How did I get on ChexSystemsSM?
Most people have never even heard of ChexSystemsSM. Many people who have been reported to ChexSystemsSM do not even know about it until they attempt to open an account. Once you are reported to ChexSystemsSM, banks consider you a risk for loss or fraud. There are two main reasons that otherwise responsible individuals will find themselves on ChexSystemsSM. First, they do not account for holds that may be placed on their deposits. Generally, holds are placed for larger deposits, especially larger personal or out of state checks. Sometimes holds can be as long as 12 business days for part of the funds and if you have written checks against the deposit your checks will bounce. Second, customers do not properly close their accounts. Simply write a check for the remaining balance does not close an account. Once bank fees begin to accumulate the bank considers you in default and reports you to ChexSystemsSM. This happens frequently when someone moves and fails to leave a forwarding address.
