The history that you have with banking institutions can cause you many problems if you are in Florida. Two major players that you have to worry about are ChexSystems and TeleCheck. They are both organizations that can stop you dead in your tracks when you try to open a bank account. The following is some information about these organizations and what you can do if you have such problems.
ChexSystems is a consumer reporting agency that is similar to a credit bureau, but it only deals with the banking industry. TeleCheck is a similar company, but it deals with non-banking institutions, as well. Both of these agencies collect information about consumers and keep it in their database for banks, retailers and like establishments to review. The information that they keep usually pertains to the consumer's treatment of bank accounts and banking products. TeleCheck focuses on consumers who write bad checks and ChexSystems deals more with bank account mismanagement, which has several definitions. Mismanagement could involve bouncing checks, over-drafting, maintaining extended negative balances and leaving those balances unsettled. If either of these companies has you in its database, banks may deny you an account. Retailers may refuse your checks if you have an account.
You can request a ChexSystems or TeleCheck report that will disclose the information that you need to resolve the issue. The report will tell you the date of the incident, the owed party and the balance that you have to pay to make it right. Settling the dispute is always a better solution than just looking for banks who don't use ChexSystems or TeleCheck, but sometimes the latter is your only option.
You have a few alternative options when it comes to finding a place to put your money. You can try a credit union. Consumers sometimes prefer credit unions to banks because the members own them. They have lower loan interest rates and such, as well. Many non ChexSystems credit unions exist, so you can look into some of those. Another option that you may want to try is looking for Florida banks that dont use ChexSystems. Many of the large banking institutions use it, but you may find some smaller non ChexSystems banks in florida. Sometimes brand new banks forego these systems, as well.
If you don't want to go the route of looking for non-ChexSystems banks, you can try second chance banking in Miami FL or second chance banking Jacksonville FL. Second chance checking accounts Florida options are from banks that already know your history isn't perfect but are willing to give you a second chance. You can review the list of alternative options and then make sure that you contact each one for recent information. Some banks may have recently employed the TeleCheck and ChexSystems technology, and some may still be willing to help you.Take some time to conduct some research, and you will find a place that you can store your funds. As time passes, you can mature in your financial responsibility profile, as well.
Allied Irish Bank
Cross County Federal Savings Bank
Are you looking to open a Bank Account but you have ChexSystems problems or Bad Credit?
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Just out of college and ready to move off-campus, Patrick learned he had been a victim of identity theft when he was rejected by the landlord for having bad credit. After years of having multiple credit applications denied and fed up with having to pay security deposits up front to utility companies, Patrick decided to dispute Chexsystems and recover his credit. He educated himself on personal finance for years and, after successfully building up his credit record to a good score, he was approved for a mortgage and was finally able to buy a house in New York, where he now lives with his girlfriend and their dog, Winston.