Listing Of National Non-Chex Systems Banks

Chex Systems is a database that a company called eFunds invented years ago. It works similar to the way that a FICO, or credit, score works: by allowing financial institutions to evaluate the level of risk associated with doing business with a new potential customer.

While a FICO score is a scoring system with a range of values, Chex Systems is simply a binary "yes" or "no" reporting. In other words: if your name appears on Chex Systems, a bank that is considering your new checking account application will likely flat-out reject you.

Luckily, there are a handful of banks that do not refer to Chex Systems when evaluating the worthiness of a new checking account customer. Many of these banks refer to themselves as "second chance checking" banks. Others call themselves non-Chex Systems banks. These are the same thing.

If your checking account application has been rejected more than once in recent weeks or months, it is likely that your name has been reported to Chex Systems. In this case, in order to get accepted, you will want to find a non-Chex Systems bank.

You need to start by directly access a list of non-Chex Systems banks, such as this one: http://www.WhichBanksDoNotUseChexSystems.com/.

Finding the banks is only your first step. You need to know how to properly select the right one. Here is a step-by-step list of how to go about it. Hint: get yourself a pen and paper or use a spreadsheet program like MS Excel to organize the information you are about to collect:

1. Get together a list of 5-10 names of non-Chex Systems banks:

2. Research the web site of each of the banks to find out the following information:

a. does the bank offer an online banking option, allowing you (for example) to make balance transfers, check balances and pay bills online?

b. is it FDIC-insured?

c. does it bill itself as a second chance checking bank? This is another way of saying that they do not refer to Chex Systems when considering a new application.

d. does the bank allow you access to your cash via ATMs all across the country?

e. do they require an initial deposit to open an account?

3. Now, select the bank that has the most Yes ratings for each of these items.

Ready to get started? Here is a listing of national non-Chex Systems banks: http://www.WhichBanksDoNotUseChexSystems.com/.

For more on this topic, also check out:

http://www.squidoo.com/listing-of-national-non-chexsystems-banks.