Sample Consumer Report

February 14, 2009

Maria C. Smith
545 MAIN ST
ANY TOWN GA 54869

ChexSystems will re-investigate any item listed in your consumer report that you believe may be inaccurate or incomplete. In order for a reinvestigation to be initiated, please complete the enclosed form and mail it to the address listed above in our letterhead or by fax to 602-659-2197.

This report was prepared for Maria C. Smith

Consumer ID:12345770 for Maria C. Smith
Please provide your Consumer ID number, along with your Social Security number in any future contact with ChexSystems.

Reported Information

Reported Information refers to reports of accounts that have been mishandled, reported for cause, and/or outstanding debts. Reported Information is submitted directly to ChexSystems by members of our service, which consists mainly of financial institutions. Our current practice is to retain this information for a period of five years.

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As more and more consumers find themselves living with bad credit, banks have been forced to adjust to the new realities of the nation.   Until recently, it was assumed that someone with bad credit and a Chexsystems report would not be able to open a regular checking or  savings account.

Thankfully, some banks are beginning to realize that giving people a second chance can be profitable. Some banks will allow anyone with an existing checking account to open a savings account. One good example of such a bank is ING, offering an online ING savings account that has received very positive reviews from users particularly because the accounts pay a higher than average interest rate.

But if you don’t have an existing checking account, what do you do? Well, you can turn to those banks that are known to issue guaranteed checking accounts.

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Despite the message seen when you visit the national Get Checking website, the program continues to operate in the Los Angeles area.

Get Checking is a 6 hour educational program designed to help individuals who do not have a banking relationship to gain access to financial services. This program is particularly useful to people who are unable to open a new bank account due to bad credit or a failed ChexSystems verification.

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Have you been unable to open a new checking account because of your credit or an existing report with ChexSystems?  If so, you will be relieved to know that you do have options.  Below is a list of where to go when you’ve been denied a checking account. None of the resources listed below will required that you pay a fee to open an account.  You should not have to pay to have someone point you in the right direction.   If you are tired of searching for bad credit checking accounts online only to find a bunch of scams, rip-off reports, and complaints read on.

Our top recommendation:  Account Now – 100% Guaranteed Approval.

A Checking Account Alternative

• AccountNow prepaid debit card accounts offer a great alternative to opening a checking account.

If the idea of having a checking account out of state is not appealing, then consider an option that was designed to provide a virtual alternative to a checking account.  Your instant approval is guaranteed.

AccountNow Benefits:

No credit check or ChexSystems verification.
No cost to open an account.
Your choice of a Visa or Mastercard. Use it to shop or to access ATM’s anywhere.
Online bill paying (most of what you would want to do with a checking account)
Direct deposit available at no charge. (No need to pay check cashing fees. )
Add cash to your account at any Western Union, MoneyGram or Green Dot location.
Build good credit history. Unlike other alternatives, an AccountNow card will help you build your credit by reporting a positive history to the reporting agencies.

Get started with AccountNow.

Guaranteed Checking Accounts

• People’s Cash Solution – Second Chance Checking. Peoples Bank in Paris, Tx offers guaranteed approval checking accounts. To open a new account simply complete the application and mail in with a copy of a government issued ID and your initial deposit of at least $30. The initial deposit can be submitted as a money order or even cash, though cash is not recommended. There are many sites out there that are charging fees to give people the name and contact number of this bank. No need to pay, you can apply for an account directly and not have to share your personal information with a stranger. (And no, we do not get a commission for referring our readers to this bank).  Only downside is you won’t be able to find a local branch unless you live in or near Paris, TX. You will get most of the benefits of having a checking account such as online banking, direct deposit and even overdraft protection.

• Transportation Alliance Bank  (TAB). To open an account with Transportation Alliance Bank, fill out their online application, then print the page, sign it and mail or fax it to so they  can begin processing and opening your new account. Once your account is open, you will have access to all of the bank’s services, including free online banking, Online Bill Pay, 24-hour automated telephone banking, and Flying J discounts and rebates.  Many locations across the country  in Flying J stops.

TIP: If debt is stressing you out, call a professional counselor for a free consultation.  You may qualify for a free debt service that will avoid bankruptcy. Call 877-223-0384.

The Get Checking Program is a nonprofit program that offers consumers the opportunity to open checking accounts with participating financial institutions. The program requires participants to enroll and attend a 6-hour class designed to educated individuals who have been locked out of bank accounts due to NSF (Non-Sufficient Funds) reported to ChexSystems by their former bank.

Many individuals find it impossible to open a new bank account once they are reported to ChexSystems. This program offered consumers a legitimate second chance, an opportunity make things right and have access to a much needed banking account. All that was required was to order a ChexSysems report, pay back any funds owed to the former bank, and attend the class.  Those who successfully completed the class were given diplomas that can be used at participating banks to open new accounts.

This was truly an innovative program that was doing a lot of good in communities.  But something is wrong… I recently visited the site and it says that the organization has closed for business as of January1, 2009.  How sad. I can only assume that they lost funding from the banks that previously sponsored them.

My only consolation is this, I really don’t like banks.  I think they take advantage of people, especially those who don’t have much money.  The fees charged are outrageous.  I often recommend that people consider getting AccountNow rather than opening up a new bank account.

With AccountNow you can do most everything you can do with a bank account (i.e. paycheck direct deposit, write checks online, online bill pay, have a Mastercard that works just like a checkcard,  access to cheap transfers and your money is FDIC insured).

The only thing you WON’T be able to do with AccountNow is rack up those nasty insufficient fund fees banks like to charge for going over by even one penny.  I once got hit by three $35 insufficient fund fees (also known as overdraft fees) because my bank decided to pay three charges that were each under $1.  Here’s what I don’t get, how do they know when to cut off a credit card that has reached it’s limit, but can’t cut off a check card that has spent more than the account balance? Seems to me like this is done on purpose.  What do you think?

(PS – The Get Checking website says that the organization plans to reorganize as the Checking Network USA.  I will monitor this and try to get some information directly from the board of directors.  Do stay tuned.)

EZAutoLending.com is your online source for information on how to live and survive with bad credit.