Once ChexSystems is blacklisted, it becomes very difficult to be approved by most banks for a traditional current account or savings account. Being blacklisted by ChexSystems effectively means you have a very poor ChexSystems score. Being blacklisted by ChexSystems effectively means you have a very poor ChexSystems score. It can be annoying to find out that your bank account application was denied.
If you have an incorrect bank account history, banks can find out about it from reporting authorities such as ChexSystems or Early Warning Services.
What excludes you from opening a bank account?
BBVA Online Checking is just one example of the many traditional bank accounts that offer benefits and rewards that can help you improve your financial situation. The good news, however, is that it allows you to rebuild your banking history over time, so you can qualify for a standard checking account or savings account later on. Of course, the features you get with a second-chance bank account may vary depending on the bank or credit union.
References:
- Can I open a bank account if my name is blacklisted? – Lawyerment Answers
- Blocked by ChexSystems? What to Know – NerdWallet
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.