Cash, Loans, Debts, and Promises

ChexSystems: Lesson 1

What is ChexSystems?

  • ChexSystem is a huge database that keeps track of your banking behavior (including bounced checks) and gives the information to banks and credit unions.
  • Just like credit scores (more on that later), ChexSystems gives you a rating between 100 and 899.
    • A high ChexSystems rating is like getting a good grade for banking.  
    • A low rating is like a failing grade: it might prevent you from being able to open a bank account.
  • ChexSystems reports give only NEGATIVE information; it only reports problems.
  • Bad banking history on ChexSystems can prevent you from being allowed to open a bank account and getting a job, if your employer will only pay you with direct deposit into a bank account.
  • At least 80 % of U.S. banks and credit unions use ChexSystems to find bad banking behavior.


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