check system questions

Discussion in 'Credit Talk' started by peeper, Apr 12, 2001.

  1. peeper

    peeper Guest

    What happens if a bank reports you to check systems?Can you still open a savings account or are you banned from having a checking or savings account forever?I have my ssd direct deposited into my checking account.My bank says they will close my account and report me to check systems because i have a 100.00 minus balance due to a couple bounced checks,since they will receive my ssd on the 25th of this month i dont see what the big deal is,they will get their money in 2 weeks.The reason i have a 100.00 minus balance is because they charged me 175.00 nsf charges because they kept accepting then returning the same 3 checks.Thanks for any advice or info concerning this post.
     
  2. Flagirl

    Flagirl Well-Known Member

    I would contact someone at the bank (hopefully someone sympathetic) and explain that your check will be deposited on the 25th. Usually banks aren't so quick to react to a negative amount in an account. I know I've been overdrawn MANY times before. See if that may help. At least your making contact with them.
     
  3. lbrown59

    lbrown59 Well-Known Member

    check system questions
    Author: peeper (spider-mtc-th024.proxy.aol.com)
    Date: 04-12-01 06:43

    What happens if a bank reports you to check systems?Can you still open a savings account:

    DON'T Know _dose any 1 else have the answer?



    The reason i have a 100.00 minus balance is because they charged me 175.00 nsf charges because they kept accepting then returning the same 3 checks.Thanks for any advice or info concerning this post.


    Reply To Message===Why don't banks repeat this a 100 times so they can steal some real money:?
    What's the limit on this if any????????
     
  4. Zoe

    Zoe Active Member

    Most banks will let you open a savings account if you are on Chex Systems. Usually they don't run a check if you are opening a savings account that doesn't offer convenience checks.
     
  5. Desdemona

    Desdemona Well-Known Member

    If a check comes back to a business or individual due to NSF that business or individual can submit the check one more time for payment. If a check is submitted more then twice the bank can not accept it. This is the rule for paper checks, the grey area nowadays is EFT's. Electronic Fund Transfers. If a business uses EFT's they can be submitted more then once, all they do is change the dropbox number. I had it happen to me. I hit with 3 NSF charges and when I called them on it, I was told that it was a EFT and they are not governed by the same rules as paper checks. This was two years ago and they could have been lying to me for all I know. But they waived the second and third NSF charge for me. Think this is why CC's want to do all payments via EFT's. Know that my First Preimer has a box that I check every month asking that my payment is NOT EFTed.

    Just my two cents.
     
  6. ShyGuy

    ShyGuy Well-Known Member

    Chex and savings accounts

    A lot of banks won't even open a savings account or a CD if you are on ChexSystems.

    I won't know how long it takes Chex to update its reports, so you might be able to switch banks now. But be careful: Some banks will close your accounts if another bank reports you to Chex.

    A better option might be to join a credit union if you qualify for one.
     
  7. Ender

    Ender Well-Known Member

    Re: Chex and savings accounts

    Try and avoid ChexSystems all together. Solve this problem with the banik you are having now.. being on Chex is just a pain in the butt so you should avoid this if at all possible.. if not, then open a few checking accounts right now before thye report you. You will be on Chex for 5 yrs. You can usually open Savings, but not checking once you are on CHex.
     
  8. mvfl

    mvfl Guest

    Re: Chex and savings accounts

    Go to your bank branch in person and ask them to give you until the 25th to bring the account back to positive. Is there anyone you can borrow the money from just in case? Do you have a credit card that you can take a cash advance on? It's really in your best interest to stay off chex systems. It can really screw up your financial life.
     

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