Chexsystems Vs Consumers

Today, more than 20 million US citizens are living without a
bank account The primary reason is due to ChexSystems’
dominating presence within the consumer banking world It is
estimated that over 80% of all banks and credit unions in the
United States, use ChexSystems to verify new customer accounts
Most individuals listed in the ChexSystems database were
reported due to mishandling of their checking accounts, while
the rest were attributed to abuse, fraud, or errors
Within recent years, many websites have sprung up on the
internet offering help for people listed on ChexSystems
Services vary among these sites, ranging from free information
to paid memberships No matter where you turn, there are
countless numbers of “victims” venting their frustrations
through the use of public forums and message boards
Most of the frustrations shown by “victims” of ChexSystems seem
justified, but even then there are always two sides to every
story Most “victims” feel that 5 years of being “blacklisted”
is punishment beyond justification And if reported in error,
even worse a punishment In addition, many have complained that
the banks give no breaks when it comes to consumer mistakes, but
are quick to cover up their mistakes when the banks are at
fault Banks, on the other hand, justify using ChexSystems to
protect their assets
Either way you look at it, ChexSystems is a much needed
organization in the banking industry Without ChexSystems, banks
would go bankrupt without this type of asset protection against
con-artists and account abusers
The real question is how fair is the punishment for the
consumers who innocently have fallen into tough financial
situations, and as a result defaulted on their bank account Is
it fair to “blacklist” all consumers the same way regardless of
their banking history? These are just a few of the questions
that need answering before any proper reforms can be reached
For free help with ChexSystems and Second
Chance Banking, please visit CreditServicercom

Tags | accounts, artists, banking, consumer, customer, financial, frustrations, numbers, unions, united