Banks keep a blacklist of customers that have once made a mistake. People with accounts on such a list are considered to be a risk. Three of the systems used to blacklist clients are EWS, TeleCheck, and ChexSystems. For your account to appear on any of these lists, you must have a low score in the system. The low score comes from false banking operations deemed illegal and unethical.
These lists and systems accommodate both personal accounts and those of corporate organizations. However, it is possible to repair the report used to blacklist your account. For instance, ChexSystems is a database used to keep a detailed report of account mismanagement for financial institutions like banks and credit unions. But with four simple steps, you can repair your ChexSystems report.
First, you have to send a request for the report. Second, you have to dispute the errors recorded in the report. Then, if there is a balance that needs to be settled, you have to clear it. This means that you must pay off outstanding debts. Lastly, you send a request to the financial institution to remove the report. After these steps have been rightly executed, you can expect your account to be removed from the blacklist.
The reports are not removed in many cases and some people insist that the process can be tedious. However, if the report is not repaired, individuals may not be able to open an account with certain banks. You might not even be able to get a new card or loan. This article will show you the ten best banks that do not need your ChexSystems report in Massachusetts.
According to the Division of Banks (DOB), there are about 140 state-chartered banks and credit unions in Massachusetts. However, the states in the New England region of the US have assets of only $28.3 billion to pay bills totaling $126.9 billion. Therefore, not being able to open an account in these states will only put an individual behind in money management and meeting some lender/creditor requirements.
You can open your account with financial institutions that ignore bad credit reports. Banks and credit unions like these give you a second chance to build a new record. However, some checking accounts will require that you pay a fee. Below, you will find financial institutions willing to ignore your bad credit records in Massachusetts and some reasons as to why I recommend them to you.
The arrangement of this list does not represent the editor's preference. They are listed in random order.
Chime is primarily a FinTech and not a bank. This means that it offers internet-only financial services. Its checking account does not require a minimum starting deposit or monthly account fees. Its members enjoy online bill payment, mobile, and direct deposit services. It offers extra services like the Chime savings account. The company started in 2013 and presently boasts over 13 million active customers.
The second financial technology company on this list is Current. Hence, all its activities are conducted over the official app. This company offers its customers the Current Personal Checking Account. You are not required to pay a minimum fee to open your account. By using Current, you can earn up to 4.0% interest if your balance is up to $6,000. Also, you can get your paycheck two days early if you use its direct deposits. It started operation in 2015 and now has almost 3 million customers.
ChexSystems works under the federal Fair Credit Reporting Act (FCRA). They are responsible for the law that governs systems like ChexSystems. Therefore, after five years of being in the system, the account will be automatically removed from the bank list. But you do not have to wait for five years if you live in Massachusetts. This article has provided you with the top ten best banks that don't use ChexSystems in Massachusetts.