Can you open a savings account if you are on chexsystem?

Answer

no, most banks won't let you open any kind of an account when you are in chex systems.

Once again, I find more vague answers that really don't help people who want to know their options.

Yes, it is true most banks do not open accounts when you're on chexsystems if it is fraud related, account abuse related, and has not been resolved. And banks WILL NOT open an account for you if you have more than one chexsystems record or a fraud record (floating checks, depositing bad checks knowing they are bad, etc)

Most banks will at least CONSIDER your application if you only had NSF and overdraft reported on chexsystems.

Chexsystems records that are reported are retained for 7 years. Usually, after two or three years, and no new records have been added since your last reporting, and the issue has been resolved, most banks will offer you only a restricted account (checking usually, not savings (banks don't want savings accounts to have numerous debits for regulation reasons, and the amount of loans funded depends on the $$ saved in the customers savings accounts opened at that branch usually) and they do not give you an ATM card. If you overdraw your account, or have a check come back NSF, usually they give you one warning before they close out the account without notice.

Banks are taking a huge risk, but are willing to give you a second chance, but you honestly have to learn how to manage your money better.

If you are on chexsystems CALL eFunds or the Chexsystems number the bank gives you to find the SPECIFIC reason why you are on there. Then call the bank that reported you and see what you can do to resolve the issue. If was truly bank error, they will remove the record. If it's just a balance that needs to be paid, you pay it. It doesn't take you off CS, but it will say that it has been resolved. This shows responsibilty, and banks look very highly on that when considering your app.

First answer by Crymsntide. Last edit by Missheartme. Contributor trust: 92 [recommend contributor]. Question popularity: 27 [recommend question]