in writing a statement.

ChexSystems Consumer Relations
Phone: 1-800-428-9623
(Recording only-Instructions)
Fax: 602-659-2197

Address:
ChexSystems
Attn: Consumer Relations
7805 Hudson Road, Suite 100.
Woodbury, MN 55125