| |
| |
|
|
Personal Finance |
|
How to Obtain a Non ChexSystems Bank Account Without Being Scammed
Predatory lending exists in the mortgage industry. It's typically when a mortgage broker add's on unnecessary fee's to a bad credit application, because he or she knows that the applicant is in a desperate situation. Predatory banking can also exist for those who have ended up in the ChexSystems. ChexSystems is a network of financial institutions (mainly banks) that regularly contribute information about account holders that mishandle their checking or savings accounts. Nearly all banks within the US are a part of this consortium. Bounce a check, and not pay it off in a timely manner, and you could end up in the ChexSystems. Even if you receive a bogus check, and the bank suspects foul play, you could land in the ChexSystems hot seat. And the sentence for this financial felony isn't light. If the bank that put you in the ChexSystems refuses to release your name from the ChexSystems database, you'll find it close to impossible to obtain a bank account of any sort for 5 years. Even if you pay off the offending debt, the bank could still hold you a ChexSystems prisoner. Wicked, but 100% true. So naturally when you have a situation where people are stuck between a rock and a hard place, the vultures come out to feed. This is what you may encounter if you're looking for a non ChexSystems bank account. Before you pay money to any service that claims to give you a non ChexSystems bank account be sure it passes the following tests with flying colors. According to the FDIC web site: "The FDIC - short for the Federal Deposit Insurance Corporation - is an independent agency of the United States government. The FDIC protects you against the loss of your deposits if an FDIC - insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government." In a nutshell, if you decide to open a bank account with an institution that isn't FDIC insured, you could basically lose all of your money if that institution goes out of business. So it's extremely important to verify the banks status before you open an account. You can easily verify that a bank is FDIC insured at the FDIC web site. NCUSIF insurance is similar to FDIC insurance, except it's for credit unions. According to the National Credit Union Association web site: "The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC)." All credit unions that are NCUSIF insured can be found at (http://www.ncua.gov/indexdata.html). This is one of the easiest ways to weed out the bad seeds. Banks with physical branches are always legitimate financial institutions. Do a WHOIS search to view the registrant for the banks domain name. If it's a single person, that should raise a red flag. It should always be the banks name or corporate name. Look on the banks web site. There should be separate telephone and fax numbers, and a legitimate street address - not a PO box. You can always call 411 to confirm that the telephone number matches the address listed. But also keep in mind that some banks have a central location where they answer general calls. There are some financial services that offer checkless checking accounts. (This isn't a scam as far as I can tell.) But what if you don't get direct deposit? Or what happens if you switch jobs, and no longer receive your checks through direct deposit? Then you're basically back at square one. And what if you want to use checks? I mean a checkless checking account kind of defeats the purpose of obtaining a checking account at all. I recently noticed a financial service charging outrageous fee's for options that are normally provided for free through regular banks and credit unions. They were charging for everything but the kitchen sink, including: a fee to check your balance at the ATM, a fee to receive a monthly statement, a fee if you wanted to return something you purchased from a retail store, a fee for using their automated telephone service. And that was just the tip of the iceberg! Even though you're in the ChexSystems doesn't mean you should play victim to financially draining ploys like these. There are always better alternatives waiting in the wings. Alexis Dawes is the author of "How To Get a Bank Account Even If You're in the ChexSystem." This report offers information on non chexsystems banks that will give you a checking account, even if you're in the Chexsystems. Alexis has personally used all of the recommended banks. You can get more information at (http://www.GetCheckingNow.com).
MORE RESOURCES:
Personal-Finance - Google News |
|
|
|
RELATED ARTICLES
When do You Need a Financial Management Company on Your Side? We live in a crazy world. Someone ought to sell tickets. Banks Are More Than Just A Place To Park Your Money If you've been to a shopping mall lately, you've probably discovered two different banks within a few feet of each other. Go inside the food store in that shopping plaza and you'll see yet another one, just waiting to offer their services to you. I Want to Buy a Home - Now What? If you were to ask 100 women "What would you like to achieve financially?" Buying a home or apartment is usually one of the answers. Some women think that they can never own a home - which is not true! In fact, there are so many success stories of home buyers who never thought they would get there. Affording a Home Can you really afford a house? If so, how much house can you afford? To determine this answer will take serious financial planning, and the best time to start is at least six months before buying the home.Although buying a new home may seem like an American Dream or romantic venture, the reality is that the house you can afford depends on your current income and debt obligations. 10 Tips to Make Sure Your Financial Budget Will Succeed You've analyzed your past expenses, put them into spreadsheets, loaded Quicken with all of your data and come up with a budget. Now what? The tough part! You actually have to stick to your budget and put your plans into action. How to Save for A Down Payment Saving for a Down Payment is hard work, so it's a good idea to really want to own your own home by the time you begin your Savings Account. It's difficult to turn down a weekend in the Bahamas (or Downtown at the Clubs!) when you don't have a definite goal. Check Fraud and Verification Before buying personal or business checks you should inform yourself of the best ways to protect yourself from check fraud. Since man has written checks check fraud has existed. Make or Break Your Retirement! The Prudential has dubbed those who refuse to leave home as "kippers" or "kids in parents' pockets eroding retirement savings". Recent research concludes 6. Benefits of Personal Finance Software In this age of information, keeping track of your finances does not mean an archaic jumble of ledgers, calculators, and papers filled with calculations in chicken scratch. Now everything can be taken care of on your computer through personal finance software. 5 Steps to Healthy Spending Habits Next to our physical health most of us are primarily concerned with our financial health, and with good reason. Although our intentions are usually great our follow-through and discipline generally isn't. Kundalini Lessons - Money I've been going through and interesting growth period lately that I thought I'd share, as some of the lessons were pretty profound (at least for me).I've written before about my awakening and the joys and tribulations since, and I've also mentioned that it's an ongoing process which, as far as I can tell, doesn't really end til you shuffle off this mortal coil. Adverse Debt Levels Blight UK Consumers Personal Finances Debt levels are at an all time high in the UK. The younger generation tend to be feeling the pinch the most, but parents are increasingly being required to bail them out, often at great expense to their own limited mortgage or retirement savings. Are You Ready To Be Fired? Your boss has just informed you that your department is being reduced by two and you are fired. After he leaves, what are you going to do? This is not about finding a job it's about being prepared for financial change. How to Attain Your Dreams on a Single Income If you recently became a single parent and see your dreams being washed away because you feel all alone, you aren't alone. There are single parents that face future endeavors alone like dating again, living on one income, and buying the home they've always imagined. Budgeting: A Tough Love Way to Handle Your Household Budget Developing and living by a household budget is by far the best way to get your expenses under control which, in turn, can mean a much less stressful life.However, many families find it very difficult to stick to a budget. Tips To Save Money At The Supermarket Are you interested in saving money off your grocery bills? If so, then a few "Smart Shopper" tips are all you need to start saving hundreds off your grocery bills!However you must make a few changes in the manner you shop for groceries. If you are willing to do so, just follow these shopping tips and you'll be well on your way to saving a pocketful. Vacations Made Easy: Buying a Florida Investment Property Vacations Made Easy: Buying a Florida Investment PropertyA relaxing beach vacation means different things to different families. However, imagine returning from a long day in the sand and waves, hair dripping and tan glowing to a place where you and your family have settled over the years. Money Matters - Really! One of the biggest challenges facing black RELATIONSHIPS today are finances. Many people mistakenly feel that money does NOT matter. UK Parents Inactivity Harming Their Children's Future University and Mortgage Savings The British government at the beginning of this year officially launched its Child Trust Fund (CTF) initiative in an effort to encourage parents and children to develop the savings habit and to teach children the value of saving their own money.Chancellor, Gordon Brown said, "The Child Trust Fund is designed to ensure that every child in our country has assets and wealth and that no child is left out and all children in Britain have a stake in the wealth of the nation". Creating A Household Budget Creating a budget can be a very difficult task. Although we as consumers know that we need to pay our bills, buy our necessities, and put money away for savings, we don't really know how to start.
|
|||||||||||||||||
