Who is ChexSystems and can they keep me from opening an account?
ChexSystems is a consumer-reporting agency that collects and supplies information for financial institutions regarding the handling of accounts. The decision to approve or decline an account is made by the financial institution but may be based on the information ChexSystems gives them. Banks and Credit Unions will submit a report to ChexSystems for various reasons, generally because of overdrafts or charged off accounts. This report remains on the consumers file for five years. If a debt has been paid, the bank or credit union is obligated to report the account as paid. The decision to delete a report is up to each bank or credit union and its individual policies. It is not required to remove an accurate report.
