The financial histories of thousands of people in North Carolina are preventing them from opening checking and savings accounts at their local banks. Whether they bounced a few checks, overdrew their accounts or mismanaged their finances in other ways, once a bank closes your account for one of these reasons, your name will show up on the ChexSystems report. Records stay on ChexSystems for five years, which a half decade of being without a bank.
Banks in North Carolina, like elsewhere in the United States, use ChexSystems as a way to determine the amount of risk one brings with them when they open an account. They are trying to minimize the potential for lost funds due to overdrawn accounts and having to pay for bad checks.
In the state of North Carolina alone, tens of thousands of people are currently without a bank account for one reason or another. While banks normally provide a means for a family to grow financially and invest in their future, being blacklisted on ChexSystems will hinder your chances of doing so.
In order to succeed financially, you must balance your check at all times. Make sure all transactions have posted to your account, and try to leave a minimal amount of money in the checking account just in case you forgot about making a purchase.
Constantly searching online for banks that offer second chance checking accounts and or any type of fresh start program will take you hours. Additionally, visiting multiple local banks only to be turned down every time is embarrassing and will only increase the amount of stress you feel. InfoAviator has a list of banks that offer second chance checking accounts in the state of North Carolina located at http://answers.infoaviator.org/?qa=319/where-open-checking-account-north-carolina-while-chex-systems&show=321#a321.
In addition, if you’re looking for a way to open a bank account with a nationwide bank while still being listed in ChexSystem, you can see a list at http://infoaviator.org/finance/checking-accounts/2014/05/28/how-to-open-a-second-chance-checking/.
New banking regulations that took effect in 2010 offer more protection for consumers. Bank customers may now opt to choose overdraft coverage for their accounts. This is done by opening both a checking account and savings account, and then selecting the savings account as protection for when you accidentally withdraw more than your available balance. Each time, you will incur a nominal fee, but you will be protected from having your account closed and reported to ChexSystems.
Managing your finances is essential to maintaining a solid credit and banking history. If you want to avoid having multiple overdrafts in the future, consider signing up for text and email alerts that inform you if your balance is low. This is a great way to keep track of your account for those who often forget how much money they spend and are attempting to improve their financial organization skills.
In the past, banks used to be able to allow one transaction to go through to put your account into overdraft status. Doing so allowed them to charge fees upwards of $35 at a time. The government imposed new rules to regulate how these fees were charged because many consumers had to pay hundreds of dollars at a time because the bank refused to stop the transactions. Now, a bank must get your explicit permission to let your bank account become overdrawn and before they can charge you any overdraft fees.
Saving money is an essential aspect to keeping your checkbook in order. Try to set aside a small amount of money each time you get paid and drop that money into your checking account. This will help you avoid any costly overdraft fees in the future and can become a nice nest egg for you and your family.
InfoAviator Publishing is a organization determined to help the un-banked currently residing in the cities and townships of (but not limited to) Statesville, Asheboro, Salisbury, Indian Trail, Garner, Concord, New Bern, Raleigh, Greenville, Chapel Hill, Havelock, Kannapolis, Asheville, Hickory, Thomasville, Winston-Salem, Monroe, Goldsboro, Wilson, Rocky Mount, Gastonia, Durham, Wilmington, Fayetteville, Kinston, Mint Hill, Greensboro, Apex, Sanford, Cary, Shelby, Jacksonville, Mooresville, Matthews, Wake Forest, Cornelius, Huntersville, Holly Springs, Charlotte, High Point, Burlington, Lumberton, and in North Carolina.