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More powerful than any
credit reporting agency...
ChexSystems maintains a database of
banking "deadbeats"*. Anytime a
person has habitually overdraft their account or abused banking
privileges, they end up on this list. Frankly, its the hardest
list to get your item removed. Legally your information stays in
their database for 5 years. If you try to open a new banking
account, either personal or business, and if you are in this database,
you will likely be denied.
Currently, for an account with a bank
that is lenient about ChexSystems, Wingspan.com
is the choice of consumers. This applies to personal accounts
only.
*(we
use this term affectionately, since many of us were on the list at one
time or other, and found out even when you really are not at fault and
end up on the list, this honor can beat you to death)
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