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A money market account is an interest bearing account; it’s like a savings/checking account. Most people use it for investments.
Since it is like a savings/checking account, the bank will run your ChexSystems record. If you are in ChexSystems, they will decline you an account and show you the door.
Before you attempt to have any account with a bank, you need to understand what ChexSystems is, what your personal consumer report states, and what you need to do in order to clear your name from ChexSystems.
If you are being reported to ChexSystems, you need to order a consumer report, and begin clearing your name. There are some banks that offer second chance accounts which may be an option for you; however, there are several restrictions. It is best to contact the bank requesting them to remove the risk they placed against you. It is important to attack this issue at the source.
It is always important to pay your outstanding bank account debt. Be advised, that just because you pay the bank, that WILL NOT clear you from ChexSystems, and you may still be declined a bank account.
The bank considers you a risk, and you need to prove to them, in writing, that you are no longer a risk.
They need to forgive you for whatever took place in the past.
Follow these steps as a guide:
- Negotiate the debt with the bank(s)
- Try to get a Paid in Full letter with a line stating that you will be removed from the bank.
- After the account is paid, contact the bank in writing; think of a persuasive letter to get them to forgive you.
- Continue to monitor your ChexSystems Report.
- Most importantly… Be Persistent!
If you are in ChexSystems and you go to another bank trying to be sneaky, they will decline you. Each time they decline you, it adds a new inquiry to your ChexSystems report. Solve the problem at it’s source.
Do not avoid it.
NO! They do not.
When you apply for a new bank account, they do not run an inquiry on your Credit Reports. They do not use them as a decision.
An inquiry that will appear on your ChexSystems Report. You do not want to keep going from one bank to another trying to open up account if you continue to get declined. This will result in multiple inquiries on your ChexSystems report.
Your credit does not affect the decision whether or not you will get a bank account.
There is a wide misconception that banks tell you primarily because they want to get paid. They are in a business to make money; why wouldn’t they want to get paid?!
Banks charge countless fees and make millions of dollars a year off of them. There are cases, for example; where you see a $300.00 debt transform into $900.00 after all of the fees settle in. (Lates fees, NSF fees, recurring automatic charge fees)
Of course if you go into a branch and ask if this will clear your ChexSystems report, they will tell you yes!!! That’s a way they get you to pay them.
FACT!!! Most bank tellers know no more about ChexSystems than even you do! There is only a specific department in the bank that handles ChexSystems. Only that department can provide you more information about what happened and why they placed you in it.
Paying your debt is VERY IMPORTANT, but make sure the bank supplies you a letter in WRITING that they are going to delete the account.
If you just pay the account (and just get a little receipt), you will still remain in ChexSystems for up to 5 years after the posting date.
Can you fathom not having a bank account for 5 years?
So I ask you.
If you pay your bank account debt off, will you be Removed from ChexSystems?
NO! NO! NO!
“I have been in business for over 10 years, and have been with Wells Fargo for 15 years. I received a check for $15,000 from a client who purchased a product from me. The check cleared immediately since I deposit checks of that amount on a weekly basis. One week later, all of my accounts were closed and my funds were frozen. I contacted Wells Fargo and they could not provide much information, stating that I have been placed into ChexSystems and there is nothing that can be done. They treated me like a criminal; I felt like I had no recourse.”
Everyday we get calls from consumers that have had long established relationships with banks which have been closed immediately due to Suspected Fraud. Once you sign the back of that check, you are 100% liable for it. No matter how much money you have with the bank, if your account is Red Flagged and you are placed into ChexSystems, they will discontinue doing business with you. They may even contact your other Bank Accounts and close those account too.
Once you are a risk, unless you can get the bank to forgive you or drop the case, you will remain in ChexSystems for up to 5 years and be unable to open a checking account with most banks. That is 5 years of NOT having a bank account.
When you deposit and endorse any check, which is legal tender, you are responsible for the outcome.
Most people will never hear about ChexSystems unless they eventually have their bank account closed and/or are denied a New Checking Account.
ChexSystems is a very quiet and powerful company that provides account verification services to its financial institution members to aid them in identifying a New Applicants Risk Level.
If you pose a risk, you can lose your current account(s) and be DECLINED for future bank accounts.
ChexSystems started in the early 1970′s and has evolved to the point that most if not all Financial Institutions use their services.
Think you are in ChexSystems?