| |
| |
|
Personal Finance Information |
|
|
|
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:
Google News |
|
|
|
RELATED ARTICLES
Bank On It: Places to Hide and Invest Money Today I passed a thermometer at a bank that read 110 degrees, but I am not telling you that to show you how hot it was. I am telling you that because this bank really needs to fix their thermometer. Improve Your Professional Image Using Address Labels One of the simplest ways to improve your professional image is by using address labels. Self-adhesive business labels are THE way to go when it comes to a professional image. Should You Borrow From Your 401(k) Account? If you have a 401(k) account, it can be very tempting to borrow from your account especially when your balance is very high and a loan could easily pay off existing debt, fund a home purchase, or pay for college tuition. Before you make the decision to borrow money, there are several things you must keep in mind to avoid risking your funds. How To Survive The Grocery Shopping Blues If you are the normal consumer, then you've probably experienced the Grocery Shopping Blues. Most supermarkets use this trick to their advantage to squeeze more money out of their customers and turn a tidy little profit for themselves. Save Money on your Clothing Budget. Tame the Closet Monster! Reducing the clothing budget was a serious challenge for me. Two pre-teen girls and a teenage girl certainly didn't make life any easier. Save Money on Gas Gas prices have soared to unimaginable heights of late. Since most of us are not likely to turn to bikes or horse-drawn buggies we will have to learn to get the most from our gas dollars. Single Mother and Learning how to Save Saving may seem easier if you were saving for a new car, or a vacation however when it comes to saving in general it may prove to be more challenging because you may not necessarily feel you are receiving a reward from it. However saving pays off, especially as a single mother. How to Draw a Personal Budget that Works Many people spend their little income haphazardly without any planning and end up getting broke before month-end. They then borrow to make ends meet and end up with more problems that they fail to repay their debts promptly. Know Thy Finances The first step to financial success lies in knowing your financial situation at any given time. There is an anecdote attributed to John D. Financial Security 1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1. First and foremost you have to be able to write an effective resume or curriculum. What Happens if You Die Without Making a Will If you die without making a Will in the UK, the state will decide who gets what and how much, so those who you would want to benefit may get far less than you hoped.Your estate (your property and all belongings) are frozen and become subject to the law of intestacy. Save Money Off Your Home Utility Bills Many don't realize that our basic utility bills provide the perfect money saving opportunity for practically every household!Especially with today's energy crisis so prevalent throughout many of the states, you've probably heard this term - conservation.Guess what, conservation really means "using less". Save Money on Groceries: Part I One universal of humanity, no matter who you are or where you come from, you have to eat. Unless you grow your own food, you will have to go to the grocery store to get it. Five Secrets for Long-term Financial Success Future financial success is not a guarantee that any one of us can rely upon, no matter how wealthy we are now or intend to become.There are however five future proofing financial steps that we can take to protect our current financial status, improve our future financial prospects and secure our long-term financial success. First Checking Account - When is it Time? We all know that money doesn't grow on trees, but we all need it to survive. The use of cash will only go so far in life, as you can't send it through the mail. Budgeting the Key to being Financially Stable Single Mother's in need of Financial GuidanceBudgeting is key to being financially stable. A budget is a systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period. Understanding and Controlling Your Finances Have you ever wondered what it would be like to be able to have complete control over your finances?If you are like most normal people, you have a job. You go to your job every day. The Good and the Bad of Money Management Good money management needn't be difficult. In fact, there a number of easy steps recommended by most financial professionals to help manage your finances better. Help With My Annuity The cries are heard from the distance, "I need help with my annuities." Nothing has changed. Photo Checks - A Great Alternative in Checking It's the little things in life that make it interesting. Everyday life can be so boring at times.
|
| Article List | Index | Site Map |
|
All logos, trademarks and articles on this site are property and copyright of their respective owner(s).
The comments are property of their posters, all the rest is Copyright © 2006 CanadaSEEK.com - All Rights Reserved. |
