ChexSystems Puts Him In Penalty Box

November 9, 2004 09:19 AM

ChexSystems Puts Him In Penalty Box

Excerpt: Dear Dr. Don, I have problems with ChexSystems and cannot open a checking account at this moment. I found a Web site online that says it will make it possible for me to open a check-less checking account that will...

Dear Dr. Don,
I have problems with ChexSystems and cannot open a checking account at this moment. I found a Web site online that says it will make it possible for me to open a check-less checking account that will allow me to pay bills and make it better for me to use my paycheck by using direct deposit. Have you heard about DirectChecking.com? What can you tell me about it? Is this true?
Thanks in advance,
-- Jose Jump-start

Dear Jose,
Negative information on your consumer banking report with ChexSystems can make it next to impossible to open an account with a bank that uses that report in making its decision to accept you as a customer. Negative information stays on your consumer report for five years before it drops off.

What DirectChecking.com is offering looks like a product called a stored-value card. It gives you a "checking account" without giving you any checks. By forcing you to use its ATM/debit card or bill-paying service, it can check your balance in the authorizing process and doesn't have to worry about you writing bad checks. Checks are an optional feature if you sign up for direct deposit. You can also link a MasterCard to the "account" like a secured credit card for an extra fee.

I'm using the "quotes" because I'm not very comfortable with this whole arrangement. The account forms list EasyTel/Genie Bank, but you make your deposits at a Bank of America or a Wells Fargo branch? You have to pay $35 for an ATM card? Checks are an option?

READ FULL STORY ...

Automatic Debit Scams (November 22, 2004)

Fraudulent telemarketers have found yet another way to steal your money, this time from your checking account. Consumers across the country are complaining about unauthorized debits (withdrawals) from their checking accounts. Automatic debiting of your checking account can be a legitimate payment method; many people ...

Bank Accounts Fail To Follow Fed's Lead (November 12, 2004)

The Federal Reserve raised the nation's key short-term interest rate yesterday, but bank customers probably won't notice it. If the recent past is any guide, only a fraction of that increase is likely to find its way into savers' pockets. With its latest move, the ...

"Check 21" Starting in Late October (November 03, 2004)

You've probably bought something in a store with a check even though you don't have the money in your account at the time. You figure you have a few days for the check to clear, and by then the money will be there. It's called ...

Gift Cards 04 (November 03, 2004)

The number of consumers who purchase gift cards for themselves has skyrocketed from 2% in 2003 to 21% this year. Of these self-givers, one in five say they use the cards to purchase cheaper gas from large discounters where cash and credit are not accepted ...

Read all 22 posts in the same category of Banking:

Going Online To Balance Family Budget - Feb 17, 2005
Banks Speed Process For Opening Online Accounts - Feb 04, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Momentum Is Gaining for Cellphones as Credit Cards - Jan 10, 2005
Rebels With A Cause, And A Business Plan - Jan 01, 2005
Banks Boost Customer Incentives, But Rates on Savings Remain Low - Dec 27, 2004
Online Bill Paying: How To Get Started - Dec 27, 2004
Banks Test ID Device for Online Security - Dec 24, 2004
Paper Checks Going Bye-Bye? - Dec 08, 2004
Check It Out: Incentives to Pay Bills Online - Dec 07, 2004
'Gift Cards' May Come Loaded With Fees - Nov 29, 2004
Where To Keep Your Rainy Day Fund - Nov 29, 2004
What's Your Bill-Paying Personality? - Nov 28, 2004
Debit Cards Lack Protections Of Credit Cards - Nov 28, 2004
A New Era In Banking Begins - Nov 25, 2004
Automatic Debit Scams - Nov 22, 2004
Bank Accounts Fail To Follow Fed's Lead - Nov 12, 2004
"Check 21" Starting in Late October - Nov 03, 2004
Gift Cards 04 - Nov 03, 2004
Save Electronic Checks for Your Taxes - Nov 01, 2004

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