Boston Public Library
Kirstein Business Library

Second Floor, McKim Building, Central Library, 617-859-2142

Why do Banks Deny People Bank Accounts?

by Betsey Lippmeier

chexsystems

 

Banks deny people bank accounts because of reports from ChexSystems or other subscription databases of previous banking problems.

Chex Systems, Inc. is a consumer-reporting agency providing account verification services to over 70,000 banks and financial institutions. ChexSystems provides reports to banks and financial institutions to aid them in identifying applicants with a history of account mishandling,  such as people whose accounts were overdrawn. Each report remains in the file for 5 years, unless the bank that reported the problem requests its removal or becomes obligated to remove it under  law.

Leave a Reply

Please remember the commenting guidelines:
  1. No spam, personal attacks, or rudeness.
  2. Stay on topic.