No Chexsystems Banks
Non sufficient funds fees are something you hate to see when you are checking your bank accounts. A lot of times they come out of no where, and you are wondering how it happened. For some cases, NSF fees stack so high that some people cannot pay for them. Because some of the banks do not like to negotiate and cancel their insane fees, some people end up getting their bank account cancelled on them. When that happens, they have their name put on chexsystems. This is a list that no one wants to be on. This is because people who are on this list will not be able to open a new checking account at another bank that checks this list. If you want a chance at opening a new account, you need to find a bank account without chexsystems. That is going to be one of the very few options for you to take. This chexsystems list is managed by the big banks who submit information about their customers who are getting their account in the negative and cannot pay the fees back. It is unfortunate because these fees can add up extremely fast. For each charge that happens to your account when the balance is below 0 dollars, you get charged a NSF fee. Some banks charge $31 or more for these fees. If you forget about a check you wrote to someone who has not cashed it for over 2 weeks, it is easy to get these fees. All you have to do is 4 different charges, say buy a coffee at star bucks with your debit card, and go around town and make a few other small price charges, and you can find your bank account with over $100 is fees that you owe the bank. Banks use fees like this to make most of their profit. It should be a practice that should be illegal. When you open a savings account or checking account, banks are borrowing your money. They should not be the ones trying to take money from you with insane fees. So after all these fees stack up and you cannot pay them back, you are going to need to get a bank account without chexsystems or find a second chance checking account. Both ways are a good way to get a new checking account. The non chexsystems banks do not check the list, so therefore they will not see your name on that bad list. You will be able to get a full privileged checking account if you sign up for one. Compared to some of the second chance checking accounts you can get, a bank account without chexsystems will not have any restrictions.