Pretty much all banks use ChexSystems these days to verify that you have a clean record with no bounced checks, overdrafts or fraud. And for most of us, this isn’t a big deal. But if you happen to have a bad ChexSystems record (either inaccurately or because of financial problems) opening a bank account suddenly becomes very difficult. Plus, negative records can be kept in their database for up to five years.
If this happens to you, work on correcting the issues that led to your ChexSystems report. You can contact the company for a free copy of your report and they have a dispute process for inaccurate information much like a credit bureau. You can also look online for a list of banks that do not review your ChexSystems report. Be careful though, there are many services out there that will try to charge you for this list. Here is a free list you can review instead.