Our ChexSystems Recovery Services

Our ChexSystems Recovery Services

This program is designed to help individuals who do not have a banking relationship to gain access to financial services. By obtaining checking account privileges, consumers enjoy the convenience of not having to purchase money orders and cashier's checks to pay their bills and they also save on numerous fees. By choosing this programs, those with negative notations on their ChexSystems report can avoid the normal five-year waiting period required by most financial institution, provided that they have not been found guilty of fraud. The program is focused on checking account management and good debt practices. Once you complete the program, and repay all outstanding debt reflected in your ChexSystems report, a participating financial institution will allow you to open a checking account upon presentation of the certificate of completion, and open up a deposit account. With our services you can expect;

• How to choose an account that is right for you.
• Your own personal certified credit coach and debt negotiator
• Professional assistance creating a financial plan you can afford
• Negotiations to reduce your total debt by as much as 50%
• A single low rate that isn't based on your current debt total or settlement
• We try and negotiate "pay for deletions" so that your settlements won't appear as bad marks on your credit report

To obtain a copy of your ChexSystems report (at no cost). Call (800) 800-2112 to order a copy of your ChexSystems report.

How long will I be on the Chex System?

Each report submitted to Chex System remains on their files for five years, unless the bank or credit union that filed the report requests its removal or Chex System becomes obligated to remove it under applicable law. Also, a reporting member is under no obligation to remove an accurate report of a account mishandling due to payment of money that was owed. However, if a collection amount is reported, the member is obligated to mark the account as paid.

Do Banks Open Accounts & Close Them Later?

Unfortunately yes it seems more common among some banks than others. Some banks have online applications that will approve immediately. Then the bank will wait until the signature card is sent in to actually look at the Chexsystems report. At that point, they will send back the initial deposit and close the account. Then there are other banks that do "sweeps" on accounts. This is where a bank, generally the loss prevention department will do a random check on accounts with chexsystems. If they find that the customer has a chexsystems record, they then will determine that they person may be a risk and they will freeze account, and later close it.

Consequences of Mishandling a Checking Account

It is important to be responsible with your checking account in order to maintain a good debit history. Your debit history contains facts about you and your deposit or checking account history, similar to a credit report. It is made available, as permitted by law, to your current and prospective financial institutions to assess your likelihood of managing your debit accounts responsibly. Debit history may also be used by credit. Your debit history can include such items as:

• Any checking account closures you have had
• Any returned (bounced) check retailers have reported about you
• How many financial institution inquiries have been made about you and in what timeframes
• How many check orders you have placed and how often

If you do not maintain a good debit history there are a number of unpleasant consequences.

• Your financial institution could charge you fees for each overdraft.
• The place you wrote the check could also charge you a fee or refuse to take any more checks from you.
• You could receive calls and letters asking you to repay the money.
• Your name and account information could be reported to a check verification service, which could cause your checks to be declined at point of sale.
• Your bank could close your checking account.
• Your bank could report your closed account to ChexSystems .As a result, other banks could refuse to open a checking account for you.