Budgeting 101: A tool to start your budgeting process

What do I do if I am on the list? - There are a variety of options if you are on the list and find yourself unable to get a checking account.  You can get off the list.  It takes some effort, but it can be done.  Another option is to find a bank that does not use Chex Systems.  This takes a bit of research, because approximately 80% of the banks and credit unions use Chex Systems to screen potential customers.

Where to get a bank account -  Your options in this area are somewhat limited until you get the initial problems resolved.  There are a few "second-chance checking" firms out there that will provide a basic checking account for a fee.  Please be careful with some of these companies and be sure to do your research.  Many of these companies have products that are similar to checking accounts, but do not offer ways to deposit physical checks, so you will still have to go the check cashing store route.  They still are a good way to get started however, and can help in getting back on your financial feet, just make sure that they provide the services that you really need.  Competition has increased as well over the past couple of years, so shop around and get the best deal for yourself.  Just because you may be in a less-than-ideal financial situation does not mean you should be taken advantage of.  There are a few check cashing places themselves that offer pretty decent debit card options should you choose to go that route.  They offer convenience and competitive pricing and can eliminate the check cashing fee with direct deposit.  They also offer credit rebuilding services such as reporting directly to credit agencies when you use their bill pay services right from the debit account. 

Some traditional banks who other people on the Chex System have had some success with include:  Bank of America, eTrade Bank, and some local credit unions in your areas.  Just be careful choosing a smaller, local bank in your area keeping the economy in mind and the dozens of smaller bank failures over the past year. 

When you do go for a new account, you will probably have better luck applying online.   If you are not approved, do not get discouraged.  Just keep at it and keep working to get off the Chex System list and get yourself back on your financial feet!

Warnings  -  Be careful of offers to provide "up-to-date" listings of banks not using the Chexsystem to screen checking or savings account applications.  These lists are usually not current at all, and banks are constantly changing their processes to evaluate an applicant.  Much of this information is available online, in particular on various personal finance forums specializing in getting help if you are on the ChexSystem.  Please save yourself the money!

Once You're Back On Your Financial Feet - Getting off the ChexSystem is just the first step.  Once you're off it - you want to stay off!  Learn as much as you can about maintaining your financial health.  Always keep in the back of your mind what it was that got you on the system in the first place.  It is very easy to just try and forget about our past embarrassing mistakes, but that's the best way to repeat them.  Learn about proper budgeting, checking account maintenance, and always know exactly what your bank's monthly fees are if any.  Always know what your bank's overdraft fees are and what interest you may be required to pay.  That way you will know exactly what you will need to have in your account by the end of the month to stay in the black.

More Information  -  To the right are links to a variety of articles with more information on what to do if you find yourself on the Chex Systems and need to know what to do now, or you just want more information.  The important thing is to not wait, but act today to get yourself back on your financial feet!

Educate Yourself  -  Education is your best tool to maintaining good financial health!   Learn all you can and keep on course!  Don't get discouraged if you get rejected for new bank accounts from large banks even after clearing your report up.   Just keep on your budget and keep a careful track of the checks you write, online payments you make, and debit card purchases and withdrawals to prevent this from happening again.  Be honest with yourself about how you got into this situation to begin with, and keep on track to keep it from happening again!

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