ChexSystems is a consumer-reporting agency that collects and supplies information for financial institutions regarding the handling of bank accounts. The decision to decline or approve a new checking or savings account is made by the financial institution but may be based on the information ChexSystems gives them.
Credit Unions and Banks will submit a report to ChexSystems for various reasons, generally because of overdrafts or charged off accounts. This report remains on the consumer's file for five years. If a debt has been paid, the bank or credit union is obligated to report the account as paid. The decision to delete a report is up to each bank or credit union and its individual policies. It is not required to remove an accurate report.
Many consumers in Kansas remain without a conventional checking account because of a previous incident with their bank account that was reported to the ChexSystems.
The free consumer organization called "Bad Credit MD" has launched a campagn that helps consumers in Kansas open a checking account even with bad marks on their ChexSystems report. This list of 2nd chance banks is located at http://www.badcreditmd.com/second-chance-checking-account/.
The best way a consumer can avoid overdraft and bounced-check fees is to manage their checking account so they don’t overdraw it. Consumers should keep track of how much money they have in their checking account by keeping their check register up-to-date. Banking customers should record all checks when they write them and other transactions when they make them along with not forgeting to subtract any fees. Consumers should pay special attention to their electronic transactions along with recording their ATM withdrawals and fees, debit card purchases, automatic bill payments and online payments.
Sometimes mistakes happen and if the consumer overdraws their account, they need to deposit money into the account as soon as possible to cover the overdraft amount plus any fees and daily charges from their bank. Depositing money into their account can help them avoid additional fees and overdrafts.
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Bad Credit MD is located on-line at http://www.badcreditmd.com and is a free nationwide On-line consumer information guide that helps people across the United States, including the towns and cities of Wichita, Overland Park, Kansas City, Olathe, Topeka, Lawrence. Shawnee, Manhattan, Lenexa, Salina, Hutchinson, Leavenworth, Leawood, Dodge City, Garden City, Junction City, Emporia, Derby, Prairie Village, Liberal, Hays, Pittsburg, Gardner, Newton, Great Bend, McPherson, El Dorado, Ottawa, Winfield, Arkansas City, Andover, Lansing, Merriam, Atchison, Haysville, Parsons, Coffeyville, Mission, Independence, Augusta, Chanute, Wellington, Fort Scott, Park City, Bonner Springs, Valley Center, Pratt, Bel Aire, Roeland Park and Abilene in Kansas.
Bad Credit MD has been in business helping consumers with bad credit since April of 2007 and is a subsidiary of Enticing Designs Publishing. The staff has various backgrounds in the financial and mortgage industry. This self-help site has over 500 pages of credit advice and articles. Its staff has researched its information with various governments around the world to provide the most comprehensive and accurate information free of charge.
