Chex Systems Problems?
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From my experience of teaching money management classes to laid off workers. The credit scoring system taken at face value for the number only is very discriminatory. It prevents some from getting work after a layoff and then they can't get insurance.
In other words it prevents them from getting their lives back together.
Another system that should be looked at is the ChexSystem. Once your name is on it is very very diffcult to almost impossible to get it removed. It was shocking to me when I learned of it's existance.
Marilyn J. Toellner CFCS, CFLE, AFC
County Extension Agent
K-State Research and Extension - Sedgwick County
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The Chex Systems is a network of banks and credit unions that share information about mishandled checking and savings accounts. This information is used to help member banks and credit unions determine their credit risk in opening a new account for potential customers. Like a credit bureau, the Chex Systems - Receives data from member institutions
- Maintains the data for 5 years or until it must delete the data according to law, and
- Distributes data to member institutions.
Member financial institutions then use that data to evaluate their risks for new accounts. If you have been rejected for an account in the last 60 days you are entitled to a free copy of your personal Chex Systems consumer report. You can do this online at the Chex Systems Help website. If your report shows negative items that you have already cleared up you should contact the financial institution reporting the problem. Ask them to notify Chex Systems that the problem item is closed. To dispute other items on your Chex Systems report, submit a letter indicating why the item should be corrected or removed to: Chex Systems
Attn: Consumer Relations
7805 Hudson Road, Suite 100
Woodbury, MN 55125
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Ultimately, the irresponsible actions of banks in adopting bounce loan programs may lead
to more unbanked consumers. Instead of discouraging overdrafts and encouraging sound
financial management, these banks are now encouraging consumers to use high-cost credit.
By permitting overdrafts, not just through checks but ATMs and debit cards, these banks are
creating new ways to impose exorbitant fees and create financial hardship. These banks may
ultimately drive current low-income consumers away from bank accounts, either through disgust
at high fees or involuntarily through the ChexSystem blacklist.
Comments of the National Consumer Law Center
Consumer Federation of America
Consumers Union
National Association of Consumer Advocates
Woodstock Institute
to the Federal Reserve System
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