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What Is ChexSystems, and Can It Help or Hurt You?

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What Is ChexSystems, and Can It Help or Hurt You?
ChexSystems assists financial institutions in determining if consumers can open a deposit account with them. Anton_AV/Shutterstock
Anne Johnson
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If you’re opening a new bank account, be prepared to have your ChexSystems report scrutinized. It’s similar to a lender checking your credit report.

ChexSystems assists financial institutions in determining if consumers can open a deposit account with them.

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Anne Johnson
Anne Johnson
Author
Anne Johnson was a commercial property and casualty insurance agent for nine years. She was also licensed in health and life insurance. She went on to own an advertising agency, where she worked with businesses. She has been writing about personal finance for 10 years.