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!