by Dan Moskel,
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UNITED STATES, Nov 15 — If you are in chexsystems you are in a tough spot. This will prohibit you from opening a new checking account and damage your credit score.There is a great alternative to a checking account.In sum using a prepaid credit card is a great alternative to a bank account
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f you are in chexsystems you are in a tough spot. This will prohibit you from opening a new checking account and damage your credit score.
There is a great alternative to a checking account. You can have a prepaid credit card that will give you free direct deposit.
This will save you money on check cashing fees. Also your card can be used to pay bills.
There is a feature called bill pay that will write real physical checks from your account to a business or individual. This will save you money because you will no longer need to purchase money orders.
As you can see this card works just like a checking account. Your card is accepted world wide and can be used over the phone or online.
In addition your card can be used to build positive payment history. With the account now prepaid visa you can sign up for credit builder for free. This service will record the payments you make using bill pay and report those payments to a credit reporting agency. Providing you with a method to show future lenders you are credit worthy.
What is ChexSystems?
It is a group of financial institutions that share information. They do this to screen out potential problem customers. You can be placed in it for having an account closed for reason.
Reasons include:
- Fraud
- Repeated overdrafts without the bank being able to collect payment
- Providing false information to open an account
Once you have this mark on your credit you will not be able to open a checking account. Also your credit will be damaged.
This mark stays on your credit for 5 years. Be aware that you may be able to open a new checking account but it will be closed once the bank runs your information and learns you are in chexsystems.
In sum using a prepaid credit card is a great alternative to a bank account. It will do everything a bank account would and more.
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